A record 57 transactions in 1 million square feet or larger facilities were signed last year, 19% more than in 2020, according to CBRE. Only 18 of the top 100 transactions in 2021 were renewals, a sign that demand is coming from a range of occupiers and the appetite for expansion space is large.
CBRE suggested more of the top 100 leasing deals could occur in emerging markets near major logistic hubs and growing population centers such as Phoenix, Greenville/Spartanburg, S.C., Louisville and San Antonio in 2022.
One possible headwind to this forecast, though, is a dwindling supply of mega facilities, especially in core markets with little land available for development.
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