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U.S. Storage and Warehouse Investment Outlook (2025–2030)


Introduction


Investment in storage and warehouse real estate is entering a new phase as we look toward 2025–2030. After a decade of explosive growth – fueled by e-commerce, supply chain reconfiguration, and pandemic-era surges – the sector is normalizing into steadier expansion. Developers and lenders are now focused on broad strategy: balancing strong long-term demand for logistics and storage space with short-term headwinds like higher interest rates and recent oversupply in some markets. This report provides a comprehensive outlook on storage and warehouse investment benchmarks and trends in the United States for 2025–2030, covering all major development types (ground-up construction, acquisitions, renovations, and conversions) and asset classes (self-storage, cold storage, and general industrial warehouses). We examine macroeconomic drivers, regional hotspots, cap rate and rent forecasts, construction pipeline expectations, and risk factors – with an emphasis on high-level strategy and key financial benchmarks (stabilized yield-on-cost, IRR ranges, build costs, leasing velocity, typical loan terms, etc.) relevant to developers and lenders.


Macroeconomic Trends Driving Demand


Several broad economic and societal trends are underpinning robust demand for storage and warehouse facilities in the coming years. E-commerce adoption continues to rise: as of late 2024, e-commerce comprised a record 23% of core retail sales, and it is expected to reach about 25% by 2025. This sustained shift in consumer behavior is driving the need for more distribution centers and last-mile logistics facilities nationwide. Supply chain resilience and “re-shoring” of manufacturing are additional catalysts. In response to trade policy changes and geopolitical risks, companies are diversifying import locations and bringing production closer to U.S. markets. This is spurring demand for warehouses along key trade corridors – for example, industrial space is booming along north-south routes near the U.S.–Mexico border and inland logistics hubs (the I-35/I-29 corridor through Texas up to the Midwest).


Demographics also play a role. The U.S. population is projected to grow by roughly 12 million over the next decade, which translates into more consumption of goods – including food requiring refrigeration – and thus greater warehouse and cold storage needs. Urbanization and housing trends are lifting self-storage demand, as more people living in dense, smaller residences turn to off-site storage for extra space. Even behavioral shifts post-pandemic (such as increased home decluttering, remote work prompting relocations, etc.) have created a stickier base of self-storage users. Consumer expectations for rapid delivery (next-day or same-day shipping) continue to rise, pressuring retailers and 3PL (third-party logistics) providers to maintain more inventory in strategically located warehouses near major population centers. Additionally, the industry is adapting to “just-in-case” inventory strategies – carrying larger safety stock to avoid the shortages experienced in 2020–21 – which requires more warehouse space.


On the capital markets side, the interest rate environment is a critical macro factor. After aggressive Federal Reserve hikes in 2022–2023, interest rates remain elevated in 2025, driving up borrowing costs and yielding higher cap rates. The 10-year Treasury sits above 4% and is expected to remain in the mid-3% to 4% range through 2025. This has tempered some new development and acquisition activity as investors re-price deals. However, economic conditions are relatively resilient (the U.S. achieved a “soft landing” with modest GDP growth ~2% and unemployment ~4%), and there’s cautious optimism for 2025. Industry analysts foresee a modest pickup (around 10%) in CRE investment volume in 2025 as confidence improves. Notably, cap rates are expected to stabilize or even compress slightly after peaking in 2024, though any compression will be gradual and values will stabilize at higher cap rates than the ultra-low levels of the late 2010s. This means income growth – rather than further cap rate compression – will be the primary driver of returns in the latter 2020s. Overall, the macro outlook for 2025–2030 suggests continued strong fundamental demand for storage and warehouse space, albeit with a more disciplined pace of development and an emphasis on operational efficiency and resiliency.


Asset Class Overview and Trends (2025–2030)


Self-Storage Facilities


Self-storage properties emerged as a resilient favorite in recent years, benefiting from lifestyle changes and housing dynamics. After a pandemic-era boom (nearly $50 billion in self-storage transactions 2020–2022), the sector has entered a post-surge normalization. Investment volume in H1 2025 was about $2.85B – essentially back to pre-2020 levels. Valuations have undergone value compression since peaking in early 2023; average sale prices declined ~12% from a high of $174 per square foot in Q1 2023 to about $159 PSF by mid-2025. As a result, cap rates have expanded slightly off historic lows. After reaching an all-time low around 5.0% in late 2022, self-storage cap rates have stabilized in the ~5.8% range as of 2024–25. Class A facilities in top locations trade around the low-5% cap rate (5.0–5.5%), whereas Class B assets are transacting in the mid-5% to mid-6% range. Most industry observers (56% of investors surveyed) expect self-storage cap rates to remain flat through 2025, reflecting a balance between still-strong investor appetite and higher financing costs.


Rent fundamentals in self-storage are steady but no longer surging. Street rents hit a peak in late 2022 and have since plateaued or dipped slightly. Average asking rent per unit fell from about $134 per unit (Q3 2022 high) down to roughly $128 by 2025. This represents a modest pullback as new supply delivered and pandemic-era demand cooled. Regionally, the West Coast commands higher rents (averaging ~$193/unit, due to more climate-controlled facilities and high land costs in markets like California). Looking ahead, rent growth is expected to be muted in the near term – on the order of 0–3% annually according to a majority of investors. Essentially, operators anticipate inflation-level rent bumps rather than the double-digit gains seen in 2021. Importantly, occupancies remain healthy (hovering near 90% on average) and tenant durations have held steady, indicating that demand is now stable at a high plateau. Self-storage usage tends to be “sticky” even as rent growth slows – many tenants simply accept small increases rather than go through the hassle of moving their stored goods.


New construction of self-storage is tapping the brakes. In 2024 a record wave of projects came online (over 50–60 million square feet nationally), but rising construction costs and tighter credit have caused many planned facilities to be put on hold in 2025. Data from Dodge indicates a noticeable uptick in projects being paused in mid-2025 as developers reassess feasibility. We are likely past the peak of the construction pipeline – industry sources project 2025 deliveries will decline nearly 10% (if not more) compared to 2024 completions. For example, one forecast anticipates about 54 million square feet of new storage in 2025 (versus ~60 million in 2024), and potentially an even sharper drop to ~20–30 million SF in 2026 as only the best projects move forward. This pullback in supply is a healthy sign; it should prevent overbuilding and help maintain equilibrium in most markets. Some high-growth metros (Texas cities, Florida, etc.) saw aggressive self-storage development in recent years and are now absorbing that space. By 2026–2027, the expectation is that construction will resume at a more normalized pace once interest rates stabilize and once unmet demand in undersupplied submarkets (e.g. rapidly growing suburbs in the Sun Belt) justifies new projects.


