Warehouses

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.

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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.

An expansion of 120,000 sq. ft. to the Anjou, Quebec facility.

Greenwich, Conn.-based global contract logistics services provider GXO announced today it has rolled out an expansion of GXO Direct, its shared warehouse service offering, which provides immediate access to high-quality space, technology, and services at a lower cost, in the United Kingdom. What’s more the company said that the pairing of the combined capabilities of GXO and London-based Clipper Logistics plc, a provider of omni-channel retail logistics services, which GXO acquired a little more than a year ago,...

CBRE found that the largest 100 industrial lease transactions in 2022 included a record-high 63 deals for 1 million square-feet or more—known as “megawarehouses”—topping the 57 deals recorded in 2021. What’s more, it added that the average size of the top 100 leases was 1.07 million square-feet (MSF), supplanting the previous record, of 1.05 million MSF, set in 2021.

Demand for dry and cold chain warehousing remained strong in 2022 and is expected to continue climbing steadily in 2023. As the sectors continue to evolve, warehouse operators are attracting investor attention, consolidating, and changing their names.

In order to increase operational efficiency and maximize warehouse capabilities, implementing one or more warehouse automation solutions will be crucial to success.

In a research brief, entitled “Industrial Facilities Near Airports Command Rent Premiums,” CBRE explained that companies are locating distribution operations closer to airports, or air cargo ports, in order to counter various challenges, especially increasing transportation costs, which it said account for 45%-to-70% of overall supply chain costs—based on data issued by the company’s subsidiary CBRE Supply Chain Advisory. This represents a steep uptick compared to occupancy costs, which account for 3%-to-6%, said CBRE.

In a research brief, entitled “Industrial Facilities Near Airports Command Rent Premiums,” CBRE explained that companies are locating distribution operations closer to airports, or air cargo ports, in order to counter various challenges, especially increasing transportation costs, which it said account for 45%-to-70% of overall supply chain costs—based on data issued by the company’s subsidiary CBRE Supply Chain Advisory. This represents a steep uptick compared to occupancy costs, which account for 3%-to-6%, said CBRE.