“Golden Age” of Spec Development
August 30, 2022
From coast to coast, demand for new warehouse and distribution space is hitting record-breaking levels. According to a recent report from Cushman & Wakefield,1 the U.S. industrial construction pipeline topped 600 million square feet for the first time ever in Q1 2022, with nearly 95 percent of that tally classified as warehouse/distribution product. Net absorption hit a staggering 108 million square feet in Q1, with 10 different markets posting more than five million square feet of new leasing activity from January to March.