C&W Industrial Research MarketNote: Industrial Tenants Take Advantage of State Tax Incentives in Top Markets
With approximately $610 million USD in state tax incentives among states with the top industrial markets, it is no surprise that 250.7 million square feet of industrial space were leased in California, Illinois, Texas, Georgia and New Jersey in 2014. Illinois alone awarded $1.5 billion in Capital Expenditure or “CAPEX” incentives to companies. These incentives are used by companies to acquire fixed assets such as equipment, property or industrial buildings or to add to the value to assets with a useful life extending beyond the taxable year. Strong incentives helped these five states attract industrial tenants, who were able to create 9,888 jobs in 2014.