From a strategy and returns standpoint, self-storage remains attractive for both developers and lenders due to its resilient cash flows and relatively low management overhead. Financial benchmarks: Stabilized facilities typically operate with expense ratios around 40–50% of gross income and break-even occupancies in the low 60% range, making them quite cash-flow durable. Yield-on-cost for new development is generally targeted around 7–8% unlevered, which is ~150–200 bps above prevailing exit cap rates (~5.5–6%) to compensate for development risk. Indeed, experienced self-storage developers often underwrite stabilized yields in the high-7% range, given construction costs today. As a frame of reference, a modern multi-story project (climate-controlled, 100k+ SF rentable) might cost about $90–$120 per square foot to build (excluding land). If such a facility can stabilize at 90% occupancy with rents ~$15–$17 per SF/year (national average is ~$16/SF), the net operating income yields are typically in that high-single-digit percent of cost. Leveraged IRRs for ground-up self-storage deals tend to land in the high teens. According to industry investment firms, a development project that sells upon stabilization can achieve an IRR in the ~18–22% range over a 3–4 year horizon. Value-add acquisitions (e.g. buying an older facility to expand or modernize) might target IRRs around 12–15%, while acquiring a stabilized cash-flowing property is often an 8–10% levered IRR play (with 7–9% cash-on-cash yields).


Lenders remain comfortable with the self-storage asset class, although credit conditions are tighter than a year ago. Typical loan-to-cost for self-storage construction is about 60–65% (requiring significant equity), and lenders are carefully scrutinizing feasibility studies and lease-up forecasts. For stabilized properties, permanent loans at 60–70% LTV are available from banks, life companies, and CMBS, usually with 5–10 year terms. Interest rates for top-tier self-storage assets in 2025 hover around 5.5–6.5% fixed, reflecting a spread over Treasuries plus additional risk premium. Construction debt is pricier – often floating at SOFR + 3–4%, which currently equates to rates in the high-7% to 8% range. With interest costs so high, developers must be prudent on sites and construction budgets to hit their yield-on-cost targets. Fortunately, self-storage can still be built relatively cheaply on a per-foot basis compared to other CRE: single-story drive-up projects average only ~$50–$65 per SF to construct (though land costs and site work can add significantly). This low basis and the sector’s proven recession-resilience give lenders confidence, even if they are structuring loans conservatively with strong covenants in 2025.


Outlook: The self-storage sector is moving into a mature, stabilized phase. We anticipate steady but unspectacular performance over the next few years. Investors should not expect the heady rent growth or cap rate compression of the early 2020s; instead, the appeal is in reliable occupancy and income, with the potential for modest rate increases and ancillary revenue (e.g. tenant insurance sales). By 2027–2030, self-storage will likely see another wave of development, but targeted primarily at high-demand nodes (areas with housing growth or barriers to entry) rather than the broad-brush building spree of the late 2010s. Risk factors to watch include: overbuilding in certain oversaturated submarkets, a potential uptick in move-out rates if the housing market shifts (for instance, a surge in home sales can lead to short-term storage usage around moves), and rising property taxes or insurance costs that could squeeze NOI. Overall, however, self-storage is expected to remain a “solid singles and doubles” asset class – not high-growth, but offering stable yields that attract both private equity and lenders looking for dependable performance.


Cold Storage Facilities


Cold storage warehouses – refrigeration and freezer facilities for food, pharmaceuticals, and other perishable goods – represent a smaller niche within industrial real estate, but one that is experiencing outsized growth and investor interest. Several trends are converging to make cold storage a “hot” sector through 2030. The global food industry is modernizing rapidly: consumers demand fresher and more diverse perishable products, online grocery sales are rising, and supply chains are emphasizing food safety and waste reduction. The COVID-19 pandemic underscored the need for more cold storage capacity as e-grocery and vaccine distribution ramped up. As a result, the U.S. cold storage market is on a strong growth trajectory, with one analysis projecting 12.7% annual growth globally (from ~$190B in 2024 to over $400B by 2030).


A defining feature of cold storage in the coming years is the push for modern, efficient facilities. The existing stock of cold warehouses in the U.S. is largely antiquated – the average facility is 42 years old, and more than half of cold stores are 30+ years old . Many older cold warehouses are subscale, with low clear heights (often 20–30 feet) and outdated insulation and cooling systems. In fact, about 60% of cold storage buildings were built before 1990. These legacy facilities cannot fully support today’s technology like high-bay automated racking or advanced temperature controls. They also tend to be energy-inefficient and labor-intensive. This has created an enormous modernization opportunity: tenants (food producers, distributors, 3PLs) are seeking state-of-the-art cold storage space that offers taller clear heights (40–60+ ft), robust subfloor cooling (glycol systems to prevent frost heave), better automation (AS/RS systems, conveyorized picking), and sustainability features (e.g. LED lighting, solar power). New builds often include multiple temperature zones (coolers, freezers, blast freezers) and are designed for high throughput and value-added services (kitting, packaging, etc.).


Because of these needs, developers have increasingly turned to speculative construction in the cold storage arena – something that was rare historically. Building a cold warehouse is expensive and specialized, which traditionally meant projects were only done build-to-suit for specific users. But since 2020, the surge in demand and premium rents have emboldened some developers to put up spec cold storage in major markets. For example, high-growth Sun Belt states like Texas, Florida, and Georgia have led in new cold storage construction, accounting for 47% of all cold space added since 2020. These spec projects are often leasing up quickly upon delivery, validating the unmet demand. Asking rents for cold storage have skyrocketed – increasing over 96% since 2019 on average. Cold space commands a significant rent premium relative to dry warehouses, often 2x or more per square foot due to the higher operating costs and value of the service. Many tenants sign long-term leases (10-20 years, often structured as triple-net) for modern refrigerated facilities because of the mission-critical nature of their inventory. This stability and high rent profile make cold storage assets highly prized by investors despite their complexity.


