Throughout Europe and the United States, e-commerce as a percentage of total core retail sales was approximately 15% in 20191. This share rose precipitously following the onset of COVID-19 in many countries worldwide (Figure 1). Globally, the e-commerce market share could rise to almost 25% by 2023 (or even 45% by 2030), as online sales have continued to grow at a double-digit rate². Thus, demand for industrial warehouse and distribution property is expected to remain strong in the years ahead³.

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