Benderson Development Co. is building a new 64,600-square-foot warehouse in its Broadway Development Park in Cheektowaga, seeking to add to the limited inventory of industrial space in Western New York.
The real estate developer will build the new “spec” facility as part of the overall project at 2839-2871 Broadway, visible from Interstate 90. The new building, to be located at the southern end of the park, was approved by the Town Board last month, following Planning Board approval in December. A diagram filed with the town also shows a separate proposed 35,000-square-foot warehouse at the very northern end, along Broadway.
All of the space is “speculative,” meaning that it’s not being constructed specifically for any particular tenant. Vice President Eric L. Recoon said there’s “plenty of interest, but just no signed leases at present.”
Industrial and warehouse space in the region is at a premium, as the vacancy rate for such facilities is less than 5 percent, according to CBRE Group’s Buffalo office. Recoon said the development park is already full, so the space is needed.
The brokerage firm, which studies and reports on commercial real estate availability in four sectors of office, retail, multifamily and industrial, predicted that the shortage of space would prompt developers to start building again to accommodate potential demand, especially as economic-development leaders seek to recruit more manufacturers to the area.
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