- Retail to industrial real estate conversions are on the rise, according to a CBRE report released Thursday. The firm is tracking 59 such projects that are underway or have been completed since 2017, 35 of which have launched since January 2019 alone, totaling 15.5 million square feet of converted industrial space.
- The trend has been driven by consumers moving away from mall-based and big-box retail, and it was accelerated by a mass shift to online shopping during the coronavirus outbreak. As e-commerce grows in popularity, fulfillment and last-mile delivery volumes are steadily increasing, prompting shippers to seek warehouse space closer to their customers. The top five markets for retail facility conversions are Milwaukee, Cleveland, Chicago, Dallas/Ft. Worth and Omaha, Nebraska, according to the report.
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Source: Supply Chain Dive