The city of Philadelphia is seeing its first speculative industrial development in a generation as demand for last-mile distribution soars.
The company on Thursday reported that it operates nine distribution centers across the U.S. and has six more under construction.
Amazon opened 14 new distribution centers in the Philly area in 2020 alone, and it already has nine more on the way this year.
The normally sleepy warehouse market is finally getting some action in Boston's real estate boom thanks to diminishing supply and surging e-commerce demand.
Hilco Redevelopment Partners is closing in on approval to build a distribution hub at the former PES refinery, which shut down last year after a huge explosion.
Amazon is reportedly back to looking to fulfill its goal of same-day delivery for most Prime customers, having recovered from delays due to the coronavirus.
Prologis is in such an advantageous position as the largest industrial landlord in the world that it can "pick and choose its occupancy," its CEO said.
Industrial development has surged in 2021 to a five-year high.
National industrial rents rose to $5.35/SF, an all-time high.
With Houston's blazing hot industrial market, Bisnow outlined the top development to break ground this year.
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