E-Commerce Drives Booming Canadian Warehouse Market
By: Multichannel Merchant February 17, 2017
Canada's largest multi-tenant industrial landlord sees its future growth prospects in e-commerce, according to a report in Bloomberg.
Pure Industrial Real Estate Trust, whose major clients include FedEx and Best Buy, expects e-commerce to make up 50 percent of its Canadian warehouse portfolio over the next few years, up from 30 percent today, according to Chief Executive Officer Kevan Gorrie.
“We’re focused on growth in e-commerce,” Gorrie told Bloomberg. “I don’t think enough companies worry about obsolescence. We think about it all the time.”
Pure Industrial owns about 21 million square feet of space across more than 170 properties in Canada and the U.S. The company plans to expand that to 40 million square feet in Canada — including pursuit of Amazon as a tenant — and up to 15 million square feet in the U.S., including sites in San Antonio, Charlotte, and Atlanta.