The U.S. is facing a warehouse shortage, with 1 billion square feet of new industrial space needed by 2025 to keep up with demand, according to commercial real estate services company JLL. More e-commerce activity and faster delivery is driving up demand and shifting local economies, like in the Lehigh Valley region of Pennsylvania. Now, open land is scarce, forcing real estate developers to find unconventional spots, like a scuba diving center, if they want to keep building.
On November 29, 2021, CNBC’s Andrea Miller filed the following comprehensive look at the logistics real estate industry and the current demand for space. Duke Realty Chairman and CEO Jim Connor shared his insights.