1、ResearchA comprehensive glimpse into future potential leasing decisions Industrial TenantDemand StudyUnited States|20222|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.ContentsExecutive summary3Top takeaways4Demand by the numbers6Industry highlightsTop 5 indus

2、tries10Other industries of note16Markets to watch:A big increase in demand and whyPhoenix21Savannah22Charlotte23Whats next?24Contacts253|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.ExecutiveThis is the 10th annual U.S.Industrial Demand Study,and it is more

3、insightful than ever.Using JLL local market intelligence across nearly 60 U.S.markets,we gathered robust tenant datawhere they are looking,what industries are driving activity and how demand is impacted by external economic influencesto give you thorough analyses and a rich storyline of U.S.Industri

4、al real estate demand.In this years report we tracked over 2,200 individual tenant requirements needing over 864 million square feet of space,exceeding both 2020s and 2021s numbers.Demand is up by 30%year-over-year,with diversified requirements that are widespread across all industries.We know that

5、not every tenant in the market will amount to netnew space absorption(some will end up renewing in place,some may simply cancel their space searches given the current macroeconomic conditions,etc.)butthis Demand Study gives us the most comprehensive glimpse into future potential leasing decisions th

6、atcouldnt otherwise be modeled out in an econometricfashion.While this is just a snapshot in time,it hasbeen proven to provide great directive insight.We are confident that you will find this reportvery valuable and come away with a newperspective on the projected industrial tenancy.summaryCraig S.M

7、eyer,SIOR President,Americas Industrial Chairman,Global Industrial Board4|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.While e-commerce demand has normalized,it continues to drive demand requirements for the Logistics and Parcel Delivery industry.This year t

8、he Logistics and Parcel Delivery industry remained in the number one spot,with over 194 m.s.f.in requirements.Top takeawaysThe practice of reshoring is more important as supply chain woes continue to create backlogs at the ports.Tight availability,high rents and port congestion along the West Coast

9、have pushed many occupiers to the Southeast region.This year the Southeast region was the top market in terms of demand,accounting for 240 m.s.f.in requirements.Since 2021,the automotive industry has seen demand increase by more than 156%.An influx of electric vehicle and battery manufacturing endea

10、vors across the country has also contributed to this demand.Demand for Construction,Machinery&Materials companies grew by more than 41%this year.The increase in demand is largely driven by the increased development pipeline,both commercial and residential,and demand for housing,which has driven the

11、need for tenants in this industry to occupy space.5|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Demand overviewWhile the industrial market continues to see record-high occupier activity and demand,many fundamentals are starting to cool off.Participation fro

12、m JLL markets for this study increased significantly this year,which contributed to a spike in overall requirements.This year over 864 million s.f.of requirements were submitted,and 40%of all leases came from JLLs top industrial markets.While many industries have experienced an increase in demand,ma

13、nufacturing and automotive users have seen significant spikes.As companies reevaluate their existing operations and address COVID-induced supply chain disruptions,the manufacturing and automotive users are expected to see an increase in demand.From a macro perspective,supply chain woes continue to c

14、reate backlogs at the ports.The concept and practice of reshoring have come into play,and many occupiers have placed this at the forefront of their business operations.Tight availability,high rents and port congestion along the West Coast have pushed many occupiers to the Southeast region and to por

15、ts along the East Coast,such as Savannah and Charleston,which are seeing record TEU volumes.Population migration has also contributed to shifts in demand,and Sun Belt markets are experiencing population growth.In particular,the Phoenix market is seeing some of the biggest rises in population on reco

16、rd.Many occupiers are following the population trends and setting up shop to be close to their consumer and customer base.Population migration throughout the Sun Belt markets has contributed to heightened activity and demand for housing and development activity,which has resulted in the construction

17、 industry seeing growth in demand.Despite higher inflation and interest rates,consumer spending is still generally heading upward.While there is much uncertainty in the long term,we anticipate continued growth in demand for industrial space.6|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSal

18、le IP,Inc.All rights reserved.PhoenixAtlantaDallasFort WorthNew JerseyInland EmpireEastern&Central PennsylvaniaChicagoSavannahCharlotteOrlandoIndianapolisTampa BayColumbusDenverHoustonNew York CityMemphisSeattle-BellevueCentral Valley0%1%2%3%4%5%6%7%8%9%10%-3%-1%1%3%5%7%9%11%13%Share of DemandDemogr

19、aphic momentum(population growth since 2017)1%15%41%43%Demand by the numbers664m.s.f.864 m.s.f.20212022Total tenant requirementsSource:JLL Research876111320182019202020212022Number of markets with 20 million s.f.and greater of requirementsSource:JLL ResearchSecondary markets experiencing population

20、growth are also seeing heightened demandSources:JLL Research,U.S.Census BureauTransaction trends by yearSource:JLL Research*Higher participation rate from JLL markets yielded elevated results in 2022 0.1%6%21%73%20222020New to marketExpansionRelocationConsolidationor renewal20210.2%8%22%70%7|Industr

21、ial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Demand by the numbersTenant timing:time spent looking for spaceSource:JLL ResearchManufacturing requirements:total and by building typeSource:JLL ResearchDemand by regionsSources:JLL Research,U.S.Census BureauGreat Lakes

22、7.3%Mid-Atlantic4.4%Midwest10.7%Mountain12.3%Northeast13.7%South Central9.5%Southeast27.8%PacificNorthwest2.7%SouthernCalifornia6.9%NorthernCalifornia4.6%Total tenant requirements:864 MSFRegionTotal tenantdemand(MSF)%of U.S.totaldemand%change,2020 to 2021Most active industry(not including undisclose

23、d)Pacific Northwest232.725.6Logistics&Parcel DeliveryMid-Atlantic38.44.426.1Logistics&Parcel DeliveryNorthern California40.14.64.0Traditional RetailerSouthern California606.916.0Logistics&Parcel DeliveryGreat Lakes62.87.311.6Logistics&Parcel DeliverySouth Central82.59.516.5Logistics&Parcel DeliveryM

24、idwest92.210.732.0Logistics&Parcel DeliveryMountain106.612.358.4Logistics&Parcel DeliveryNortheast117.913.739.7Traditional RetailerSoutheast240.327.836.5Logistics&Parcel DeliveryU.S.Total863.710026.6Logistics&Parcel Delivery12 months7 months4 months5 months6 months2018201920202021202227.3 MSF25.0 MS

25、F26.1 MSF50.4 MSF62.2 MSF201820192020202120228|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Demand by the numbersBuilding size by category KPIsSource:JLL ResearchSmall boxMidsized boxBig boxMega box Biggest YOY growthgrew by 50%over 2021 Southeastaccounted f

26、or 42 m.s.f.of demand in this size range 53.3 m.s.f.of all requirements this size are in the West region Food&BeverageThe highest concentration of Food&Beverage requirements were in this size range,accounting for 35%Logistics&Parcel DeliveryDominated by this industry with over 59 m.s.f.of requiremen

27、ts 41%YOY growth of this size range Traditional RetailerMost active industry,making up over 49.5 m.s.f.of requirements 52%High-growth regions this year were Northeast and SoutheastDemand for all size categories is growing,especially in the midsized rangeBuilding size categories,YOY percent changeSou

28、rce:JLL Research*Higher participation rate from JLL markets yielded elevated results in 2022-15%-10%-5%0%5%10%15%20%25%30%35%40%45%50%1819%change1920%change2021%change2122%change1,000,000+500,000749,999250,000499,999100,000249,9999|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.A

29、ll rights reserved.Industryhighlights10|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Logistics&Parcel DeliveryTraditional RetailerFood&BeverageConstruction,Machinery&MaterialsConsumer ProductsTop industriesMost active industriesSource:JLL ResearchAll other&u

30、ndisclosed industries include E-commerce Retailer,Paper&Packaging,Automotive,Consumer Services,Health,Communications/Tech/Media,Professional&Business Services,Government&Education,Energy&Utilities,and Aviation,Aerospace,Defense.Take a peek at the top industries driving demand in logistics.All other&