Financially, cold storage development has a high barrier to entry. The cost to build is roughly 2.5–3 times that of a standard warehouse. According to JLL, development costs for cold storage typically run in the $150–$170 per square foot range, compared to perhaps $50–$65/SF for a typical dry logistics warehouse. Some recent projects even approach $200/SF with all the automation and specialized systems. These high costs mean that developers need commensurately high rents and yield-on-cost to justify projects. Fortunately, cap rates for cold storage have compressed substantially in the past few years, reflecting investor appetite. Pre-COVID, cold storage cap rates were in the 7–8% range (since many were older properties with fewer bidders). By late 2021, cap rates had compressed below 5% for core cold assets. The sector has since seen some normalization in line with broader industrial trends – averaging about 6.0% cap rates in late 2023. Even at a 6% cap, if a development can achieve a stabilized yield ~8%, that 200 bps development spread yields a solid profit. Many deals are structured as forward take-outs where a big investor (often a REIT or institutional fund) agrees to purchase the facility upon completion at a low cap rate, effectively locking in the developer’s margin if they hit the pro forma NOI.


For return benchmarks: cold storage assets, when leveraged, can produce IRRs comparable to (or even exceeding) regular industrial projects due to the rent premiums. A successfully leased new cold facility might target high-teens IRR for the development phase (similar to other opportunistic development deals ~18–20% levered IRR). Stabilized cold storage investments are often viewed as quasi-“infrastructure” – with long leases to food distributors, they behave more like net-leased assets. Thus, stabilized cold warehouses might attract yields in the 6–7% range (with credit tenants) and levered IRRs ~10–12%. Lenders are increasingly familiar with cold storage, though they acknowledge the specialized risk. Construction loans for cold projects require strong sponsors and often some pre-leasing or at least evidence of tenant interest. Loan-to-cost might be conservative (50–60%) unless a take-out or tenant is lined up. Permanent financing for cold storage usually mirrors industrial loans, but with slightly more scrutiny on tenant credit and release provisions given the fewer tenants per building (a single-user refrigerated warehouse carries more concentration risk than a multi-tenant industrial park). That said, the stability of food-related demand has been a comfort – even in downturns, people need groceries. Indeed, many lenders consider top-tier cold storage as a defensive play, akin to essential infrastructure.


Key trends and opportunities in cold storage through 2030 include:

  • Conversion of existing space: Because new construction is so costly, there is a growing trend of converting or upgrading traditional warehouses into cold storage. Investors are acquiring older dry warehouses or industrial facilities and retrofitting them with insulation and cooling systems. While retrofits can be capital-intensive, they are still often cheaper than ground-up builds and can be done in markets where land for new development is scarce. We expect to see more creative reuse – for example, converting portions of big-box retail or underused industrial buildings into cold distribution centers, where zoning allows.

  • Geographic expansion: Historically, cold storage clusters were near food production areas (e.g. the Midwest for meat, California for produce) and major ports. Those will continue, but by 2030 we’ll see more cold facilities in secondary cities that are emerging as regional distribution nodes or food-tech hubs. Markets with growing populations and limited current cold infrastructure (perhaps parts of the Mountain West, Southeast, etc.) are prime targets. Already, smaller cities like Omaha, Louisville, Albuquerque (as noted in some forecasts) are expected to see above-average industrial (including cold) rent growth, partly due to their positioning in food and logistics networks.

  • Automation and energy efficiency: Cold storage operators are aggressively investing in automation to cut labor costs (which are especially high in sub-freezing environments). Automated storage and retrieval systems (ASRS), robotic palletizers, and AI-driven inventory management will likely become standard in new cold facilities. These reduce the need for workers in harsh freezer conditions and improve throughput. Additionally, sustainability is big – expect to see solar panels on roofs, advanced refrigeration that uses less electricity, thermal energy storage, and other green innovations. Such features not only reduce operating costs (energy savings up to 50% in some cases) but also align with ESG goals of large food companies.

  • Resilience and last-mile: One challenge is last-mile cold distribution – getting temperature-sensitive goods to the consumer quickly. We anticipate growth in urban cold storage solutions: smaller cold depots or micro-fulfillment centers within or near cities to enable faster grocery delivery. Some companies are even partnering to create shared cold facilities that multiple vendors use (a kind of co-op model) to optimize utilization. Additionally, strategic infrastructure improvements (like port expansions and better refrigerated trucking links) will unlock new locations for cold storage. For instance, expansions such as the Port of Savannah’s cold-chain capacity or inland port projects could create new hot spots for investment.


In summary, cold storage is poised for continued growth through 2030, supported by powerful demand drivers (food consumption, population growth, supply chain modernization). For developers and lenders, the key is navigating the high costs and specialized nature of these assets. While risks include the possibility of overestimating demand in speculative projects or technological obsolescence, the secular trends (more refrigerated space needed to reduce food waste and serve changing diets) provide a solid underpinning. Cold storage, once a niche backwater of CRE, is becoming a core investment sector – albeit one where expertise and operational know-how are at a premium.


Industrial Warehouses & Logistics Facilities


The broad category of industrial warehouses – encompassing bulk distribution centers, fulfillment centers, bulk regional warehouses, and light industrial/logistics facilities – has been the workhorse of commercial real estate for the past decade. From 2010 to 2022, U.S. industrial real estate experienced an extraordinary run: vacancies plummeted to all-time lows (~3–4%), rents climbed by double digits annually in prime markets, and investors poured capital into the sector, driving cap rates to record tights (often below 4% for Class A logistics assets at the 2021 peak). As we enter 2025, the industrial sector is transitioning into a new cycle marked by more balanced conditions. The hyper-boom of 2021–2022 (fueled by the pandemic e-commerce surge and supply chain overstocking) has given way to a moderation, but make no mistake – fundamentals are still strong relative to pre-pandemic norms.


One major theme is a “flight to quality” by occupiers. Tenant demand is heavily concentrated in newer, more efficient warehouses. Many companies are retooling their logistics networks, seeking buildings with modern specs (36’+ clear heights, ample truck courts, heavy floor loads, automation infrastructure, energy efficiency). As a result, recently built facilities continue to lease up at a healthy clip, while older warehouses (especially those built before 2000 with low ceilings or less desirable locations) are seeing higher vacancy. In fact, in 2024, warehouses constructed before 2000 collectively registered over 100 million sq. ft. of negative net absorption, whereas buildings completed since 2022 saw +200 million sq. ft. of positive absorption. This bifurcation will persist into 2025 – landlords of older industrial product may face choices to either invest in upgrades or reposition those assets (or sell to owner-users), since many tenants are gravitating to quality and functionality.


