Real estate demand shows a recession hitting low-income, not the rich

As I’ve written in this space numerous times, uncertainty is a killer of markets.

We see a different dynamic unfolding in the industrial sector. When interest rates spiked in mid-June, we experienced a tectonic shift in buyer attitudes, especially institutional investors.We saw a similar pause in March 2020. But, six weeks later a boom of epic proportions transpired. This rabid appetite continued through the first half of this year. Record lease and sales prices resulted.

Because there’s no place to move, renewal rates have increased. Companies are being forced to get creative in solving their need for space. Some have narrowed their stacking aisles and gone vertical. Oh, but wait. That swing-reach forklift that allows you to pick orders way up high cannot be delivered for 26 months. That’s right! Over two years from now. How’s a business to plan?

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