JLL Capital Markets arranged the sale of Quorum II Plaza, a 77,319-square-foot shopping center in Addison, part of the Dallas Fort Worth area in Texas.

JLL represented the seller, Westwood Financial Corporation. The buyer was Last Mile Investments.

Quorum II Plaza, strategically located along Belt Line Rd., benefits from a dynamic consumer base that consistently drives sales. Its proximity to the Dallas North Tollway and I-635 ensures easy accessibility, enhancing its appeal to both visitors and residents. Situated in the heart of Addison, the center enjoys a thriving community that further fuels its commercial environment.

Dallas stands out as a prime destination for real estate and business, ranking as the #3 real estate market and the #1 metropolitan statistical area for projected population growth. With a robust daytime population of 529,000 people within five miles of Quorum II Plaza, the area exudes economic potential. The combination of a low cost of doing business and a high average household income of $121,000 makes Dallas an ideal environment for entrepreneurship and investment.

Quorum II Plaza, built in 1981 and situated on 5.7 acres, boasts a 93% occupancy rate, underscoring its popularity and commercial success. Key tenants, including Verizon, Salata, Tasty Tails and Improv, alongside popular establishments like Sellinger’s Powergolf, Tiff’s Treats and Jimmy John’s, create a diverse tenant mix that attracts a wide array of visitors.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Adam Howells, Barry Brown and Chris Gerard and Director Erin Lazarus.

The U.S. industrial vacancy rate rose slightly in the fourth quarter of 2024, increasing by 20 basis points to 6.7%, according to Cushman & Wakefield‘s latest research. But in good news, despite the uptick, the rate remains 30 basis points below the 10-year pre-pandemic average, signaling relative market stability.

“Industrial vacancy is likely nearing its peak for this cooling cycle in the coming quarters,” said Jason Price, Senior Director and Americas Head of Logistics & Industrial Research at Cushman & Wakefield, in a written statement. “In the fourth quarter, we observed positive annual absorption in 60% of the 84 markets we track, with eight markets reporting over 5 million square feet of absorption for the year.”

Absorption trends

Net absorption for the fourth quarter measured 36.8 million square feet, up from 33.3 million square feet in the third quarter but down 20% year-over-year.

For the full year, about 135 million square feet of industrial space was absorbed, reflecting challenges related to occupier consolidations and adjustments throughout 2024.

Leasing activity moderates

New leasing activity remained subdued in the fourth quarter, totaling approximately 130 million square feet—a 15.7% decrease compared to the same period in 2023.

Over the course of the year, 591.3 million square feet of deals were transacted, marking a 4.8% decline year-over-year.

The performance of the U.S. industrial market is all relative, though. Despite the slowdown, 2024 ranked as the sixth strongest year on record for new leasing activity. Notable markets included the Inland Empire and Dallas/Fort Worth, which saw 46 million square feet and 45.5 million square feet of leasing activity, respectively.

“We’ve seen growing interest from companies seeking larger buildings to support omnichannel fulfillment strategies,” said Jason Tolliver, President of Logistics & Industrial Services for Cushman & Wakefield, in a statement. “This approach enhances efficiency and customer satisfaction by aligning with e-commerce, wholesale, and retail demands. Forward-deployed stock models are also gaining traction, ensuring quicker delivery times and improved customer experiences.”

Construction and deliveries

New construction deliveries slowed for the second consecutive quarter, with 85.3 million square feet completed in the fourth quarter, a drop of 8% quarter-over-quarter and 48% compared to the previous year.

Of the annual total of 425.5 million square feet, 22% of delivered buildings were build-to-suit projects and 78% were speculative developments.

The South and West regions dominated completions, accounting for 50% and 29% of the year’s total, respectively. However, only four markets exceeded 20 million square feet of completions in 2024, compared to 10 markets in 2023.

The construction pipeline has thinned significantly, with projects under development falling by 36% year-over-year to 290.5 million square feet, the lowest level since the third quarter of 2018. One-third of this total comprises BTS developments, which are expected to help stabilize vacancy rates in the latter half of 2025.

Rent fluctuations

Asking rents increased by 1% in the fourth quarter, reaching $10.13 per square foot. For the year, rents rose by 4.5%, driven by growth in the South (6%) and Northeast (3.8%). Conversely, the West region experienced a 2.3% decline in rents.

Markets such as Raleigh/Durham (-14%), Inland Empire (-14%), and Los Angeles (-13%) saw the steepest decreases, while 69% of markets reported annual rent increases. Of these, 21 markets—primarily in the South—posted gains of 5% or more.

A shift toward growth

After a year of cautious decision-making, the logistics sector appears poised for renewed growth. Tolliver said that companies are investing in optimizing supply chains and diversifying networks to mitigate risks.

“What’s particularly encouraging is the proactive stance of retailers, wholesalers, and 3PLs, who are shaping the market rather than merely reacting to it,” Tolliver said in a statement. “2025 will be a year defined by this strategic bias for action.”

Triten Real Estate Partners acquired a 25-acre site in North Houston,. Triten plans to develop the site into a state-of-the-art industrial development featuring two front-load distribution buildings, totaling 392,650 square feet.

Located at FM 1960 and Kenswick Drive, the site offers immediate proximity to major transportation hubs, including Beltway 8, I-45, and George Bush Intercontinental Airport (IAH), making it an attractive option for logistics and distribution tenants seeking easy access to Houston’s skilled labor force, infrastructure, and the rapidly growing Texas Triangle.

Construction on the FM 1960 distribution center is scheduled to begin in the first quarter of 2025, with project delivery anticipated by Fall 2025.

