When it comes to economic development, leasing commercial real estate is a great way to cultivate your business. Whether you’re leasing commercial property to manufacture goods or you are looking for an industrial warehouse space to help facilitate freight transportation, finding a warehouse to rent is crucial and people are catching on quickly.
Why it’s time to start renting a warehouse:
They’re in high demand. Four billion square feet of warehouse space was built between 1990 and 2003. Since 1990, warehouses of at least 100,000 square feet have never posted a quarter of negative absorption, and their total occupied space is more than 200 million square feet above pre-recession levels. In 2014, the United States markets absorbed a total of 70.2 million square feet of office space, marking the highest demand since 2006. Warehouse development is on the rise, and there has been an increase in speculative building. Commercial leases are such a large part of business development and sustainability that about 62% of the 59 million square feet of commercial warehousing under construction in 2013 were being constructed without signed tenants.
They develop infrastructure for businesses and communities. About 166,907 men and women in the United States work in the storage and warehouse leasing industry. E-commerce is expected to grow at a compounded annual average rate of 10% over the next five years, creating a plethora of opportunities for owners and developers of warehouse and distribution space. Retailers online and offline combined will need 25 million square meters in additional space over the next five years to store and handle the items they sell.
Renting warehouse space is smart, strategic planning. Warehouses are useful tools in promoting productivity, they serve as an integral part of supply chains and inventory management; and what’s more, they can help develop local economies by producing jobs.