In its recent “snapshot” report JLL notes that the nation’s industrial market defied the odds in 2020 with a record-setting year.
Despite the COVID-19 pandemic, industrial fundamentals proved their strength going into 2021.
JLL researchers found that Occupation demand for industrial space remained remarkably resilient this year with total leasing volume hitting 524.2 million square feet, a 26.9 percent increase from 2019.
Indeed, net absorption continued to climb, surpassing the 250.0 million square foot threshold and exceeding 2019 totals by 47.6 million square feet.
Furthermore, though demand was widespread across all industries this year, e-commerce dominated the leasing market in 2020, representing over 16.0 percent of total leasing in 2020.
“A staggering 327.2 million square feet of new supply was added to the industrial market this year,” says Kris Bjorson, JLL’s Executive Brokerage Director Industrial Services for Retail/e-commerce Distribution. “With continued demand from e-commerce and Logistics & Distribution users on the rise, the pipeline shows no signs of slowing down.”
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Patrick Burnson, Executive Editor
Patrick is a widely-published writer and editor specializing in international trade, global logistics, and supply chain management. He is based in San Francisco, where he provides a Pacific Rim perspective on industry trends and forecasts. He may be reached at his downtown office: [email protected].
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