31、undisclosed industriesLogistics&Parcel DeliveryAir freight&parcel carriers,warehouse&storage,rail freight,trucking&shippingCompany examples:FedEx,UPS,USPS,DHLTraditional RetailerThis covers retail broadly;please see the dropdown for specific subcategories.Company examples:Ikea,Home Depot,TargetFood&

32、BeverageDistributors,manufacturing&processing,packaging&bottlingCompany examples:Coca-Cola,Nestl,ConAgraConstruction Construction&building materials,equipment rental&leasing,industrial manufacturing,chemical/materials,farm&industrial machinery,agriculture&forestry,other materialsCompany examples:Sun

33、belt Rentals,Scotts Miracle-GroConsumer Products Consumer durables(3+years of life),apparel&accessories manufacturing,personal products&household goods,pet food&supplies,textilesTop 5 industries11|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.1.Logistics&Parc

34、el DeliveryLogistics&parcel delivery remains the most active industry in the U.S.market with almost 190 million s.f.of requirements.Services such as freight forwarding,fulfillment operations,warehouse management and inventory forecasting have been in high demand,and many tenants and package handlers

35、 have explored options in secondary markets to continue their growth.While e-commerce has slowed,it continues to be a key component in this industry,gaining momentum.And retailers looking to optimize their network have turned to users in this industry to outsource operations,which is a trend that is

36、 expected to continue.Additionally,with consumer spending achieving record monthly highs in 2022,the need for 3PLs will remain robust leading into 2023.Logistics&parcel delivery,executed leases compared to demandSource:JLL Research0 m.s.f.40 m.s.f.80 m.s.f.120 m.s.f.160 m.s.f.200 m.s.f.2017201820192

37、02020212022L&PD LeasingL&PD Demand12|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.2.Traditional RetailersLast year mass merchandisers such as Walmart and Target were the driving forces of demand for this industry.This year the increase in construction activi

38、ty and DIY projects have allowed companies such as Lowes and Home DepotLowes and Home Depotto climb to the top.The Southeast region is currently seeing the mostrequirements from traditional retailers.This follows trend with the population growth and increased development activity observed in key Sun

39、 Belt markets.Moving forward,we anticipate occupiers in this industry will continue to grow their distribution networks and follow migration trends to be close to their customers.Traditional Retailers with 1 MSF+of requirements0 m.s.f.10 m.s.f.20 m.s.f.30 m.s.f.20182019202020212022Mass MerchandiseFu

40、rniture,Home Furnishings&HousewaresHome Improvement,DIY&GardenApparel&AccessoriesSpecialty/OtherGroceryConsumer ElectronicsSource:JLL Research13|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.3.Food&BeverageFood&Beverage requirements totaled 73 million s.f.Dem

41、and increased by more than 33%year-over-year,with Pepsi,Restaurant Depot,McLane Company,General Mills and Lidl Pepsi,Restaurant Depot,McLane Company,General Mills and Lidl being the primary drivers.The Northeast is seeing the highest volume of requirements,with the Midwest and Great Lakes trailing s

42、hortly behind.This industry is expected to grow as occupiers look to fill cold storage needs and address the continued strain on the supply chain.Mid-AtlanticMidwestNortheastNorCalPacificNWSoCalGreatLakesMountainSouthCentralSoutheast0 m.s.f.5 m.s.f.10 m.s.f.15 m.s.f.20 m.s.f.20212022Food&Beverage gr

43、owth by regionSource:JLL Research14|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.0 m.s.f.10 m.s.f.20 m.s.f.30 m.s.f.40 m.s.f.50 m.s.f.60 m.s.f.2018201920202021202240.3%increase from 40.3%increase from 2021 to 20222021 to 20224.Construction,Machinery&Material

44、sSource:JLL ResearchSimilar to traditional retailers,the Construction,Machinery&Materials industry has seen an increase in demand,which follows suit with migration patterns and increased construction activity.Over Over 51%of the requirements this year were in the South 51%of the requirements this ye

