While the US economy has dangerously slumped for much of the year, demand for industrial space has only continued to increase.
Net absorption for bulk industrial space was up 51% to 79.8 million square feet in the first half of the year, according to Colliers. At mid-year 2019, 52.8 million square feet had transacted.
The pandemic drove these gains as e-commerce surged in the first half of the year. E-commerce accounted for 16.1% of retail sales in Q2 2020, which was an increase over the 11.8% in the previous quarter, according to the US Department of Commerce. That was a record for online shopping.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
