Construction delays are expected to intensify as supply chain issues continue to mount, according to a new analysis from Moody's Analytics, but the shortfalls could be a boon to certain types of commercial real estate.

In the short term, challenges in production processes are placing negative pressure on space demand for manufacturing spaces in places like the Great Lakes region and automotive factories across the Southeast, according to Moody's economists Thomas LaSalvia, Kevin Fagan, and Victor Calanog.

But "the outlook changes when we look at potential long-term impacts on space demand," they say. "The industrial sector has really benefited from the shift to online commerce, brought about by the pandemic. If challenges to the supply chain continue to put pressure on the intermodal transport system, that also provides an incentive for logistics companies to build out even more warehouse space for stocking needs."