45、ar were in the South Central and Southeast regionsCentral and Southeast regions.Population trends are expected to drive growth for this industry.Additionally,with the under-construction pipeline at an all-time high,this industry will most likely remain among the top five going into the next year.Con

46、struction,Machinery&Material demand15|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.5.Consumer ProductsSource:JLL ResearchConsumer Products bounced back this year with over 43 million s.f.in requirements.Since 2021 the industry has seen demand increase by mor

47、e than 27%.demand increase by more than 27%.In the past demand from this industry reigned from the Midwest&Great Lakes region;however,we are starting to see it move toward the Southeast,where tenants are looking to be near high population densities.Consumer Products growth by regionSoutheastNortheas

48、tMid-AtlanticMidwestWest RegionSouth Central33%7%18%9%26%7%16|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Other industries of note:ManufacturingManufacturingDespite not typically being one of the most active industries for leasing activity,the manufacturing

49、 sector has seen a resurgence in the United States over the past two years.The push for the electrification of Americas automotive fleet,coupled with access to a robust labor force and the need to cut down on supply chain bottlenecks,has driven manufacturers to reshore operations to the Americas.Whi

50、le most manufacturers opt to purchase their sites,the increase in demand from manufacturers will help push leasing activity in the coming years.While demand for space has picked up across the entire manufacturing spectrum,it has been driven mostly by the need for advanced manufacturing.The push for

51、the electrification of automobiles,coupled with the necessity to move the production of semiconductors to Americas shores,has spurred a significant demand for space.Along with the high-tech fields of automotive and semiconductor production,the manufacturing industry has seen a surge in new Food&Beve

52、rage facilities,a vital necessity to support the growing population.Another subsector that has seen significant growth has been Paper&Packaging,which directly supports the Food&Beverage and Logistics&Parcel Delivery segments.19.35 m.s.f.Manufacturing demand in the market5Industries touched by Manufa

53、cturing1.Auto,Auto Parts&Tires2.Computing&Tech3.Paper&Packaging4.Food&Beverage5.Construction,Materials&Machinery17|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Manufacturing has grown the last few years$20$22$24$26$28$30$32 100 200 300 400 500 600 700 800 90

54、0 1,0002010201120122013201420152016201720182019202020212022Job Openings(Thousands)Avg Hourly EarningsThe number of manufacturing job openings increased by 184%184%from 2019 to 2022;average hourly wages increased by 10%The COVID-19-induced supply chain bottlenecks and port jams forced manufacturers t

55、o reevaluate their offshore production capabilities.While manufacturing employment in the United States remained subdued in the first decade of the 21st century,there has been a significant spike as the trend of reshoring operations continues to dominate the industry.While the number of new openings

56、 has risen since 2020,so has the average hourly rate as manufacturers attempt to attract and retain top talent.Sources:JLL Research,Bureau of Labor Statistics,August 202218|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Electric vehicles and battery production

57、 is driving the growth in manufacturing facilities 77.2 m.s.f.under construction44.8 m.s.f.EV-related industries under constructionMost manufacturers prefer to outright own their production facilities.JLL Research is currently tracking more than 77 million s.f.of manufacturing facilities currently b

58、eing built throughout the country.Electric vehicles,battery manufacturing and supporting industries account for most of the new manufacturing facilities currently under construction and in the planned pipeline.This increase in automotive production has been driven by the transition to electric vehic

59、les and the attempt to meet the anticipated demand over the coming decade.Automotive industry accounts for 58%of all new manufacturing facilities in the country19|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.MichiganMichigan2 projects,2.8 m.s.f.Where do elec

60、tric vehicle manufacturers want to go?States with significant electric vehicle projectsGeorgiaGeorgia3 projects,20.4 m.s.f.ArizonaArizona4 projects,6.9 m.s.f.OhioOhio3 projects,3.8 m.s.f.TennesseeTennessee2 projects,2.8 m.s.f.TexasTexas4 projects,2.3 m.s.f.20|Industrial Tenant Demand Study|2022 2022

