The San Francisco-based REIT reported 98% occupancy in its massive global portfolio in the first three months of the year — a slight increase from the same time in 2022 — as e-commerce spending picked up and helped drive leasing of warehouses.
There are five multistory properties under construction right now with roughly 5.3M SF of industrial space combined that have no announced leases signed.
Warehouses keep getting larger, catering to retailers like Walmart Inc., The Home Depot Inc. and the biggest industrial user of them all, Amazon.com Inc., that these days frequently take down 1 million square feet or more in a single lease transaction. But while mammoth distribution hubs or sprawling manufacturing plants tend to be headline-grabbers, small
The big-box warehouse keeps getting bigger as e-commerce groups, third-party logistics firms and others are on the hunt for the largest distribution and manufacturing facilities they can find or build.
South Florida’s top industrial sales crushed last year’s records, marking a return to sale prices in the hundreds of millions, as the sector outperformed the rest of the market during the pandemic.