Retail behemoth Amazon is generally tight-lipped about its real estate strategy, and it didn’t say much about its decision to trim its industrial portfolio earlier this year. Still, through its actions, a strategy is coming into focus: Small spaces go first.
A new analysis of the 48 Amazon distribution centers across the United States listed as available for lease on CoStar through October this year found that Amazon’s efforts to trim its industrial portfolio have concentrated on shedding smaller facilities, often in secondary markets. In fact, a CoStar review found that smaller distribution facilities of less than 100,000 square feet are disproportionately represented in the space Amazon has put up for sublease in 2022 by a ratio of two-to-one.
While the company’s cancellation of plans to construct tens of millions of square feet of distribution space has been widely reported, the review looks at existing facilities Amazon has either put up for sublease or allowed to go back on the market by choosing not to renew existing leases approaching expiration. Together these properties total 7.8 million square feet around the country.
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