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CBRE Report: Continued E-Commerce Growth Yields Outsized Swell for Inland Ports
The rapid growth of e-commerce fueled development of warehouses and distribution centers in the 12 primary U.S. inland-port markets at nearly twice the national rate, reports CBRE Group, Inc. The Inland Empire leads the pack due to its infrastructure and proximity to two major West Coast ports (Los Angeles and Long Beach), as well as SoCal’s more than 13 million people.
Despite a construction surge, demand for industrial buildings is so robust that nine of the 12 markets have experienced declines in availability rates from their post-recession peaks faster than the national rate. The vacancy rate in the Inland Empire closed the second quarter at 3.7%, a level not reached since early 2007.
By far, the leading catalyst for inland port growth is e-commerce, which has flooded U.S. seaports with an unprecedented volume of foreign cargo destined for markets across the U.S.
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