Five years ago, the e-commerce boom made warehouses the hottest play in commercial real estate. Growth began to cool in 2022, and now high inflation and shifting tariff policies are weighing even heavier on the sector.
In the first half of this year, only 27 million square feet of industrial space was absorbed. Demand fell by 11.3 million square feet in the second quarter alone — the first quarterly drop since 2010, according to NAIOP.
With economic uncertainty expected to linger, NAIOP forecasts “nearly flat” absorption through the rest of the year.
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