U.S. warehouse development will fall to a 7-year low in 2023 as a rapid rise in capital costs curtails borrowing and subsequent construction activity, logistics warehouse giant Prologis Inc. said Thursday.
The San Francisco-based firm, the world’s largest owner, developer and operator of logistics warehouses, said an expected 60% year-over-year (y/y) decline in development starts will push rent growth above 10% in 2023. This is due to less supply hitting the market and leasing demand for...
https://www.freightwaves.com/news/us-warehouse-development-to-hit-7-year-low-in-2023-prologis-says