Large-scale investments in electric vehicle megaprojects will be transformational for smaller, secondary industrial markets, leading to steep vacancy declines and surging prices.
Demand for these projects is surging as oil prices remain elevated amid rising geopolitical tensions, with EV production increasingly onshoring to the US – and supply chain disruptions continue to drive the sector toward US production facilities
According to Mark Russo, Director and Head of Industrial Research for North America at Savills, at least 13 new EV battery plants are expected to come online in the US over the next five years. And the economic ramifications are big: EV megaprojects are multibillion-dollar investments, Russo says, typically spanning several million square feet of industrial property and creating new jobs in the markets where they're located.
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