This land acquisition follows Triten’s recent groundbreaking for a separate distribution center in the North Houston submarket located off Will Clayton Parkway on McKay Road. The 171,000- square-foot facility is designed for mid-size tenants and will include multiple speculative offices, ample dedicated trailer parking, secured truck courts, and twice the number of dock-high doors compared to the industry average. Construction at McKay is scheduled to be complete by Summer 2025.

Provident Industrial ready to break ground on a fully entitled industrial site at 500 E. Bardin Road in Arlington, Texas.

Situated in the heart of the Dallas/Fort Worth Metroplex in the Lower GSW submarket, the site offers unparalleled connectivity, just 17 miles from downtown Fort Worth, 19-miles from DFW International Airport, and 25-miles from downtown Dallas. Its strategic location provides convenient access to I-20 connecting tenants to both I-35W (Fort Worth) and I-35E (Dallas), as well as State Highway 360.

The A20 Logistics Center will be a 161,408-square-foot, state-of-the-art, Class A industrial facility with a ±2,100-square-foot speculative office. Designed for modern industrial users, the facility will feature a 32-foot clear height, 34 dock doors, 2 oversized drive-in doors with ramps, LED lighting throughout the warehouse, and a 130-foot truck court capable of being fully secured.

Scheduled for delivery in Q1 2026, A20 Logistics Center will address the growing demand for new industrial space in the Lower GSW submarket, where construction starts have slowed significantly due to the limited developable land remaining. Provident Industrial’s Managing Director, Case Van Lare, and Director, Chris Martin, are spearheading the development.

A20 Logistics Center is being developed in partnership with Humphreys Capital and  Farmers Bank & Trust. Kurt Griffin, Nathan Orbin, Dalton Knipe, and Weston King of JLL will represent Provident for leasing of the project.

These are challenging times for retail pharmacies, with some of the biggest names in the industry closing stores and announcing layoffs. But is the future brighter? A new report from Colliers says it could be, if retail pharmacies begin offering new healthcare services and embrace such innovations as home delivery and on-demand consultations with pharmacists.

Such innovations could help retail pharmacies reverse the recent trend of store closures, Colliers reported in its fourth quarter Healthcare Services Report, released earlier this week.

The numbers show that retail pharmacies do need to make changes. According to Colliers’ report, Walgreens last year announced that it would close 1,200 of its stores by the year 2027.

Walgreens’ biggest competitor, CVS, announced 2,900 corporate layoffs last year. Rite Aid filed for bankruptcy in October of 2023 and plans to close 800 stores, which would allow the chain to emerge from bankruptcy with 1,300 stores.

Then there are the store closings that have already happened. According to RetailStat, CVS ended 2023 with 9,395 U.S. stores. That’s down from 9,939 stores in 2021.

RealStat reported that Walgreens ended 2023 with 11,936 stores, down from 13,456 stores in 2019.

Colliers’ report says that retail pharmacies are working to evolve to better meet the needs of consumers. Collier says that pharmacies are rearranging their store footprints and designs and are also expanding the healthcare services they are offering, with many offer medical consultations and check-ups.

Colliers in its report recommends that retail pharmacies offer not just in-person consultations but online ones, too. That would help them reach customers who are unwilling or unable to leave their homes.

Delivery options are important, too. In its report, Colliers said that pharmacies should invest in alternative methods of delivering medication, including home-day delivery and same-day delivery. They should also offer on-demand support from pharmacists, Colliers said.

What does this look like? Colliers says that pharmacies need to allow customers to use their phones, laptops or tablets to hold video calls with pharmacists to discuss medications. They should also allow consumers to order their medication online and then either pick their pills or ointments up in person or schedule a delivery to their homes.

More change will be coming to the retail pharmacy market. But several big names continue to dominate it. Colliers reports that as of the end of 2023, CVS Health Corporation held a 25.7% share of the U.S. prescription drugs market.

Walgreens Boots Alliance came in second, holding a 14.7% share, while Cigna pulled in third place with a share of 10.6%. UnitedHealth Group (a share of 6.8%) and Walmart Stores (4.9%) nabbed the fourth and fifth slots in the prescription drugs market in the United States.

Holt Lunsford Commercial Investments with long-time partner Principal Asset Management announces the completion of Gateway Crossing Logistics Park. The 127-acre master-planned business park is located at 1220-1228 Sage Hill Parkway in Forney, Texas.

Featuring the latest in Class-A industrial design, Gateway Crossing consists of three state-of-the-art buildings totaling more than 1.7 million square feet of leasable space. The first (and largest) building makes up 1,024,549 square feet of space while building two totals 473,397 square feet and building three spans 254,940 square feet.

Strategically located east of the Dallas-Fort Worth area along Highway 80 and near I-20, Gateway Crossing is purpose-built to meet the demands of modern logistics and distribution operations. The park features LEED-certified buildings, a private four-lane road with advanced queuing capabilities, isolated employee parking, and 185-foot truck courts with trailer parking. Additional highlights include dedicated guardhouse locations for security and infrastructure tailored for large-scale industrial operations. All three buildings were specifically designed to service heavy power requirements with the ability to provide 12,000 amps for building one.

Holt Lunsford Commercial will oversee leasing efforts for the business park, which offers proximity to retail and dining amenities, making it an ideal location for both employees and businesses. All buildings are equipped with move-in-ready spec suites and dock packages that allow for immediate access and operational use. Additional features include ESFR sprinkler systems, reinforced slabs with full vapor barriers, LED warehouse lighting, premium finishes such as whitebox warehouse walls, and enhanced safety features at all overhead doors.

With unencumbered access via Gateway Boulevard from Highway 80, Gateway Crossing provides seamless connectivity to Dallas-Fort Worth’s expansive transportation network. The park is also situated within a deep labor pool, with more than 1.3 million workers located within a 35-minute commute.