There was 3.3M SF of speculative cold storage development under construction in the US in Q2 2022, which is ten times more than the pre-pandemic pipeline, which totaled only 300K SF in 2019, according to a new report from CBRE.

CBRE is projecting that demand for cold storage, which has been turbocharged during the pandemic by e-commerce sales of groceries, particularly frozen foods, will continue to be lifted by e-commerce as the online share of grocery sales grows to a projected 21.5% by 2025 from the 13% it notched at the end of 2021.

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