By Brent Ruffner | Your Valley
Immense growth in the e-commerce industry should spell success for local municipalities that have attractive resources to lure in new businesses.
This week, CBRE Econometric Advisors released a report the e-commerce industry is expected to grow to 26% of “all retail sales by 2025” and that the U.S. will “need an additional 330 million square feet of distribution space “just to handle the increase in online ordering” in that time period, the report said.
According to the report, the broader category of industrial real estate includes warehouses for traditional retail distribution, manufacturing, retail and distribution space and data centers.
“E-commerce has grown steadily over the years, and it will continue at a strong pace for the foreseeable future,” said John Morris, executive managing director and leader of CBRE’s Americas Industrial & Logistics and Retail businesses. “As a result, distribution and supply chain networks will continue to be under pressure to meet demand at a time when industrial vacancy is at record low levels. A significant amount of new construction will be needed in the next few years just to keep pace with robust demand.”