At the macro level, industrial vacancy rates are rising off their historic lows due to a wave of new supply. The U.S. industrial vacancy is projected to reach about 7.0% by end of 2025, up from roughly 4–5% a year or two prior. This increase is actually viewed as a return to a healthier equilibrium; 3% vacancy was unsustainably tight (leading to rampant rent spikes and space shortages). The new cycle expects vacancy to peak by mid-2026 around the low-7% range before leveling off. Even at 7%, vacancy would still be below long-term averages for industrial. Importantly, the supply pipeline is responding – new construction starts have pulled back sharply. After nearly 1 billion square feet of new industrial space delivered from early 2023 through late 2024, developers have throttled down due to rising capital costs and a bit of overbuilding in certain markets. CBRE forecasts that 2025 completions will be about half of 2024’s level, a dramatic slowdown in new supply. Fewer construction starts now mean that by 2026–2027, the market could tighten again once the current vacant space is absorbed. Indeed, many analysts see the industrial sector recovering quickly after this short-term digestion period. Warehouse construction spending, which paused in 2024 due to a few high-profile cancellations (e.g. Amazon pulling back on some mega-projects), is expected to rebound by 2026 and resume double-digit growth by 2028, potentially reaching $100B annually by 2030.


Regional hot spots and divergent performances are notable now. Whereas the early 2020s saw almost all markets surging in unison, we now observe that some Sun Belt markets are cooling while certain Midwest/Northeast markets outperform expectations. For example, Phoenix and Las Vegas, which experienced a massive supply boom, are seeing vacancy jump to 12–13% – among the highest in the nation. These markets overbuilt big-box warehouses ahead of current demand, though investors remain interested on a long-term thesis (Phoenix and Vegas still have strong population growth and emerging distribution corridors). On the other hand, South Florida (Miami), Houston, and even some Midwest metros like Minneapolis have outperformed with low vacancies and solid rent growth. Miami’s warehouse market, for instance, is sub-3% vacant for small spaces and seeing rents above $18/SF – among the highest outside coastal gateway markets. This is driven by in-migration and scarce land. Houston absorbed new supply thanks to port expansion and a diverse economy. Many secondary and tertiary markets are also drawing investor attention as they offer yield and stability – cities like Indianapolis, Cleveland, and Baltimore rank high on prospect indices as they have modern infrastructure or specialized demand drivers (Indy’s logistics connectivity, Cleveland’s small-bay demand, Baltimore’s port and infrastructure upgrades). In Indianapolis, cap rates have risen to around 8.6% (one of the highest nationwide), which, combined with strong logistics fundamentals, is luring value-focused investors. Overall, it’s a more nuanced regional picture: some formerly “hot” markets are digesting supply (and thus may offer good buying opportunities at higher cap rates), whereas some overlooked markets with manufacturing growth or lower supply pipelines are now shining.


Rent growth for industrial space is moderating in the aggregate, but remains positive. Nationally, 2023 saw rent growth slow to the low single digits, and 2024/2025 are expected to see only modest average rent gains (perhaps on the order of 2–4% annually, varying by market). Some markets are even seeing short-term rent corrections – for instance, Baltimore’s industrial rents are undergoing an 18% downward correction from their peak, as a lot of new space came online. However, this is seen as a temporary recalibration. Over a five-year horizon, most forecasts still call for above-inflation rent CAGR in logistics, especially once current vacant stock is absorbed. CBRE’s econometric projections show that certain “Top 15” markets will have outsized rent growth (Nashville, Detroit, Richmond, Louisville, etc., were identified as having the highest five-year rent growth forecasts, likely due to unique demand drivers in those regions). Meanwhile, some coastal markets (Northern NJ, Los Angeles, Bay Area) and oversupplied Sun Belt hubs (Phoenix, Austin) are among the “bottom” in rent growth outlook. Even those bottom markets, however, are expected to remain relatively stable – e.g., Los Angeles saw a jump to ~6–7% vacancy (a generational high for LA), but net absorption turned positive again in 2025 and tenants are taking down space, indicating that rents will likely find a floor soon. By the late 2020s, we anticipate that annual rent increases will average ~3% nationally, with tighter submarkets back to mid-single-digit growth as supply and demand rebalance. Industrial leases often include 2–3% annual escalation clauses, so many landlords will see at least that built-in growth.


From an investment metrics perspective, industrial real estate offers solid, if unspectacular, yields in the post-boom era. Cap rates have expanded from the unsustainably low levels of 2021. At that peak, prime distribution centers in core markets (LA, Dallas, NY/NJ, etc.) traded at sub-4% cap rates. In 2024–25, those have moved up to roughly 5.0–5.5% for Class A core industrial, and possibly 6%+ for secondary markets or lesser quality assets. Market surveys indicate the nationwide average industrial cap rate is in the mid-5% range, but with a wide range by product and market (as high as ~8% in some cases like older Indianapolis properties). CBRE’s outlook suggests that cap rates may tick down slightly in 2025 as debt costs stabilize, but any compression will be gradual. By 2030, one could envision industrial cap rates generally in the 5–6% range for institutional quality – higher than the ultra-low era, but still low relative to historical norms, reflecting the asset class’s strong income prospects.


Development returns on industrial projects must be juiced by cost discipline now. Land and construction costs escalated significantly in 2021–2023 (material costs, labor shortages), and while some costs (like lumber) have come down from peaks, building a warehouse in 2025 is materially more expensive than pre-pandemic. For example, a typical Class A big-box (500k SF tilt-up concrete with 40’ clear) might have cost $50–$60/SF in 2019; today it could be $80–$100/SF or more in some regions, after accounting for inflation and required tenant improvements (like ESFR sprinklers, higher-spec docks, etc.). Thus, to maintain a healthy development spread, builders aim for yield-on-cost in the high 7% to low 8% range if the expected exit cap is around 5.5–6%. Indeed, target spreads of ~150–200 bps (yield-on-cost above market cap rate) are a common rule of thumb for industrial development viability. Many projects penciled easily when cap rates were 4% and yields 6% (a huge spread); now, with cap rates ~5.5%, the math is tighter. This is one reason starts have pulled back – some deals no longer pencil unless rents come in higher than pro forma. That said, the best developers find ways to add value (e.g. acquiring land at a discount or via JV, utilizing cheaper tilt-wall techniques, or securing large pre-leases that de-risk the project). A fully pre-leased build-to-suit for a credit tenant can even justify thinner spreads because the risk is lower; but pure spec builds will need that higher yield.


