Offline retailers leased 3.2 million square feet (msf) of warehousing space last year, bouncing back to pre-pandemic levels, data from commercial real estate services firm CBRE showed. At the same time, warehousing space that ecommerce companies took on lease in 2022 more than halved to 2.2 msf from 5.9 msf in 2021 as demand shifted to offline retail stores that operated without any restrictions last year.
