Last year was a slower than normal year for our industrial building team. We delivered 532,072 SF of new industrial space to 3 tenants in 3 different park locations. While at the same time, we have been building 662,753 SF of new speculative space ready for occupancy this quarter. Two of the new speculative buildings are located in Cookeville, Tennessee, midway between Nashville and Knoxville on I-40; and, two more speculative buildings are in Mocksville, North Carolina between Statesville and Winston-Salem also on I-40.
This positions us well to take advantage of the second “Trump Bump” as more manufacturers continue the reshoring trend. The creation of the DOGE commission will hopefully put a strong focus on reducing regulations as well. Reduced regulations were a big part of the first Trump Bump, and could be even bigger this time in the wake of the Chevron Decision at the Supreme Court. We feel strongly that this economic expansion will continue for the next decade. To that end, we are excited to announce that we are opening a new SouthPoint Business Park in Grenada, Mississippi midway between Memphis and Jackson, Mississippi on I-55 with 14 lots and up to 2,900,000 SF of new industrial space. The first two buildings will deliver in Q4 of 2025.
Look for another announcement next quarter of a new location in the Southeast of similar size and scope. But, we are not done! We are searching out additional locations.
The constraints of 2024 of high interest rates and general lender weakness have loosened up and industrial real estate is preferred by lenders. This lender weakness was the biggest drag on supply last year. Demand in a consequential election year was also somewhat muted. Now that the results are in, companies are ready and generally able to move forward once again. With lenders back in the market and the government getting out of the way, a new era is dawning that will reestablish the United States role as the leader in manufacturing across the globe. We are excited to be a part of this important transformation.
