Evan Pritchard discusses the surge in demand for industrial land due to the growth in e-commerce in Area Development. Sales for industrial land grew by 41 percent from Q1 of 2020 to Q4 of 2021. With online services now a part of everyone’s life, we must be able to support these services with the land.
“Development of the industrial and data center infrastructure needed to support the corresponding demand for the delivery of goods and computing power has struggled to keep up,” Evan stated.
Evan also explained how COVID-19 has only exacerbated the demand for industrial space.
“The increased demand from e-commerce and last-mile logistics users caused an influx of tenants seeking warehouses, and developers attempted to take advantage of rising rents. At the same time, data center users and developers snapped up industrial zoned land at record breaking $2M+ per acre prices,” he pointed out.
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