Real estate services firm Jones Lang Lasalle projects that demand for industrial real estate will grow to 1 billion square feet within five years, because of accelerated growth in e-commerce due to the Covid-19 pandemic and the ensuing shelter-in-place policies.
E-commerce sales could hit $1.5 trillion by 2025, according to JLL, which the real estate services firm said would increase demand for warehouse fulfillment space and other industrial real estate to an additional 1 billion square feet.
Last year consumers spent $602 billion online with US merchants, representing 16% of total e-commerce sales, according to Digital Commerce 360's analysis of Commerce Department retail data. Combining that with new projections from the pandemic, JLL forecasted that e-commerce sales could reach as high as $1.5 trillion in five years time, adding that they are expected to increase $20% in 2020 alone.
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Meredith Hobbs
Meredith Hobbs writes about the Atlanta legal community and the business of law. Contact her at [email protected] or 404.419.2837. On Twitter: @MeredithHobbs.
