Friday, February 14, 2025
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Park Ridge industrial boom

The industrial property market in Logan is “incredibly tight”, according to a local commercial property agent.

According to some experts, Logan’s land, workforce and affordability is turning the city into a gem for industrial development.

A new warehouse complex on Belvedere Drive in Park Ridge is just one example, with agents from Colliers real estate claiming the suburb is one of the region’s “most highly sought-after industrial markets”.

“We’ve received interest from small businesses including e-commerce, trade related businesses, light fabrication and automotive upgrades,” industrial and logistics national director Nicholas Evans said.

Construction of the complex is not yet complete, but 11 of the 21 total units have already sold.

Local commercial agent Mark Osmond from The Property Hub said industrial land was in high demand.

“Industrial land is where the demand is, for sale and for lease,” he said.

“There’s Berrinba, all that area through Crestmead which is very popular, and around the fringes.

“But they’re running out of land.”

Mr Osmond said emerging communities like Park Ridge had been an “eyes-on development area” for quite a long time.

“Park Ridge is an emerging community… so because there’s a lot of development in there, they are starting to put infrastructure in there as well,” he said.

“Being a developer, if you buy some land in an emerging community but you’re out on the fringes, you won’t be able to develop that site until the town water and sewer get there.

“So you try to buy something around where the development is happening.”

Colliers’ Mr Evans said Logan was more affordable than other areas.

“Logan is currently experiencing huge growth supported by a strong surrounding workforce,” he said.

Mr Osmond suggested these affordable prices weren’t sticking around.

“You’re seeing record prices for leasing and you’re seeing record prices for the sale of properties, whether it be vacant land or a finished industrial space,” he said.

“The cost of land has gone up, the cost of construction has gone up and the cost of materials have gone up, and that’s bringing prices up.

“But it’s also taking older buildings and pulling those prices up.”

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