In Seven Supply Chain Predictions for 2024, the logistics development powerhouse makes some appropriately large-scale forecasts. And how did Prologis’s forecasts for 2023 fare? A bit mixed, but more right than wrong.
According to a new Prologis report, industrial vacanciy is expected to reach a historically low level in mid-2024. Even though a significant amount of new space was added to the market in Q3 2023 from projects begun in 2022 and the national vacancy rate rose,, companies in search of logistics space would be well advised to act soon.
The global forces affecting logistics real estate include less volatility, consumer service levels fueling demand and contracting new building deliveries.
New details in Prologis’ Industrial Business Indicator report show just how much of an uphill climb supply will have before it meets current and future demand.