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Warehouses In The Sky: Multi-Level Projects Ramp Up

There was nowhere to go but up.

In 2016, Dov Hertz, the No. 2 person at Gary Barnett’s Extell Development, made a late-career leap and started his own shop. He decided to focus on industrial, though as a New York City developer he had no experience with it: New Jersey’s sprawling industrial parks, comprising some 800 million square feet, had long served as the city’s warehouses. But there was talk about shortening delivery times, and the traffic-choked truck routes across the Hudson River weren’t getting any less crowded.
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How Transport’s ‘Rule of 1.5’ Is Driving Soaring Demand for Warehouse Space

The US industrial market is on pace for a record leasing volume with activity through July reaching 587 million square feet – 52 percent more than the year-earlier period, according to a new report from CBRE.

Sharply higher transportation costs – which are rising faster than rental rates – is helping to fuel this robust leasing activity.

The spike in transportation costs – across sea, land and air – is the result of backlogs at ports, rising fuel prices and increased strong consumer demand driven by e-commerce growth and the pandemic’s continued effects.

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Keep On Trucking: Little Dimming Outlook For The Industrial Sector According To Latest NREI Study

Neither ongoing international trade disputes, nor the warning signs of a potential recession, nor the uncertainty that’s emanating from a particularly fraught U.S. presidential election year are enough to dim the enthusiasm for the industrial real estate sector, according to the findings in NREI’s sixth annual study.

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