IRR expectations for industrial vary by strategy. Core stabilized acquisitions (with low leverage) might only project single-digit IRRs (e.g. 8–10% levered IRR over 10 years), which institutions are willing to accept given the stability and growth. Value-add strategies (buying a vacant or near-term rollover property, doing some improvements and re-leasing) are targeting mid-teens IRRs. Ground-up developments remain the highest risk/reward, generally underwriting to ~15–20% project IRRs (levered) over a 3-5 year development and lease-up timeline. In the current environment, those deals likely assume a cap rate at exit a bit higher than today (to be conservative) but bank on rent growth and cost management to hit the returns. Many opportunistic investors believe now (2025–2026) is an ideal time to start projects to deliver in 2027+ when there will be less new supply competing – essentially building into the next shortage. As CBRE noted, some savvy investors feel the post-cap-rate-peak period is when the best acquisitions and developments can be made, positioning for the next upswing.


Financing and loan terms for industrial properties have tightened relative to the frothy days. Construction loans for spec industrial are available but often with strong pre-leasing or recourse to sponsors. Typical terms in 2025: ~60–65% LTC, interest rates around 6.8–8% (often structured as floating rate with interest-only during a 24–36 month construction period). Mezzanine debt or pref equity can fill the gap but comes at 8–12%+ cost of capital, so many developers are instead joint venturing with equity partners. On stabilized industrial assets, permanent financing remains attractive to life insurers and CMBS lenders – one can obtain 10-year, non-recourse loans in the 5.5–6.0% interest range for strong assets, at LTVs of ~55–65%. Banks are a bit cautious on big-box industrial exposure if there’s any single-tenant risk (concern about tenant credit or if the tenant could consolidate), but in general, lenders view multi-tenant industrial parks and modern logistics facilities as one of the safer asset classes (especially compared to troubled sectors like office). Debt service coverage ratios (DSCR) of 1.3x+ are typically required, which in turn limits leverage given the higher rates. One noteworthy trend: owner-user purchases – some companies are opting to buy older warehouses for their own use, financing with owner-user loans, rather than leasing newer expensive space. This trend might take some functionally obsolete properties off the multi-tenant investment market as users convert them for custom use.


Finally, logistics sector innovation is worth mentioning. Beyond real estate, the logistics industry in 2025–2030 will continue to evolve (automation, AI in warehouse management, electrification of trucking fleets needing on-site charging, etc.). These changes could influence building design and investment strategy. For instance, more warehouses are being built with employee amenities (recognizing labor is still critical – some new facilities include nicer break rooms, training centers, even childcare – to attract workers). Also, infill “last-mile” warehouses near city centers are commanding a premium, as they enable same-day delivery. Investors might focus on acquiring or repurposing properties (even old retail big boxes) in urban fringes for last-mile uses. The ongoing blending of industrial and retail (e.g., dark stores, micro-fulfillment centers in retail spaces) means that creative deals will emerge. However, these trends stay more on the operational side; from a high-level investment perspective, the key is that industrial warehouses will remain a cornerstone of the economy, and well-located, modern logistics facilities should continue delivering reliable income growth.


Key Benchmarks and Financial Metrics Comparison


To summarize the financial benchmarks across storage/warehouse asset classes, the table below highlights typical ranges as of 2025 (with forward-looking expectations). These figures are industry averages and can vary by region and asset quality, but they provide a useful snapshot for developers and lenders when comparing self-storage, cold storage, and general dry industrial facilities:


Table 1 – Key Investment Benchmarks by Asset Type (2025)

Metric

Self-Storage

Cold Storage

Industrial Warehouses

Cap Rates (Stabilized)

~5.8% avg (Class A ~5.0–5.5%); Class B ~5.5–6.5%

~6.0% avg in 2023  (narrow premium vs. dry industrial); long leases often NNN

Class A ~5.0–5.5% in core markets; up to ~7–8% in secondary markets

Stabilized Occupancy

~90% (mature facilities)

~85–95% (often effectively full due to high demand; many pre-leased)

~95% peak (2021); ~90% in 2023; projecting ~7% vacancy (~93% occ) by 2025

Asking Rent Growth

Flat to 0%–3% annually near-term(post-pandemic cooling)

Above-average: High recent growth (rents +96% since 2019); continued strong demand allows inflation+ rent bumps

Moderating: ~2–4%/year forecast nationally (2024–2026); higher in undersupplied markets, slight declines in oversupplied hubs

Development Cost (Hard Cost)

~$50–$65/SF (single-story); $90–$130/SF (multi-story climate)

$150–$170/SF (specialized build); could reach $200/SF with automation

~$70–$100/SF (standard dry warehouse, tilt-up construction); varies by spec and location (higher near urban cores)

Stabilized Yield-on-Cost

~7%–8% unlevered (target, given ~6% exit cap)

~8%+ unlevered (needed to offset high cost; exit cap ~6%)

~7%–8% unlevered (target dev spread ~150–200 bps over market cap rate)

Expected IRR (Levered)

Development: ~18–22%; Value-add: ~12–15%; Core buy: ~8–10%

Development: ~18–20% (due to high rent premium); Stabilized hold: ~10–12% (long-term income focus)

Development: ~15–20%; Value-add: ~12–16%; Core/stabilized: ~8–12% (depending on leverage and rent growth)

Lease-up / Absorption

18–24 months to stabilization for new projects

Many build-to-suit or pre-leased; spec projects often lease within ~6–12 months post-delivery (strong tenant demand)

Varies by market. In hot markets, big boxes pre-leased or filled <12 months; in oversupplied areas, could take 12–24+ months for full absorption

Typical Lease Term

Mostly month-to-month for tenants (allows dynamic pricing; seasonal demand)

10–20 years common (often single-tenant net leases to 3PLs or food distributors)

3–10 years typical (shorter for multi-tenant industrial, longer for build-to-suit distribution centers)

Typical Loan Terms

Construction: 60–65% LTC, 7–8% interest, 2–3 year term IO. Permanent: 65% LTV, 5.5–6.5% interest, 5–10 year term.

Construction: 50–60% LTC (due to spec cost), often require pre-lease; Permanent: 60% LTV, 5.5–6% interest (if strong tenant), up to 15–20 year amort.

