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Nearly 545.1 million square feet of industrial space has been absorbed in the region since 2019.
The market is trying to absorb thousands of newly displaced families.
All but two of California’s major metros had annual job losses in January.
The United States added nearly 2.2 million people in large metros last year.
While there has been a spike in store closures, these spaces will attract backfilling.
Over $300B of mortgages and loans for small businesses and CRE projects could be at stake.
Rentership is much higher in pricey coastal markets.
The national self-storage inventory now exceeds 2 billion square feet.
Rents have been declining for nearly two years in the top 50 metros.
Retail closures are expected to free up 140 million square feet of space.