There appears to be a mismatch of physical and locational cold storage spaces based on tenants' e-commerce needs, according to a new report on the sector from Marcus & Millichap. New cold storage projects have been somewhat infrequent, with fewer than 18 million square feet of cold storage space being delivered since 2019.

"This dynamic is poignant in states like Florida and North Carolina, where population growth has recently surged to record levels," according to the report. "Rather, much of the nation's existing stock is in California, Texas and New York, where cold storage facilities have historically supported the import and export of food."

Exports as a share of US food production and imports as a share of food consumption were at record highs in 2022, at 20.6 and 17.5 percent, respectively.

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