Construction: ~60–65% LTC, ~7–9% interest, 2–3 year IO; Permanent: 60–70% LTV, ~5.5–6.0% interest (life co or CMBS), 10-year term typical (25–30 yr amort or partial IO)

Sources: Industry publications and surveys, Cushman & Wakefield, CBRE, CRE Daily, JLL/ElmTree, MakoRabco (self-storage construction cost guide), DXD Capital (self-storage returns), etc

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This comparative snapshot shows that while self-storage and industrial currently offer similar cap rates (mid-5% to mid-6% range), cold storage trades slightly tighter due to its specialized nature and long leases (around 6% or below for prime deals). Cold storage has the highest rents and build costs by far, but also the longest lease commitments, making it something of a hybrid between industrial and specialty asset classes. Yield-on-cost expectations are generally in the high single digits for new developments across the board – developers seek roughly 150–200 bps above exit cap rates as a cushion. In terms of leverage and financing, all three asset types are seeing relatively conservative debt (around 60–65% leverage is common), reflecting lenders’ caution in a higher-rate environment. One notable difference is lease structure: self-storage has flexible, short-term leases allowing rapid repricing (advantageous in inflationary times but also riskier if demand falls), whereas cold storage and big warehouses often lock tenants for many years, providing stability but slower mark-to-market of rents.


Regional Hotspots and Construction Pipeline


Regional dynamics will shape where storage/warehouse opportunities are most attractive in the latter 2020s. A few key regional hotspots and trends:

  • Inland Empire & West Coast Ports: The Inland Empire (Ontario, CA and surrounding Southern California markets) remains one of the largest warehouse hubs in the country. Its proximity to the Ports of LA/Long Beach makes it a crucial gateway. Though vacancy there has risen from near-zero to mid-single digits, demand is expected to persist. Land constraints and regulatory hurdles in California limit new supply, so investors still favor modern infill warehouses in SoCal. Elsewhere on the West Coast, Seattle and the Bay Area are experiencing a pause (with tech sector headwinds affecting logistics demand), but long term their ports and population density keep them relevant. Secondary West Coast markets like San Diego are interesting – SD has a 10%+ vacancy now, yet infrastructure improvements (such as a new $150M cross-border truck port) could improve its logistics appeal going forward.

  • Texas and the “Texas Triangle”: Texas is a powerhouse for both population growth and logistics. Dallas–Fort Worth consistently ranks at or near the top in annual industrial absorption and new development – its central location and highway/rail connectivity make it a national distribution hub. Houston, with its port (especially for resin/plastics exports and import distribution) and huge local economy, has also performed well – despite heavy construction, Houston’s vacancy has stayed in check and rents are rising. The Texas Triangle (DFW, Houston, Austin/San Antonio) will continue to attract projects, including cold storage (given food import/export through Houston and produce distribution from the border). San Antonio and Austin specifically are expected to see a boost from nearshoring – their location on the I-35 corridor to Mexico is strategic. CBRE highlights San Antonio, Oklahoma City, Kansas City, even Minneapolis as markets to watch benefiting from trade shifts and manufacturing growth along north-south routes.

  • Southeast Sun Belt: The Southeast region – particularly Atlanta, Savannah, Charlotte, and Florida markets – has been booming. Atlanta, as a major inland port and population center, remains a logistics juggernaut (though its pipeline is also robust, so vacancy may tick up). Savannah, GA has emerged as one of the fastest-growing port markets (its container port expansion made it a relief valve for West Coast congestion). We expect Savannah, Charleston, Norfolk and other East Coast port-proximate cities to continue growing their warehouse footprints as more cargo enters on the Atlantic side. Florida is unique: consumption is huge due to population growth, but distribution is challenged by geography (peninsular). Miami stands out for last-mile demand (with extremely high rents as noted); Central Florida (Orlando, Tampa) is seeing many new big-box distribution centers to serve the state.

  • Midwest & Central: Traditional Midwest distribution hubs like Chicago, Columbus, Indianapolis, Louisville remain critical for national networks (these are within a day’s truck drive of a huge portion of the U.S. population). Columbus, OH, for example, often invests heavily in warehouses and benefits from being a regional node. We are also seeing manufacturing-driven logistics growth in markets like Detroit (resurgence with EV battery plants and related suppliers needing storage) and Louisville (UPS Worldport hub spurs warehousing needs). Minneapolis–St. Paul is notable – it had slower historical growth, but advanced manufacturing and a tight market have put it on the map for investors recently. Many Midwest markets offer cheaper land and labor, so they could attract more reshoring-related facilities (e.g. warehouses for components, assembly, etc., tied to new factories in the region).

  • Northeast Corridor: New Jersey and Eastern Pennsylvania (Lehigh Valley, Central PA) exploded with warehouse development serving the NYC/BosWash megaregion. That market has softened slightly (Northern NJ was listed among those with tempered outlooks, likely due to high costs and some tenant pullback), but it remains very tight in absolute terms. Central PA still has large developments underway (mega-distribution centers along I-81/I-78). Baltimore and Philadelphia industrial markets are seeing renewed interest, partly due to infrastructure investments (e.g., Baltimore’s Howard Street Tunnel clearance project, which will boost rail freight throughput). Those improvements, plus their port capabilities, mean these cities could capture overflow distribution demand as some companies diversify away from NY/NJ congestion. Boston and New England have far less warehouse inventory, so industrial land there is gold – expect rents to continue to climb for last-mile facilities near Boston (where lab conversions of old industrial in the past left a shortage of pure warehousing).


In terms of the construction pipeline, as mentioned, we’re at a turning point: 2024 delivered record square footage nationally, but 2025–2026 deliveries will be lower. There is an estimated 600+ million SF of industrial space under construction in late 2024, but a chunk of that will complete in phases and many projects have been postponed. For self-storage, the pipeline is also moderating – only about 20 million SF of new self-storage is expected to deliver in 2025 according to some counts (a sharp drop from ~59 million SF in 2024). This broad slowdown across sectors is actually a positive for market health long-term. It gives time for demand to catch up and for vacancies to revert to normal levels. By 2027 and beyond, assuming interest rates ease somewhat, we can anticipate another development cycle upswing. Re-development and conversions will also play a big role: converting obsolete properties (older malls, big-box retail, older industrial) into warehouses or self-storage is a trend already underway and likely to accelerate. It’s often faster to convert an old shell than to build from ground-up, especially in infill locations where entitled land is scarce. We’ve seen examples of retail-to-warehouse conversions (for instance, empty shopping malls repurposed as fulfillment centers) and office-to-self-storage conversions in some urban areas. Such projects will continue to pop up, offering creative ways to deliver new supply in land-constrained markets.


