Many industries rely on industrial space – from warehouse to cold storage to last mile – and historically, the industrial market outperformed other commercial real estate “due to relatively short development time frames and lower re-tenanting costs” (1). Throughout the global COVID-19 pandemic, this market boomed, and continues to grow across the country.
The National Retail Federation predicts U.S. retail sales will grow between 6.5% and 8.2% in 2021 (2). E-commerce sales are expected to grow from $602 million in 2019 to $1.5 trillion in 2025, which results in a 1 billion square foot incremental demand for industrial space and 100 million square feet of incremental demand for refrigerated/freezer space (1).
With $2 trillion in pent-up demand from Americans’ personal savings; retail, entertainment, and travel spending are expected to see a “surge in demand” (1). Some anticipate “the fastest growth rate in GDP
since 1984,” and retail and food service sales reaching the “fastest calendar-year growth rate since demobilization at the end of World War II in 1946” (2).
To meet this increased demand, Catamount has increased our focus on delivering excellence in the changing industrial market. We are well poised to COMMIT. RESPOND. DELIVER. and REPEAT for our clients and prospective clients. Learn more about our industrial experience and get in touch here.