Industrial properties, in general, have enjoyed strong rent growth and a low rate of vacancies during the pandemic. As people started to purchase goods online, it has created a tremendous demand for the warehouse to hold ordered items. Thus, retailers near highly populated areas where online orders can be loaded onto trucks and vans for local delivery have overly coveted their delivery spaces. Having these issues, retailers faced a scarcity of warehouses near populated cities since such space is rising in demand and value.
As the consumers want their shopping lists to be directly delivered to the home, but at the same time, they don’t wish the truckers to drive down the residential streets all day emitting diesel fumes. Still, builders are discovering innovative approaches to add last-mile space near city centers.
Last, “The pandemic advanced us ten years in the eCommerce business model,” said Bret Jordan, the president of the northwest region for the north area for his companies; consequently, He claims the pandemic has enhanced us ten responses, and we must encounter to the conditions in 2030.