Space Needs Thru 2030

I just finished reading a new report from the Brookings Institute entitled Toward a New Metropolis: The Opportunity to Rebuild America, which looks at the demand for residential, commercial and industrial space over the next 25 years. They find that about half of the buildings in the country by 2030 will have been built after 2000.

I was particularly interested in their projections in the industrial arena where they see a need for 8.3 billion square feet of new space compared to the existing base of 12.3 billion sf. States with the highest percentage of new space built after 2000 are projected to be: Nevada, North Dakota, Utah, Wyoming and South Dakota. In raw square footage they are: California, Ohio, Michigan, Illinois and Indiana.

I’m sure that some of the states above shocked some people in Washington, DC but there are some compelling reasons why more rural states will thrive over the next several decades. The study acknowledges that modern industrial processes are best done in more rural surroundings stating, “It is conceivable that much of the 7 billion square feet in industrial space that will need to be replaced and the 1 billion in new square feet needed to meet growth will occur away from where they presently exist. The impact on communities beyond the suburban fringe may be significant especially considering spin-off development.

Agurbs® that have developed a plan for job growth, have spruced themselves up and offer a high quality of life are poised for great opportunities in this new century.