By Careena Dudic
Fueling the powerful performance across major North American industrial markets is eCommerce, which has transformed consumer expectations and given rise to a new concept of retail. The customer experience is more dependent than ever before on a strong supply chain, backed by sophisticated warehousing and fulfillment strategies. These trends, along with the demand for new services, has also driven incredible 3PL (third party logistics) growth.
Cushman & Wakefield is the leading real estate firm in this booming market. Based on CoStar Group data, our Industrial business ranks No.1 in overall U.S. industrial leasing market share, in addition to No. 1 in key markets such as Chicago, Northern New Jersey, San Francisco Bay Area, San Diego, and St. Louis.
Post-merger, our business offers fortified local coverage with more than 650 logistics and industrial professionals in the U.S. and 1,000 globally. In 2015, our U.S. teams completed more than 100 million square feet (msf) of industrial leasing transactions. Our eCommerce Practice Group, headed by Ben Conwell, who previously served as Amazon’s real estate head, offers more targeted expertise than any other firm. Adding to our commanding lead is a new 3PL Practice Group, which is being led by Rich Hamilton, formerly of Prologis.
So what will the future bring for this hot market? As Jason Tolliver, Head of Industrial Research, put it: “Demand for logistics space grows or shrinks according to the buying power of the consumer, and with expected wage and labor market gains in the U.S., consumption will only drive further industrial growth.”