The last 18 months or so have been especially kind to owners and operators of industrial warehouse space in urban centers.

Dov Hertz, who founded DH Property Holdings five years ago after a long run as a top executive at Extell Development Company, saw it firsthand as the pandemic drove ever greater numbers of consumers to shop online. That in turn drove e-commerce companies and others playing in the delivery sphere to gobble up as much warehouse space as they could near these new customers.

he negotiations became a little more urgent because I think the companies saw the tremendous increase in e-commerce sales, and, therefore, their facility needs increased exponentially, Hertz said of the major changes he noticed in warehouse deals during the pandemic. (The other big change? Pandemic explicitly mentioned within force majeure clauses covering unforeseen events Whoever dreamed of a pandemic? Hertz said.)

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