Warehouse developers expect the coronavirus-driven upheaval in supply chains will trigger long-term growth in demand for industrial real estate
Warehouse developers now helping some retail and logistics customers secure additional storage space as lockdowns trigger an upheaval in consumer buying patterns believe the rapid adjustments will give way to longer-term changes in how companies manage their supply chains. That will likely include more robust e-commerce operations and more “safety stock” positioned around the country as businesses soften their lean-inventory strategies.
Flexe Inc., which connects businesses to warehouses with space to share, is seeing a rush of demand from retailers and direct-to-consumer brands swamped by online orders for products like cleaning supplies, said Karl Siebrecht, the company’s chief executive. The restrictions aimed at slowing the spread of the novel coronavirus are wreaking havoc on the economy, and could dent the once-hot market for industrial space. But industry executives say consumer habits formed during this period will likely stick and lead to growing demand as companies reset their distribution strategies.
While e-commerce now accounts for about 3% of total U.S. grocery sales, “there are huge growth prospects” as housebound shoppers get used to ordering produce, meat and other perishables online, said Matthew Walaszek, CBRE’s associate director of industrial and logistics research.
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