Industrial real estate near airports in the nation’s most densely populated areas could be attractive investments for 2023.
With transportation accounting for up to 70% of overall supply chain costs, businesses are increasingly locating their distribution centers closer to airports, according to CBRE Supply Chain Advisory.
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The industrial sector remained one of the strongest commercial real estate performers in 2022, despite rising interest rates and ballooning inflation.
Onshoring efforts, coupled with a continuation of last year’s e-commerce boom, have only added to the already sky-high demand for industrial real estate. But in the second half of 2022, the industrial market began to show signs of tempering fundamentals.
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Industrial developer Jose Hernandez-Solaun of The Easton Group has seen Amazon spur the rise of e-commerce over the last few years. But now, he sees the coronavirus pandemic rapidly ramping up that growth — putting it on steroids.
“What we are finding now is the coronavirus effect,” said Hernandez-Solaun. “If the Amazon effect was strength training, this was what you get on performance-enhancing drugs.”
Hernandez-Solaun and other South Florida industrial brokers and developers say the sector could benefit in the long-term from many of the behavioral changes spurred by the crisis. Consumers, increasingly from older generations, will shift more of their spending to e-commerce. More manufacturers will come to the Americas from China. And after experiencing inventory shortages, more warehouses will be needed, experts say.
