What the 2015 PAGI Report Means to an Elk Grove Business
The Jones Lang LaSalle's Port, Airport and Global Infrastructure (PAGI) report provides a yearly analysis on the current and potential impact of economic development, cargo volume, trade flow and shipping patterns on industrial real estate surrounding the top cargo airports.
According to the 2015 PAGI report released last April, out of the nation's top airports, Chicago's O'Hare International Airport continues to top the Tier 1 market: "with its large population base, central geographic location, complementary rail assets and enormous industrial market."
O'Hare received the highest air cargo operations and real estate scores of any airport.
The industrial real estate metrics are based on:
—The amount of industrial real estate stock within three miles of airport boundaries
—Total stock within the broader industrial market served by each airport
—The vacancy rate and square footage of properties within a three-mile buffer
—Rent premium for properties within the three-mile buffer compared to the overall market
What this means to an Elk Grove business ...
Elk Grove's industrial vacancy rate had decreased to 6.21 percent by the end of 2014, down from a high of 12.49 percent in 2010. With its tight industry clusters and highly accessible transportation hub of planes, trains and trucks, Elk Grove continues to prove its industrial real estate value.
The 2015 PAGI report also made mention of Elk Grove's continued investment in infrastructure. DCT Industrial, a leading real estate development company, will soon start on constructing an 112,862-square-foot warehouse located at 220 Arthur Avenue with 38 exterior docks.
The report also identifies why manufacturing businesses are attracted to the area stating, "Manufacturers are drawn to the area because of the strong workforce availability and access to public transit, connecting to the CBD and suburbs."