A record number of mega-warehouse deals happened in the United States last year, according to data released this week.
Companies signed on to 57 warehouse leases one million square feet or larger, a 19 percent increase compared with 2020, CBRE reported.
Ten of the top 100 industrial and logistics leases last year were in the Inland Empire, third behind Chicago (12) and Pennsylvania I-78/81 Corridor (11).
“Over the past decade, the Inland Empire has proven to be one of the most dynamic markets in the country given its proximity to the ports of Los Angeles and Long Beach while sitting in the region’s epicenter of the freeway system,” said Ian Britton, managing director at CBRE’s Ontario office, in the statement, “With the rapid adoption of e-commerce and an overall boost in consumption, demand has never been more robust.”
Among the 100 largest leases, the average 2021 transaction size increased to 1,053,000 square feet, slightly above the 2020 average of 1,038,183 square feet, CBRE reported.