Warehouses

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As demand for North American warehouse space soars, third-party logistics providers find new ways to serve their growing customer bases.

The national vacancy rate remaining low, at 4.8%, compared to a historical expansionary average of 6.1%, even as the pace of new deliveries quickened and added 70 basis point to market vacancies

In its “U.S. Industrial Q3 2023” report, CBRE found that third quarter construction starts saw a 37% decline, from the second quarter to the third quarter, and a 64% annual decline, to 40 million square-feet (MSF), which CBRE said lowered the under-construction total, for the third consecutive quarter, to 479 MSF.

The Movu Robotics portfolio provides low entry, and scaleable warehouse automation solutions for growing businesses, enabling easy installation and adaptability to new business needs through simple integration and a minimal Total Cost of Ownership (TCO) approach.

The research paper, entitled “Future Proofing the Global Supply Chain:  How AI, Automation and Other Technologies Are Impacting Efficiency,” noted that logistics real estate investments outpaced revenue growth by 57% over the past decade despite advancements in automation and data analytics, which it labeled “the supply chain productivity paradox.”

Industrial real estate firm's research finds 36% annual decline in 1 million square-foot-plus leasing activity in the first half of the year. CBRE said that the number of 1 million square-feet deals dropped from 36, in the first half of 2022, to 23, for the same period in 2023.

There was a 36% annual decline in 1 million square-foot-plus leasing activity, which drove an 18% decrease in total industrial space leased, in the first half of the year, at 373 million square-feet. And CBRE said that the number of 1 million square-feet deals dropped from 36, in the first half of 2022, to 23, for the same period in 2023, amid economic uncertainty and waning occupier urgency to hold additional inventory.

Founder and President Greg Doppler, who invented ResinDek composite engineered wood flooring panels, to retire at year's end, with Cornerstone’s VP of Sales Scott McGill becoming president this month.

San Francisco-based real estate investment trust company Prologis made a major acquisition this week, in rolling out its plans to acquire roughly 14 million square-feet of industrial properties “from opportunistic real estate funds” affiliated with New York-based global real estate investor Blackstone Real Estate.

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The company said it invested roughly $18 million into this new facility, which will be comprised of more than 125 full-time employees. And it added that a key driver for this facility is to meet growing demand in the Kansas City region and process more domestic volume and ship throughout the U.S.

Research finds that 6,700 warehouses will be added to the global building stock in 2023, a reduction of 35% compared with 2022, but still higher than pre-COVID levels.

London-based retailer Sainsbury’s said this week it has tabbed Greenwich, Conn.-based global contract logistics services provider GXO Logistics to operate all of the company’s outsourced food warehouses, for fresh and frozen food products, throughout England.