Risk Factors and Challenges


While the outlook for storage and warehouse investments is broadly positive, developers and lenders should remain cognizant of key risk factors through 2030:

  • Interest Rate and Capital Market Risk: Perhaps the most immediate risk is the impact of higher interest rates on valuations and financing. If inflation surprises to the upside, the Fed could keep rates “higher for longer,” which would pressure cap rates upward and debt costs as well. A scenario where the 10-year Treasury sustains above 5% (or credit spreads widen) would make financing deals tougher and could lead to a value correction for existing properties (cap rates rising to maintain yield spreads). The CBRE mid-year outlook did warn that large fiscal deficits could keep upward pressure on yield. Mitigation: sponsors should lock in fixed-rate debt when possible, maintain lower leverage, and underwrite conservatively on exit cap assumptions. Lenders are already demanding more stringent covenants (lower LTVs, interest reserves) to weather the high-rate environment.

  • Economic Cycles and Demand Shock: Warehouses and storage are not immune to the broader economy. A recession or significant slowdown in consumer spending would directly soften demand for space (less inventory needing storage, fewer goods sold meaning retailers rationalize warehouse footprints). For instance, if retail sales decline, CBRE notes light-industrial tenants could cut back expansion plans. Self-storage demand can ebb if fewer life events occur (e.g., if the housing market freezes, fewer moves mean less short-term storage usage). However, these sectors have historically been more resilient than discretionary asset classes – people still consume staples and need storage in downturns. The risk is more on the magnitude: if e-commerce growth stalls or reverses, the massive wave of logistics space absorbed in 2020–22 could see higher vacancy. A major economic risk mentioned is China’s economy – a recession in China or continued supply chain decoupling might alter import volumes, though that could also encourage domestic inventory building (a mixed effect). Preparedness: maintain flexible leasing (e.g., self-storage month-to-month leases allow rate adjustments), and focus on tenants/sectors with non-cyclical demand (food, medical, etc., which benefit cold storage and certain warehouses).

  • Oversupply and Local Market Saturation: One of the more tangible risks is overbuilding in specific markets. As highlighted, places like Phoenix, Las Vegas (industrial) or some secondary cities in self-storage have seen vacancy jump due to a glut of new facilities. If local supply overshoots, rents can decline and lease-up periods extend, hurting project economics. Self-storage is particularly sensitive to micro-market supply; a couple of new facilities in the same trade area can depress rents significantly. Cold storage, while undersupplied nationally, could see oversupply in a local sense if multiple big projects open at once chasing the same food distributors. Mitigation: thorough feasibility studies and supply/demand analysis at the local level are critical before green-lighting new developments. Markets with high barriers to entry (zoning hurdles, scarce land) inherently have some protection, whereas “easy build” markets require caution and potentially phasing of projects. Owners of older product in oversupplied markets may also need to reposition or repurpose (e.g., turn a vacant big-box warehouse into partial self-storage or manufacturing use).

  • Construction Cost and Execution Risk: Even as material costs have stabilized from pandemic peaks, construction risk remains. Labor shortages in construction trades persist in many regions, and construction costs are still high, which can erode profit margins. Any unexpected spikes (say, another surge in steel or fuel prices) could impact projects underway. Delays due to supply chain issues for critical components (steel beams, refrigeration equipment for cold storage, HVAC units, etc.) are still possible and can push timelines beyond loan periods. Managing this risk means locking in guaranteed maximum price (GMP) contracts with builders, buying critical materials early, and building contingencies into budgets.

  • Environmental and Climate Risks: Warehouses are not exempt from climate change. Many large distribution centers are located in areas exposed to natural hazards – coastal warehouses near ports face hurricane and flooding risks; inland facilities might face tornado or hail risks; some are in high seismic zones (e.g., California). Additionally, rising insurance costs for property and casualty coverage are affecting industrial owners, especially in storm-prone states (e.g., Florida wind insurance costs have surged). There’s also a long-term risk that regulatory changes related to climate (stricter building efficiency codes, requirements for solar or electrification) could require capital expenditures. Owners should ensure proper insurance and perhaps consider resilient building design (higher floor elevations, roof strengthening, etc.). Climate-controlled self-storage and cold storage rely heavily on power – grid reliability is an issue; some operators are investing in backup power generation to safeguard against outages.

  • Technological and Functional Obsolescence: Technology is advancing rapidly in the logistics sector. There’s a risk that today’s “state-of-the-art” could become tomorrow’s obsolete design. For example, as automation and robotics become prevalent, warehouses with inadequate clear height or column spacing may not accommodate the latest automated systems. If autonomous trucking takes off in a decade, facilities might need different yard layouts or charging infrastructure. While it’s unlikely that recently built warehouses will become obsolete so soon (since many incorporate flexibility), investors should be mindful of functional obsolescence: older buildings might need retrofits (extra docks, higher power capacity, etc.) to stay competitive. The risk is particularly high for single-tenant big boxes – if the sole tenant leaves and the building isn’t in line with modern specs, releasing could be hard. Cold storage also has this risk: rapid improvements in refrigeration tech might make older cooling systems inefficient economically. Mitigation: build with future-proofing in mind (e.g., install extra conduit for future electric truck chargers, design expansion capability).

  • Regulatory/Zoning and Community Opposition: As warehouse development expanded, some communities have pushed back, citing truck traffic, noise, or environmental concerns. Stricter zoning in certain areas (for instance, parts of California and the Northeast) could limit new logistics projects or impose costly requirements (like electric truck fleets or road improvements). On the self-storage side, some municipalities have put moratoria on new facilities due to saturation or because they prefer other uses for prime land. This risk means entitlements are not a given; developers should engage proactively with communities, perhaps incorporating green space or traffic mitigation in warehouse projects to gain approvals. Conversely, in many regions a lack of zoning for industrial is a constraint – advocating for more industrial zoning in land-use plans could be a strategy for the industry to ensure continued development capacity.


In summary, while storage and warehouse assets are among the most resilient in CRE, they are not risk-free. Successful strategy in 2025–2030 will require discipline and adaptability: being selective about markets and sites, incorporating buffers in financial models, and staying attuned to shifts in tenant needs and global supply chains. Lenders will favor experienced sponsors with a track record of execution, and those sponsors will in turn focus on quality locations and building features that stand the test of time.


