In summary: While the company planned to move forward with its in-process projects, it didn't want to start any new speculative ones, given the uncertainty.
However, fast-forward a few months, and the company changed its tune when it reported its third-quarter results in late October. Baccile stated on that call: "We're excited to launch our first speculative development projects since the beginning of the COVID-19 pandemic. We plan to start the first phase of our First Park Miami development in the fourth quarter."
The company also planned to start the 141,000-square-foot First 95 distribution center in Pompano Beach, and it acquired several acreage plots during the quarter to support future development projects. These projects and land acquisitions position it for continued growth, which seems likely, given one projection the U.S. will need to add 1 billion square feet of new warehouse space by 2025.
Duke Realty: Seeing strong demand
Duke Realty also has its eyes on that billion-square-foot prize, which led it to greenlight more speculative projects during the third quarter. COO Steven Schnur stated on the third-quarter call that:
"continued" - Google News
November 16, 2020 at 09:00PM
https://ift.tt/2Uz33lo
These 2 Industrial REITs Are Speculating on Continued Red-Hot Demand - Motley Fool
"continued" - Google News
https://ift.tt/2WiTaZN
https://ift.tt/2YquBwx
Bagikan Berita Ini
0 Response to "These 2 Industrial REITs Are Speculating on Continued Red-Hot Demand - Motley Fool"
Post a Comment