IAMC News Briefs—Week of November 28, 2022
By John Salustri
SUPPLY CHAIN DIVE—The US House of Representatives last week passed a legislative package to both avert an economically crippling rail strike and potentially resolve the crux of the issue—paid sick leave. The move came just days after President Joseph Biden urged congressional intervention. The bill awaits senate approval, which is expected before the Dec. 9 strike deadline.
https://www.supplychaindive.com/news/house-passes-bill-avert-freight-rail-shutdown-strike/637619/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-11-30%20Breaking%20News:%20Supply%20Chain%20%5Bissue:46361%5D&utm_term=Supply%20Chain%20Dive
COMMERCIAL OBSERVER—Prologis is reportedly investing in a huge way for electric vehicles as a path toward achieving total decarbonization. The firm’s Prologis Mobility Division has started on its net-zero journey with two SoCal installations occupied by Performance Team, a Maersk-owned warehousing/distribution company already transitioning from fossil fuels to electric vehicles. “These are the first of what we hope will be many projects we’re delivering for customers,” Prologis Mobility Global Head Henrik Holland said.
https://commercialobserver.com/2022/11/prologis-ev-trucks-warehouse-california/?utm_campaign=daily-roundup&utm_content=2022-21-11-29755279&utm_source=Sailthru&utm_medium=email&utm_term=CO%20Daily%20Newsletter
JLL—It should come as no surprise—especially to corporate players-- that industrial rates continue to climb. Thanks in great part to a Q3 vacancy average of 3.3%, which JLL casts as “an all-time low,” rental rates hit $8.45 per square foot, a 25% year-over-year hike. Nevertheless, tenants absorbed nearly 123 million feet of industrial product in the quarter, bringing overall 2022 absorption to 356.9 million square feet.
https://www.us.jll.com/en/trends-and-insights/research/industrial-market-statistics-trends?utm_medium=email&utm_source=Eloqua&utm_campaign=PERSPECTIVES-INDUSTRIAL-OCCUPIERS-Q3-AMER-National-Industrial-11152022-259823&utm_term=1772458
URBAN LAND INSTITUTE—The pressure is on manufacturers, developers and logistics firms to tighten their supply chains. But that is easier said than done, as a recent Asia Pacific conference, hosted by the Urban Land Institute, reveals. “The supply chain disruption caused by COVID meant there was also a need to get goods to market faster, so countries with good supply chain connectivity, such as Thailand, benefit,” said Dinesh Kanapathy of AP Moller-Maersk. But this is a complex business, as Sonklin Ploymee, of the Thailand Board of Investment, stated: “It is not just about government incentives but [also] the opportunities for automation, environmental factors, the human resources . . . and the degree of private sector cooperation.”
https://urbanland.uli.org/development-business/developers-see-new-opportunities-in-industrial-and-logistics-across-southeast-asia/?utm_source=realmagnet&utm_medium=email&utm_campaign=HQ%20Urban%20Land%2011%2E21%2E22
REBUSINESS ONLINE—Reaction Auto Parts has signed a major warehousing lease in soon-to-be-delivered space in St. Peters, MO, a suburb of St. Louis. The 265,393-square-foot deal will absorb the last available space at Premier 370 Business Park. The deal, brokered by CBRE and Colliers, will put the auto-parts maker next door to neighbors including Best Buy, Amazon and Grove Collaborative. The buildings are owned by Panattoni Development, which purchased the assets from developer Duke Realty.
https://rebusinessonline.com/reaction-auto-parts-signs-265393-sf-industrial-lease-in-st-peters-missouri/