Shenandoah Valley among top 10 emerging industry markets, report finds

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HARRISONBURG, Va. (WHSV) — The Shenandoah Valley and I-81 corridor were included on a list of the Top 10 emerging industrial markets in the country by a global real estate firm.

Major cities like Seattle and Minneapolis are included in the annual report released by Colliers International. It cites the valley's close proximity to the Washington, D.C. metro and calls the region a "cost-effective alternative to markets further north in the Lehigh Valley and central Pennsylvania."

Brian Shull, the Director of Economic Development for the City of Harrisonburg, said price and location are important factors for industries. Over the past decade, the report found the amount of building space available for industries has grown while the vacancy rate has fallen.

There's also more construction planned for 2019.

"The central Valley here is very attractive to food processing, so we have a lot of food processing," said Shull. "But we're also starting to see more and more technology development companies coming this way too."

The Shenandoah Valley was also included in Colliers' 2016 Top 10 list.

Here's a full list of cities which were included in the repoirt:

— Greenville/Spartanburg/Anderson
— I-4 Corridor
— Las Vegas
— Lehigh Valley
— Minneapolis
— Sacramento
— Savannah
— Seattle/Puget Sound
— Shenandoah Valley/I-81 Corridor
— St. Louis