The sector has come a long way from the aftermath of the Great Recession: Average US warehouse rents have climbed almost 75% since the beginning of 2010, according to data provided by CBRE, to $8.18 a square foot from $4.72 a square foot.Īs a result of the boom, warehouse ownership has shifted from a mishmash of small businesses and manufacturing companies to a shortlist of blue-chip money managers and companies that spotted the rising demand for the properties. Last year, nearly $172 billion was spent on warehouse acquisitions, according to the global real-estate-services firm Savills - more than a fourfold increase from a decade ago. Logistics properties and residential real estate "are probably two of the best sectors in the entire economy around the world," Blackstone's president and chief operating officer, Jon Gray, said on a July earnings call. Together, the two firms have partnered on deals, competed over them, and, in less than 10 years, become the leading landlords of one of the hottest real-estate assets.Īs warehousing spreads across the US landscape - and warehouse work becomes the one of the dominant forms of blue-collar employment - these two companies increasingly control how America gets its stuff. Account icon An icon in the shape of a person's head and shoulders.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |