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The city of Philadelphia is seeing its first speculative industrial development in a generation as demand for last-mile distribution soars.
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The company on Thursday reported that it operates nine distribution centers across the U.S. and has six more under construction.
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Amazon opened 14 new distribution centers in the Philly area in 2020 alone, and it already has nine more on the way this year.
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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.
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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.
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With Houston's blazing hot industrial market, Bisnow outlined the top development to break ground this year.
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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.
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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.
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Industrial development has surged in 2021 to a five-year high.
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National industrial rents rose to $5.35/SF, an all-time high.
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