Buoyed by increased demand from third party logistics providers, the big box corner of the industrial market is poised for growth despite lingering economic uncertainty. While e-commerce growth has waned somewhat as of late, TPL and manufacturing activity has surged, offsetting that dip.

A new report from Colliers found that new development for bulk facilities reached 88.5 million square feet at midyear, and the firm's analysts say that number will likely increase at the end of this year. As of midyear 2022, total product under construction totaled 308.4 million square feet at midyear, a 30% increase year-over-year.

"Core markets including the Inland Empire, Dallas-Fort Worth, Atlanta, Chicago, Northern-Central New Jersey, Southern New Jersey-Eastern Pennsylvania and Toronto continue to be the destinations of choice for many occupiers," said Stephanie Rodriguez, national director of industrial services at Colliers. "We're also seeing emerging markets near fast-growing population centers and highly-utlized logistics hubs in continue to grow."