Industrial construction in the U.S. has increased significantly since the bottom of the recession. Historically, build-to-suit (BTS) construction has remained a smaller factor in the industrial market than speculative projects, although from 2010 to 2012 very little speculative industrial space was delivered as few developers would risk construction without a tenant in place. In 2011, as industrial development slowed to a trickle, more than 85% of all new construction was BTS. As the economy has rebounded, BTS has become a smaller portion of total construction across the U.S., as expected. Less than half (45%) of the industrial construction expected to come online in 2014 will be BTS. Still, BTS construction in 2014, will account for 72.9 million square feet (msf) of new space, an almost 70% increase over 2013 and a 118% increase over 2012. Some of the largest projects completed this year will be BTS.
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