14/07/2020
Values for cold-storage warehouses in the U.S. are drawing closer to those of their traditional dry-storage counterparts, indicating increased investor interest in the sector, according to CBRE's Food Facilities Practice.
Growth in online grocery shopping is the driver. Nearly half of U.S. consumers already shop for packaged food products online. This is expected to rise to 70% by 2022, translating into an estimated $100 billion spent per year on online grocery, according to the Food Marketing Institute (FMI) and Nielsen. A large portion of this will likely be perishable food items, requiring more freezer/cooler space for storage and distribution. CBRE estimates cold storage space demand of between 70 million and 100 million sq. ft. over the next five years.
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