Demand for new, modern warehouse construction is high. It has to be: CBRE reports that the average warehouse age is 43, so developers are building new facilities at record levels as the world manages the supply chain.
Construction activity in 2022, as of the end of the second quarter, totaled a record 627 million sq. ft.
CBRE's report points out that one-quarter of existing warehouse space "is aged more than 50 years and most of that product tends to have a smaller footprint and lack the features, design and amenities required by modern distributors.
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