Last year, developers completed a bumper crop of new industrial property tallying 475 million square feet across the U.S. covering a combined land area the size of Boston. This building boom resulted in the most new industrial space completed in a single year in more than two decades.
It’s well into 2022, and developers have continued to accelerate industrial construction levels to the point where the pace has finally caught up with tenant demand, just as the economic backdrop becomes increasingly unstable.
For two consecutive quarters, the U.S. gross domestic product has been declining. Amazon, North America’s largest industrial user, has been slowing its distribution network expansion. Walmart and Target cut their profit forecasts this summer as inflation weighed on both their business expenses and consumer finances.
So far, however, the inflationary environment hasn’t stopped most major retailers, third-party distributors and manufacturers from continuing to expand rapidly and lease space in the wave of newly built industrial properties wrapping up construction.
*Article courtesy of Costar
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