LOS ANGELES—With only two markets represented in the global top 10, and at the lower end of the rankings at that, the US logistics sector does not lead the world in terms of high rents. Where it is dominant is year-over-year rent growth, according to CBRE's latest survey of prime rents in the world's industrial and logistics markets.
CBRE says five of the top 10 fastest-growing logistics markets are in the US, “cities that have undoubtedly benefited from strong demographics and significantly impacted by e-commerce and a transformation in their supply chains.” Leading the list is Seattle with 16.9% annual increases in prime rents at the end of the first quarter. That's a sharp contrast to the 4.9% Y-O-Y growth measured there in last year's survey.
Across the US is the world's second-fastest growing market in terms of logistics rents, the I-78/I-81 Corridor in Pennsylvania, which experienced 10% increases over Q1 2016 levels. Both the Seattle and Pennsylvania markets, CBRE says, are “emblematic of the growing demand for logistics space.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
