Real estate services firm Jones Lang Lasalle projects thatdemand for industrial real estate will grow to 1 billion squarefeet within five years, because of accelerated growth in e-commercedue to the Covid-19 pandemic and the ensuing shelter-in-placepolicies.
E-commerce sales could hit $1.5 trillion by 2025, according toJLL, which the real estate services firm said would increase demandfor warehouse fulfillment space and other industrial real estate toan additional 1 billion square feet.
Last year consumers spent $602 billion online with US merchants,representing 16% of total e-commerce sales, according to DigitalCommerce 360's analysis of Commerce Department retail data.Combining that with new projections from the pandemic, JLLforecasted that e-commerce sales could reach as high as $1.5trillion in five years time, adding that they are expected toincrease $20% in 2020 alone.
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Meredith Hobbs
Meredith Hobbs writes about the Atlanta legal community and the business of law. Contact her at [email protected] or 404.419.2837. On Twitter: @MeredithHobbs.
