Yet one area of the property market remains resilient amid a historic blow to the country's real-estate sector.
Last month, Link Industrial, Blackstone's industrial-property investment arm, completed a $650 million acquisition of a roughly seven million square foot portfolio of warehouse properties in Minnesota and Colorado., hired Cushman & Wakefield recently to market a $200 million portfolio of warehouses, totaling nearly three million square feet that it occupies across the country.
"It's not just Link, there's so much money and so many investors looking for product like this right now," Kolsrud said.The country's warehouse market had already been strong in recent years. "A shopper who wasn't comfortable with someone else picking out and delivering their bananas may have been forced to give it a try," said Jason Tolliver, who heads Cushman & Wakefield's national industrial real estate services practice. "Not only do they realize that it works but they find out that it's pretty convenient too."
Caton predicts e-commerce's share of spending will continue to increase and that other trends will also buttress the warehouse market, including demand for more storage space in the country's distribution network, which experienced shortages of goods and supplies amid the lockdown.
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