Some of the most high-profile warehouse — and economic development — deals in the U.S. today are in the electric vehicle space.
Whether it’s Tesla Inc.’s (NASDAQ: TSLA) 4-million-square-foot manufacturing facility in Austin, Texas; Ford Motor Co.’s (NYSE: F) three planned battery factories totaling $11 billion in investment and an upcoming Toyota Motor Corp. (NYSE: TM) U.S. battery-production center, it’s clear the market is having a moment right now.
Although the billion-dollar investments churn the most headlines, there are plenty of smaller, younger players elbowing their way into the space, too. British EV manufacturer Arrival Ltd. is building electric-vehicle “microfactories” in the Charlotte, North Carolina, market, and Newark, California-based Lucid Group Inc. recently kicked off production at its first EV factory in Casa Grande, Arizona.
So what does the growth of electric-vehicle manufacturing in the United States mean for the industrial sector?
Doug Ressler, manager of business intelligence at commercial real estate research firm Yardi Matrix, said the sector remains in an embryonic state but expects it to grow significantly, especially in the next 12 to 18 months. Demand will likely start to stabilize after that, he added.
Automakers in the EV space are planting facilities around the country, but a few geographic areas stand out. Some companies are reinvesting in the Rust Belt while Arizona and Texas, popular state for such projects historically, continue to see a big share of investment. Areas in the Southeast are also benefitting, such as Memphis, Tennessee, where Dearborn, Michigan-based Ford and SK Innovation Co. Ltd. out of South Korea are investing $5.6 billion at 3,600-acre campus to produce Ford’s F-series all-electric trucks.
*Article courtesy of Philadelphia Business Journal
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
