Transwestern released its analysis of a decade of warehouse demand and then trying to understand its future. A story of a decade comes out immediately in a succinct summation:

"Since the end of the Global Financial Crisis in 2009, industrial real estate has been the most consistent asset class, due largely to the growth of e-commerce. Occupancy growth has outpaced delivery of new inventory in 10 of the past 12 years, and as of mid-year 2022, tenants have absorbed nearly 4.7 billion square feet (BSF) of industrial space in the U.S. during that timeframe, outpacing the 3.5 BSF of completed industrial real estate development."

That is a lot of warehouse space, and still many have been pointing out that there is still not enough in many places. The amount of growth in some places has been astonishing. Chicago, New York, Los Angeles, Dallas, and Atlanta started with at least 575 million square feet of supply each in 2010. Of this group, Dallas had the greatest growth with more than 35% increase in warehouse inventory growth to mid-2022. The additions among these five ran from 51 million square feet to 246 million square feet. Houston and Riverside-San Bernardino, California each added at least 180 million square feet and grew respectively 36.2% and 44.5%.