CBRE sees economic uncertainty weighing on demand from third-party logistics companies (3PLs), causing the firm to drop its market share forecast for that segment.
CBRE's initial forecast was for 3PL market share to reach close to 40% in 2023 but it now suggests that it will decline as food & beverage and auto-related users expand.
Additionally, the firm sees less demand for new industrial construction, causing vacancy rates to tick up more than it initially expected. CBRE said the 3.7% vacancy rate at the end of Q2 could hit 4.5% by year's end.
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