Industrial rents in already-pricey cities like Los Angeles and Boston are poised to rise further thanks to one burgeoning industry: cannabis.
Marijuana startups are snapping up space in those cities as part of a wave of legalization that was set in motion by ballot-box victories last November, when eight states voted to permit cannabis in some form.
California and Massachusetts will begin allowing residents to purchase recreational pot -- not just medicinal marijuana -- making the states especially attractive to entrepreneurs.
Legal weed already has a track record of driving up rents. The going rate for industrial real estate in Denver, Seattle, and Portland, Oregon -- places that previously relaxed cannabis laws -- have grown faster than in cities where the substance is still banned, according to new research from CoStar Group Inc.
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Jennifer Kaplan ~ Bloomberg.com ~
