December 10, 2021
LocationChicago, Los Angeles, Miami, New Jersey/New York, San Francisco, Seattle
“There’s just not a lot of need for big-floor-plate, white-elephant suburban office buildings,” in and around cities like New York and Chicago, said Steve Poulos, chief executive of industrial real-estate developer Bridge Industrial.
Some of these white elephants will follow the Allstate campus in the service of e-commerce, becoming fulfillment centers for booming online retail. This is especially appealing for offices located in crowded cities where retailers face a scarcity of last-mile warehouses. Bridge, which bid on Allstate’s headquarters, is in contract to buy several office properties in a number of major U.S. cities and convert them to distribution facilities, Mr. Poulos said.