LONG BEACH, CA—The COVID-19 pandemic has dramatically changed consumer expectations regarding how fast groceries and other refrigerated items such as medicines are delivered to the home. And that has left the cold storage segment of industrial real estate in a race to keep up.
The subject was discussed at NAIOP’s I.CON West conference this week in Long Beach, California, in a session led by moderator Kate Lyle, director, industrial cold and food, Ware Malcomb, and featuring a panel of industrial experts, including David Aschenbrand, vice president cold storage, Bridge Industrial; Eric Cox, vice president, CBRE; Chris Cummings, national director – food advisory services, Colliers International-Atlanta; and Ken Reiff, co-lead food and beverage advisory services, Cushman & Wakefield.
Aschenbrand noted that demand is up significantly and that much of the current supply of cold storage is out of date. The market is prime for increases in investment and redevelopment.