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Big Box Retail Eyed As Good Candidate For Warehouse Conversions

As retail struggles throughout the pandemic, there are many arguments for converting slumping shopping centers into new uses.

Big box retail hasn’t suffered as much as mom-and-pop stores, gyms and restaurants. Still, investors and developers are looking to warehouse conversions as a way to take advantage of the higher returns and strong rental growth of the logistics sector, according to Stuart Taylor, senior director of retail investments for JLL in a new post.
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How To Plan For Logistics Real Estate Growth? Underestimate It.

South Florida Logistics Center

In early July, real estate and investment giant JLL Inc. published a five-year outlook for U.S. e-commerce demand and logistics warehousing capacity.

The projections elicited “ooh-and-aah” types of responses, mainly because of the large numbers being bandied about. U.S. e-commerce sales would hit $1.5 trillion by 2025, while demand for logistics real estate would increase by an additional 1 billion square feet, JLL predicted.

Nearly three months later and with the benefit of hindsight, Rich Thompson, who headed the team that developed the report, realizes those projections were “very, very conservative.”

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Industrial Real Estate Market Poised For More Growth

The industrial sector has become the “darling” of the commercial real estate market, and experts agree it’s likely to continue that way into 2021.

A panel of real estate and third-party logistics (3PL) professionals talked about the resilience of the warehousing and logistics sector and the resulting demand for space in the months ahead at this week’s Council of Supply Chain Management Professionals’ (CSCMP) EDGE conference.

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