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Change in Demand for Warehousing Space
Package and parcel volumes have continued to accelerate year-over-year with the continued growth of e-commerce (Synchrony Finance, 2016). As a result, companies are choosing to localize warehousing construction so that supply chains and logistics are moving closer to consumers in order to increase efficiency (Cerasis, 2018). The North American Industrial Forecast Report predicts that by the end of 2021, 573.4 million square feet of new warehouse space will have entered the North American market (Cushman & Wakefield, 2020). Technological developments provide opportunities for businesses to make efficiency improvements, and smart warehousing solutions may become the core model.
The above is an excerpt from Chapter 2 of Multilevel Impacts of Emerging Technologies on City Form and Development (2020).