Memphis Industrial Market Report
2023 Investment Forecast
Notable Commitments Provide Long-Term Stability;
Nationally Low Entry Costs Draw Cost-Sensitive Buyers
Local distribution advantages fuel demand for industrial. Memphis International Airport maintains its place as the busiest cargo airport in North America, with nearly 8.91 billion pounds of cargo handled in 2022. Memphis’ centralized location — with six interstate highways serving the city — also makes it a prime spot for companies looking to streamline their distribution process. A nationally low average asking rent is also appealing to firms seeking lower operating costs. Major move-ins have already been announced this year as MSS Steel Tubes USA plans its first U.S. production facility in Memphis, taking existing space off the market. Additionally, Ford’s EV production complex, which is underway in Fayette County, will likely attract suppliers and other supporting firms to the Interstate 40 Corridor prior to the project’s completion in 2026. If these potential commitments come to fruition, it would aid an industrial sector that is expected to note near-term rises in vacancy and supply additions.