'We are either at or over capacity, and demand for space is the greatest I have ever seen.'
I have ever seen," said Michael Sarcona, president of Sarcona Management Inc. He operates several warehouses in the Newark area, the third-largest port in North America.
"Three-and-a-half percent is effectively zero," said John Morris, executive managing director lead for CBRE's industrial and logistics business in the Americas."For the year, we have basically an effective shortage of space of about 300 million square feet."Even if retailers can get more products shipped to the U.S., Morris explained, they will struggle to find places to store them and move them along the supply chain.
"That vacancy rate is down by more than half over the last year," said Chris Caton, the global head of strategy and analytics at Prologis, the world's largest logistics real estate developer."So there is extreme scarcity in these port markets."A person walks in the warehouse of an IKEA store in the Red Hook area of Brooklyn, New York, Oct. 15, 2021.
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