The first hole on a golf course isn’t necessarily the best, it’s just the first that people play.
But in the industrial real estate world — at least when it comes to ranking the best distribution markets in the U.S. — first to tee off does matter.
Real estate services firm Jones Lang Lasalle, or JLL, has released a new golf-themed research study on the top 18 distribution markets. And the front nine is dominated by markets that most corporate tenants, investors and developers already know.
Central and Eastern Pennsylvania is listed at No. 3, or the “upper echelon” of the front nine, trailing the New Jersey/New York Metro Area and Southern California, but ahead of the Chicago Metro, including Milwaukee, and the Dallas/Fort Worth Metroplex.
Expect a lot of birdies in that crowd of long-ball specialists.
“Relative to the New York/New Jersey market in our survey, the Central and Eastern Pennsylvania region provides more ‘large-block’ development opportunities and a lower average land basis, as well as a beneficial business operating environment — at the likely sacrifice of increased transportation or service costs,” JLL said.
The study also cited this area’s proximity to large cities, a strong highway network, good labor force and a reasonable cost-of-living.
Rounding out the opening nine holes are Atlanta, the Mideast U.S., the Mid-Atlantic and Southeast Texas. The Mideast would include Indianapolis, Columbus and Cincinnati, while the Mid-Atlantic would include the Baltimore, Washington, D.C., Richmond and Hampton Roads areas.