U.S. Needs 330 Million Square Feet Of Warehouse Space To Keep Up With E-Commerce
The U.S. will need to add 330 million square feet of warehouse space dedicated to online fulfillment by 2025 in order to keep pace with the expected uptick in e-commerce sales over the same time period, according to a recent report from CBRE. The report expects e-commerce sales in the U.S. will increase to 26% of retail sales by 2025. Globally, there will need to be an increase of 1.5 billion square feet to keep up with a $1.5 trillion uptick in e-commerce sales by 2025. Vacancy rates for industrial real estate space have been low across the U.S. for months. “[A] significant amount of new construction will be needed in the next few years just to keep pace with robust demand,” John Morris, executive managing director and leader of CBRE’s Americas Industrial and Logistics and Retail businesses, said in a statement. Read more at Retail Dive.
