Warehouse and industrial space leasing reaches record high in major cities

Industrial and warehousing space leasing grew to a record 59.1 million square feet across major cities from January to September. Demand from light manufacturing, e-commerce, and third-party logistics drove this surge. Tier-I cities alone made up 47.2 million square feet of this leasing activity. Fresh supply also rose to reach 68.9 million square feet during the same period.

Context

This growth points to changing consumption habits and efforts by companies to make their supply chains better. Higher demand for storage and factory spaces typically grows as online shopping and local manufacturing expand across the country.