61、 Jones Lang LaSalle IP,Inc.All rights reserved.Markets to watch:A big increase in demand and whyThis year three markets stood out in our analysis,with Industrial demand expanding greatly.Find out which markets are seeing such growth and why.21|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSa

62、lle IP,Inc.All rights reserved.Phoenix,AZPhoenix tops the list with its location,population growth,construction pipeline and industrial demand Phoenix is experiencing an overflow of development activity,which has been driven by its increase in demand.Over the years the market has developed a reputat

63、ion as a business-friendly state,with low taxes,a diverse labor pool,product availability and an efficient freeway system and proximity to the Los Angeles and Long Beach ports.The market currently has over 33 million s.f.under construction and soon to be added to the overall market.It is one of the

64、fastest-growing industrial markets in the country,and in terms of population growth it has grown by over 10%in the last five years.Its proximity to the West Coast markets and ports makes it attractive to occupiers looking for less-expensive space while still being located in a geographically advanta

65、geous market.The future remains bright for the market.Pent-up demand from port-heavy markets with limited space will continue to drive construction activity and competition in this market.While rents are expected to grow across the industrial silos,this market will remain an attractive alternative o

66、ver others as rents are less expensive and space is not scarce.Sources:JLL Research,U.S.Census BureauPhoenix population growthDemand increaseLogistics&Parcel Delivery are driving demand for spaceJLL Logistics&Parcel Delivery requirementsSource:JLL Research9 11 7 11 30 2018201920202021202256.6%increa

67、se in demand from 2021 to 20225,275,2654,400,0004,600,0004,800,0005,000,0005,200,0005,400,00020172018201920202021202222|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Savannah,GAOvercrowding and congestion at the major ports have forced companies to divert shi

68、ps to other ports along the East Coast.In particular,the Port of Savannah saw an increase in activity and has kept pace since.The number of days it takes a ship to dock and unload as well as the time it takes to get a container in and out of the port are distinguishing factors that set the port apar

69、t from the rest and fuel its success.With its superior productivity in transportation time and cost,many companies continue to use the Port of Savannah over its competitors.To accommodate the increase in TEU volumes,Georgia Ports Authority recently announced it will expand storage space.As port capa

70、city grows,demand from industrial users and space will follow.The Savannah market already has the lowest vacancy in the U.S.and given its distinct location it will most likely see more growth at the port and in surrounding industrial markets as the supply chain crisis continues.Sources:JLL Research,

71、Individual port authority websitesYear-over-year change in TEU volumes25%25%20%20%19%19%19%19%18%18%18%18%16%16%16%16%13%13%10%10%1%1%-3%3%-5%0%5%10%15%20%25%30%YOY Change in TEU volume(2020 to 2021)Note:Port of Miami and Port of Jacksonville TEU totals are reported on a FY(Oct.to Sept.)basisSavanna

72、h is seeing a jump in demand as congestion hinders other major ports along the West Coast29.5%increase in demand from 2021 to 202223|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Charlotte,NCCharlotte is the 15th largest city in the nation,largely due to the

73、substantial population growth in recent years.The Charlotte MSA grew by 19.6%from 2011 to 2020 and is expected to grow by an additional 50%by 2050.Coupled with population growth,theaccess to a skilled labor force has attracted top companies to the area.Additionally,Charlotte has seen a surge of manu

74、facturing activity in recent years,withcompanies such as Eli Lilly,Max Solutions and Battle establishing and expanding operations in the area.As the vacancy rate in the Charlotte industrial market continues to shrink,a strong development pipeline will bring nearly 16 million s.f.to the market in the

75、 coming quarters.Charlottes outlying counties have benefitted from the increased land prices of traditional infill sites.Regional economic development organizations have administered significant incentive packages to occupiers and developers alike,further building out a pipeline for capital investme

76、nt and industry expansion.Due to lack of supply,the average asking rate posted a 17.7%year-over-year increase and is currently$6.07 per s.f.Industrial markets positioned along the I-85 corridor have experienced momentous growth in the wake of port congestion issues spurred by shifting supply chains.

