According to CBRE, last year was a stellar year for department store rentals, driven by an improving economy and strong e-commerce sales. Committed companies have leased 57 warehouses covering 1 million square feet. or more in the United States in 2021, a 19% increase from 2020.

CBRE noted the increase in mega leases as part of its analysis of the 100 largest industrial and logistics leases in the United States in 2021. CBRE found that the average transaction volume of these 100 leases increased to 1,053,000 square feet in 2021 compared to the 2020 average of 1,038,183 square feet.

“Demand for industrial space is at an all-time high,” said John Morris, managing director and business leader of CBRE’s industrial warehouse and logistics operations for the Americas. “Space is still tight historically, but we still only have enough product to meet demand. Residents are in a very competitive market and there is little space for markets of this size and likely demand will grow in growing markets. 2022.”

The industrial sector, which occupies the largest share of those 100 leases, is retail and general wholesale, which recorded 44 transactions (46.1 MSF). This is a significant jump from 2020 when this sector recorded 32 transactions (35 MSF). An e-commerce user who was a leader last year ranked second in 21 markets (27 MSF), followed by food and beverage users in 15 markets (14.2 MSF).

According to the market, Chicago recorded most of the top 100 deals of warehouses at 12. Pennsylvania I-78/81 followed with 11, but the largest square foot of deals was recorded at 12.4 million. The Inland Empire has completed 10 major transactions. Greenville – Spartanburg, SC, a rapidly growing market in the Southeast, made the top 10 for the first time.

“It is significant to see Greenville-Spartanburg on this list for the first time,” said James Breeze, global director of industrial and logistics research at CBRE warehouse. “While key markets continue to struggle with availability, growing markets will begin to see larger markets as users seek to fill their space needs.”

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