It's a little confusing, but on average US shippers are paying more - a lot more - than what warehouse owners are publicly asking to lease space.
That according to new research from real estate firm Cushman & Wakefield.
The two key concepts: "asking rents" (defined as the annual cost per square foot offered by the landlord or sub-landlord for leasing space); and "taking rents" (defined as the agreed upon rent to be paid at the start of the lease signed between the occupant and the landlord.)
Surprising to SCDigest, as seen in the chart below, taking rents are much higher - 28.2% at year-end 2021 - then asking rents:
Source: Cushman & Wakefield
You would think it would be the other way around, and indeed the gap was much smaller a decade ago.
"Although asking rents have appreciated, taking rents have outpaced due to occupiers competing aggressively for more limited space options," Cushman & Wakefield write.
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