77、Furthermore,Charlottes proximity to the Port of Charleston and the Inland Port in Greer,which is centrally located between Charlotte and Atlanta,is vital to logistics users moving goods.The Port of Charleston recently completed its harbor-deepening project,allowing mega container ships access to the

78、 port.To meet the growing demand,a new terminal was recently completed to help with the elevated volume.The Inland Port in Greer has also expanded its footprint recently and boasts 24/7 access and direct rail access from the Port of Charleston.18.6%7.4%Population growth 20102020CharlotteU.S.Source:J

79、LL ResearchExplosive population growth is fueling demand.The prime geographical location is a driving factor in Charlottes emergence as a top industrial market in the Southeast.31.4%increase in demand from 2021 to 20223,600+Manufacturers in Charlotte145,000+Manufacturing employees in region$1B+Capit

80、al investment announced in 202070%U.S.population within a two-day delivery window65%Faster industry growth than national averageQuick stats on Charlotte24|Industrial Tenant Demand Study|2022 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Land-constrained port markets will continue to endure seve

81、re supply limitations.Due to severe supply constraints,we anticipate there will be less transactions in port-heavy markets with extremely low vacancies.This does not indicate a slowdown in inquiries but rather that there has been a lack of solutions for expanding pent-up demand in and across many ma

82、rkets.While the overall under-construction pipeline is at an all-time-record peak,high interest rates are knocking out developers requiring financing,which could result in a slowdown in construction activity.We are closely tracking how future economic changes will impact logistics demand.Whether it

83、is population growth,the housing shortage or port activity,we are using these indicators to identify up-and-coming markets,enabling us to recognize Industrial space needs immediately.This gives us great insight not only into the traditionally large logistics markets but also into the nuances that dr

84、ive activity in secondary and tertiary markets.Looking forward,JLL Research expects the U.S.Industrial tenant demand to keep pace with what it has been seeing over the past decade.With previous years demand evolving into real leases,we know that current tenant sentiment remains strong.Our teams cont

85、inue to closely monitor tenant touring activity,which is the earliest available indicator of U.S.Occupier Demand across nearly 60 markets.And we know by who and where that future leasing demand will be.Manufacturing will continue to grow as companies realize that it is more beneficial to manufacture

86、 products closer to their targeted clientele and have suppliers in close proximity to plants.We expect requirements for this type of space will continue,as supply chain woes are not expected to ease in the near term.The practice of reshoring will also continue to drive demand for this industry.Whats

87、 next?About JLLJLL(NYSE:JLL)is a leading professional services firm that specializes in real estate and investment management.JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities,amazing spaces and sustainable real estate sol

88、utions for our clients,our people and our communities.JLL is a Fortune 500 company with annual revenue of$19.4 billion,operations in over 80 countries and a global workforce of more than 102,000 as of September 30,2022.JLL is the brand name,and a registered trademark,of Jones Lang LaSalle Incorporat

89、ed.For further information,visit .About JLL ResearchJLLs research team delivers intelligence,analysis and insight through market-leading reports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 400 global research p

90、rofessionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivalled local and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for o

91、ur clients and drives successful strategies and optimal real estate decisions.2022 Jones Lang LaSalle IP,Inc.All rights reserved.The information contained in this document is proprietary to Jones Lang LaSalle and shall be used solely for the purposes of evaluatingthis proposal.All such documentation

92、 and information remains the property of Jones Lang LaSalle andshall be kept confidential.Reproduction of any part of this document is authorized only to the extentnecessary for its evaluation.It is not to be shown to any third party without the prior written authorizationof Jones Lang LaSalle.All i

93、nformation contained herein is from sources deemed reliable;however,norepresentation or warranty is made as to the accuracythereof.For more information,contact:Craig S.Meyer,SIOR President,Americas Industrial Chairman,Global Industrial BoardCraig.MKelsey RogersManager,U.S.Industrial ResearchKelsey.RMehtab RandhawaGlobal Head of Industrial ResearchMehtab.R