Conclusion and Strategic Outlook


As we look ahead to 2030, investments in storage and warehouse real estate will continue to be anchored by strong fundamentals – growing consumer demand for goods (and the space to store and move them) and the critical role of logistics in the modern economy. Developers and lenders should approach this sector with a broad, strategic perspective: rather than chasing short-term fads, emphasize locations and project types that will remain in demand across cycles. Broad strategy highlights include:

  • Focus on Core Demand Drivers: Facilities serving e-commerce, grocery distribution, and population growth centers are likely to enjoy sustained demand. Even if the economy fluctuates, these structural drivers (online retail, food logistics, migration to Sun Belt, manufacturing reshoring) provide a tailwind. Align new projects with these trends – e.g., last-mile distribution centers near dense urban nodes for e-commerce, or cold storage near food production and consumption clusters.

  • Quality and Flexibility Over Commodity: Going forward, tenants and buyers will favor assets that are not just big boxes, but highly functional ecosystems. High clear heights, ample loading, cross-dock configurations, energy efficiency, and the ability to accommodate automation are differentiators for warehouses. In self-storage, modern multi-story facilities with climate control and security tech are outperforming older facilities. Thus, it’s worth investing in higher specs and future-proofing. The extra cost upfront can pay off in resiliency of rents and occupancy. In lending, underwrite the competitive position of the property – an average warehouse in a market flooded with new product might underperform, whereas a well-located, modern one will hold value.

  • Capital Structure and Partnerships: With more uncertain financial conditions, creative capital stacking is key. Expect to see more joint ventures where capital partners team up (for example, a developer and a global institutional investor co-developing a portfolio of warehouses, blending local expertise with patient capital). For lenders, consider participating in well-structured construction loans (maybe with government incentives or industrial development bonds in certain areas). Additionally, public-private partnerships could emerge, especially for infrastructure-heavy cold storage near ports or for facilities supporting economic development (cities might offer incentives for converting brownfields to warehouses that create jobs).

  • Risk Management and Due Diligence: Thoroughly vet each project’s market. We mentioned oversupply risk – this underscores the need for granular market studies. Also, exit strategies should be clear: if developing spec, have a realistic plan for lease-up timing and potential sale. If interest rates drop in coming years, refinancing could boost returns, but don’t rely on that – underwrite even if rates stay moderately high. Build in contingency budgets. For lenders, require strong guarantees or repayment plans for construction loans given the market’s recent inflection.

  • Adaptation and Mixed-Use Concepts: We could see some blending of asset uses by 2030. For example, incorporating last-mile logistics facilities into mixed-use developments (warehousing on lower levels, with commercial/residential above). Self-storage is sometimes being included in multifamily projects (to serve tenant needs). Forward-thinking investors might look at these hybrid models. Also, consider conversions as part of strategy: acquiring an old mall or office park and converting to industrial or self-storage can yield excellent returns if executed well, and it addresses the oversupply in those other sectors.


In conclusion, the 2025–2030 outlook for storage and warehouse investments is one of resilient demand tempered by a return to normalcy. Cap rates and yields are settling at levels that make sense for a higher interest rate world, and rent growth is reverting to sustainable midsingle-digit patterns after a burst of unsustainable spikes. Developers and lenders who emphasize strategic locations, high-quality assets, and prudent financial structures will find this sector continues to deliver stable income and growth potential. Warehousing – whether it’s storing household goods, e-commerce inventory, or frozen food – has firmly solidified itself as the “fourth utility” of modern life (alongside water, power, internet), and investing in the infrastructure of that utility (the distribution centers and storage facilities) remains a sound long-term play.


Looking toward 2030, we expect broad stability with pockets of opportunity: secondary markets rising as yield plays, new technologies elevating the productivity (and thus value) of logistics real estate, and perhaps a few surprises (such as the integration of AI and robotics altering space requirements, or major shifts in global trade routes affecting regional warehouse demand). By maintaining a broad, adaptable strategy – one that values diversification across asset types and geographies, and one that keeps an eye on macro trends – developers and lenders can navigate the next five years of the storage and warehouse sector with confidence. In an ever-changing world, the need to store and distribute goods efficiently will only grow, and well-planned investments in this space are poised to generate solid returns and foster resilient portfolios for those who execute wisely.


Sources:


U.S. Industrial / Warehouse – fundamentals, vacancy, rents, pipeline


  • CBRE — U.S. Industrial & Logistics Outlook 2025 (return to pre-pandemic demand drivers).

  • CBRE — 2025 U.S. Real Estate Market Outlook: Midyear Review (macro, cap-rate/volume context).

  • JLL — U.S. Industrial Market Dynamics, Q2 2025 (vacancy 7.5%, $10.06 psf asking, 241M sf under construction).

  • Cushman & Wakefield — U.S. Industrial MarketBeat (Q2 2025) (absorption, moderating rent growth, deliveries).

  • The Wall Street Journal — Warehouse Vacancies Climb to Highest Level in More Than a Decade (Q2 2025 vacancy 7.1%, record sublease, rents ~$10.12).

  • CRE Daily — Industrial markets: regional out/under-performers (Miami, Houston, Minneapolis vs. Phoenix, Las Vegas).

  • MarketBeat city examples (pipeline/absorption details): Boston Q2 2025; Austin Q2 2025.


Cap rates / capital markets


  • CBRE — U.S. Cap Rate Survey H1 2024 & H2 2024 (cap-rate direction by property type; industrial stabilization).


Self-Storage — rents, supply, cap rates, construction costs, returns


  • Yardi Matrix — National Self Storage Reports (Mar & Sep 2025) (rent/occupancy trends, supply pipeline).

  • Yardi (blog summary) — Matrix Self Storage Report, Apr 2025 (tightened underwriting, cap-rate drift, slower lease-up).

  • MakoRabco — 2025 Self-Storage Construction Costs (single-story ~$50–$65/SF; multi-story ranges).

  • Storable (cites MakoRabco ranges for single vs. multi-story builds).

  • DXD Capital — Investment structure & returns in self-storage (dev IRR ~18–22%; value-add ~12–15%).


Cold Storage — costs, cap rates, modernization tailwinds


  • ElmTree (citing JLL) — Cold Storage Industry Review (dev costs ~$150–$170/SF vs. dry $50–$65/SF).

  • CBRE — Cold Storage demand tailwinds (growth drivers; speculative pipeline context).


Additional market color / macro CRE context


  • CRE Daily — Industrial resilience 2025; Rent growth trend updates (2025).

 
 
 

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