Like most markets, regardless of sector, Jackson experienced a moment in time when deals were shelved due to the coronavirus pandemic. However, the industrial market in Jackson tells a different story in the early innings of COVID-19. While most deals were put on hold for several weeks in early April to mid-May, we saw activity pick up with users signing leases, contracting on vacant buildings and resuming due diligence timelines for land purchases, all without any repricing or discount. These trends, while hopefully permanent in nature, are all due to a lack of industrial supply and consistent demand in the Jackson market. If you have quality product in a good area, it will sell or lease, even during a pandemic. The Jackson industrial market spans around 40 million square feet if you include all specialty and manufacturing properties, as well as true warehouse and flex product. According to CoStar Group, the market’s vacancy rate is hovering around 7 percent, but it feels tighter since there’s a bulk of obsolescent product — either low ceiling heights or being in less desirable areas. Jackson is considered a minor industrial market and is well-suited for future growth. As Mississippi’s capital city, Jackson is …
