E-commerce Boosts Industrial
Multifamily might be the darling of the moment, but industrial is catching up fast because of improving fundamentals. Cushman & Wakefield leader of industrial services for the Americas John Morris tells us that one factor improving industrial desirability--especially of big box distribution centers--is the expansion of e-commerce. (People need to store and ship all those cat toys and used books.) Demand for space is up and so are rents. As a distribution hub, greater Philly has been benefiting. Cushman & Wakefield now puts Philly industrial vacancy as among the 10 lowest in the country (no. 7, to be exact), coming in at 6.1% in Q1, down from 6.7% a year ago.