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Warehouse rents will continue to rise despite falling logistics transportation rates, says the CEO of the world's largest warehouse landlord.
Prologis CEO Hamid Moghadam predicts warehouse rents will continue to rise, even as other supply-chain costs fall from pandemic highs. Lease prices have proven more resilient than transport rates, which have sharply dropped due to a shift from goods to services, inflation, and higher borrowing costs. However, rent hikes are moderating as market conditions normalize. Prologis anticipates a 5% to 10% rental growth across its portfolio this year, down from last year's nearly 30%.
Warehouse vacancy rates have risen slightly to 2.5% from 2% in the previous quarter, due to cargo rerouting to East Coast and Gulf ports to avoid potential West Coast labor disputes.
Source: Reuters
To make it a perfect storm, the rent for warehouse has been steadily going up since the beginning of QE. A double triple whammy for businesses in goods trade, higher rent, higher payroll, higher insurance costs amid reduced demand, lowered margins and more cautionary customers
— Harvey Zhao (@SevenEl77834660) July 12, 2023
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Logistics property rents rose by 6% globally in 2023, with a significant 19% increase in Mexico, driven by nearshoring and demand.
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