Construction is set to begin on FRED310, a 2.3 million-square-foot industrial development in Frederickson, Washington that has been in the works since last September. That's when Irvine, California-based Panattoni Development Co. purchased thePanattoni and Dallas-based Crow Holdings are developing a speculative project, which will include five Class A industrial warehouse buildings that are set to be complete by the first quarter of 2024.
The site is off Canyon Road East and East 176th Street. The project recently received clearance under the State Environmental Policy Act, allowing construction to move forward. The largest building will be 1.1 million square feet and has been pre-leased to an unnamed speciality retailer. The other four buildings will range from 437,000 to 753,000 square feet.
Still, rising interest rates and inflation on construction costs continue to affect Panattoni's daily decisions, Hale said. Land and construction prices could eventually outpace demand, which would prompt the company to do a minor reset.Changing economic conditions and supply chain challenges do exist and have caused"a reset" in how Panattoni underwrites and takes risk, Hale said.
“However, we continue to see strong demand for well-located projects from users who need the space and the access to the ports of Seattle and Tacoma,” he said. “Second quarter absorption and unusually low vacancy numbers prove demand is still strong and even with headwinds of inflation, rising interest rates and rising construction costs, new Class A buildings are still in demand.”
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