Thursday, December 20, 2018

Urban Outfitters takes spec warehouse in Bucks County

by Natalie Kostelni  – Reporter, Philadelphia Business Journal
Urban Outfitters Inc. has signed a lease to occupy a 309,000-square-foot warehouse-distribution center in Bucks County.

Construction of the building got underway earlier this month and will be built on 20 acres in the Bristol Commerce Center, which is located near the Pennsylvania Turnpike and I-95, making it ideal for a distribution hub.

Herring Properties, the landlord, was confident enough in its location that it had decided to build the structure without a tenant and had ordered construction materials.  They thought the building would get leased up before it was completed. He said two tenants — presumably Urban Outfitters was one of them — had been circling the property.

Developers have been bullish on the distribution market and have increased constructing such properties on speculation. Nearly 2 million square feet of the space has recently either broken ground or is expected to in the next couple of months. Much of the demand is being driven by retailers seeking last-mile distribution centers in densely-populated areas that are located near major highways. These last-mile distribution centers help with same-day and next-day delivery that many retailers offer consumers.
Fuly Story: https://tinyurl.com/yb8njxv5
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