{"id":1004782503,"date":"2026-01-07T07:00:33","date_gmt":"2026-01-07T15:00:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004782503"},"modified":"2026-01-08T02:57:46","modified_gmt":"2026-01-08T10:57:46","slug":"why-the-climates-right-for-cold-storage","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/","title":{"rendered":"Why the Climate’s Right for Cold Storage"},"content":{"rendered":"\n
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Image by Gri-spb\/iStockphoto.com<\/em><\/figcaption><\/figure>\n\n\n\n

Despite some headwinds from local oversupply, inflation and economic uncertainty, investors and analysts believe the tailwinds of demographics and e-commerce will continue to drive demand for cold storage.<\/p>\n\n\n\n

Global investment in the sector, which represents about 2 percent of all industrial properties<\/a>, is anticipated to grow from $405.02 billion in 2024 to $452.84 billion in 2025 at a compound annual growth rate of 11.8 percent, according to a report<\/a> from The Business Research Co. Investment in the sector is projected to grow to $769.54 billion, at a CAGR of 14.2 percent.<\/p>\n\n\n\n

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READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
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\u201cCold storage is one of the few industrial asset classes with structural growth built into its DNA,\u201d said Jason Tolliver, president of Americas logistics & industrial real estate advisory at Cushman & Wakefield. \u201cModern cold storage is scarce, demand is rising and sophistication is non-negotiable. That\u2019s a recipe for outsize returns.\u201d<\/p>\n\n\n

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Jason Tolliver<\/figcaption><\/figure><\/div>\n\n\n

Despite some ups and downs in the sector, long-term demand fundamentals are favorable for cold storage, according to industry insiders. \u201cConsumer preferences are moving away from dry and canned foods to healthier fresh and frozen foods that are less processed,\u201d asserted Americold CEO Rob Chambers. Additional factors include online grocery shopping and heightened food safety regulations, in which cold storage plays an important role. Multicultural food preferences increasingly drive year-round consumer demand for fruits and vegetables, as well.<\/p>\n\n\n\n

In August, Americold completed the $100 million Import-Export Hub<\/a> in Kansas City, Mo. Developed in partnership with Canadian Pacific Kansas City railroad, the property serves the Mexico Midwest Express, which is North America\u2019s only single-line rail service for refrigerated goods.<\/p>\n\n\n\n

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Americold\u2019s Kansas City import-export hub, developed in partnership with Canadian Pacific Kansas City (CPKC) along their rail line.
Image courtesy of Americold<\/em><\/figcaption><\/figure>\n\n\n\n

Market pressures<\/h2>\n\n\n\n

\u201cGenerally, the rule of thumb is that demand should be steady for cold storage, but we\u2019re in a unique time now,\u201d observed Vince Tibone, managing director & head of U.S. mall & industrial research at Green Street. High food prices are prompting consumers to be more careful about food purchases. At the same time, major food producers are keeping leaner inventories in response to inflation and lower demand. The ripple effect of tariffs on global trade may be affecting cold storage demand in port locations, he noted.<\/p>\n\n\n

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Rob Chambers<\/figcaption><\/figure><\/div>\n\n\n

Spec development of cold storage facilities has slowed since 2023, under the pressure of higher interest rates and the capital-intensive nature of cold storage projects. According to Colliers, just 1.1 million square feet of speculative cold storage were delivered in 2024<\/a>, compared to a total of 5.2 million square feet in 2022 and 2023. Some 294 million square feet of cold storage were under construction at the end of 2024, the majority of which was build-to-suit rather than speculative. \u201cSome of those multitenant facilities are just 30 to 40 percent occupied, with owners cutting prices to gain market share,\u201d Tibone pointed out.<\/p>\n\n\n\n

As a result of the earlier overbuilding, Chambers estimates that the incremental oversupply of cold storage capacity in the U.S. is about 15 percent\u2014more than can be absorbed in a normal economic cycle. By comparison, such markets as Australia, New Zealand, the Middle East and Europe don\u2019t face the same capacity issues or degree of economic uncertainty as the U.S. does, he added.<\/p>\n\n\n\n

Yet conditions may still be right for build-to-suit development to pick up in 2026, for several reasons. \u201cThere\u2019s still plenty of demand for cold storage generally; it\u2019s just that some facilities that aren\u2019t in the best location aren\u2019t leased,\u201d shared Will Mogk, senior director of capital markets for JLL.<\/p>\n\n\n\n

Also pointing to new development is the age of the current inventory, which averages 40-plus years. That also signals the need for significant investment in upgrades, especially as the cost of new development ranges from $250 to $320 per square foot.<\/p>\n\n\n\n

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Americold facility equipped with rooftop solar panels.
Image courtesy of Americold<\/em><\/figcaption><\/figure>\n\n\n\n

Supply shift<\/h2>\n\n\n\n

Supply is more limited in places adjacent to farmland or to food processing plants. Besides geographic distinctions, there are significant differences between conventional and automated cold storage facilities, which are highly sophisticated and designed to accommodate robots and other new technology.<\/p>\n\n\n

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Will Mogk<\/figcaption><\/figure><\/div>\n\n\n

\u201cUpfront costs are higher for automated cold storage facilities, but operations costs are lower because you don\u2019t need as much labor,\u201d shared Mogk. \u201cYou see more automated sites in Europe. Some U.S. third-party logistics companies are looking for them, but 90 percent of operators in the U.S. aren\u2019t interested in automation and think they can manage without it.\u201d<\/p>\n\n\n\n

Adaptive reuse of conventional industrial buildings is rare and doesn\u2019t offer a lot of opportunities to meet the demand for cold storage. The sector\u2019s specialized needs\u2014including high ceilings, increased insulation and a slab that can handle heavier loads and colder temperatures\u2014all present barriers, in addition to the location requirements.<\/p>\n\n\n\n

\u201cSome existing warehouses work for a \u2018box within a box,\u2019 but if the slab is already in place, then you can usually only provide refrigerated, not frozen storage,\u201d Mogk pointed out. That said, one attractive alternative is upgrading existing cold storage facilities with new HVAC infrastructure and other improvements. Those steps require significantly less capital than ground-up development or adaptive reuse.<\/p>\n\n\n\n

Generally, cold storage facilities are located near ports for global food distribution, food-production facilities, retail distribution centers\u2014such as for a grocery-store tenant\u2014or in key logistics corridors like Dallas, Atlanta, Southern California or eastern Pennsylvania.<\/p>\n\n\n\n

\u201cOverall, occupancy rates in the mid-70-percent range are relatively healthy, but over the last two years we\u2019ve seen some compression,\u201d Chambers reported. \u201cWe want to get back to the mid-80-percent range, but it takes time. We see much higher occupancy in the production plant-adjacent facilities and the retail distribution centers.\u201d<\/p>\n\n\n\n

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Americold\u2019s Mountville automated facility supports customers with high-volume throughput.
 Image courtesy of Americold<\/em><\/figcaption><\/figure>\n\n\n\n

Leasing trends<\/h2>\n\n\n\n

The cold storage industry used to follow a \u201cpay by the drink\u201d model using rate sheets to pay transactionally for space. The industry has moved toward storage arrangements that look more like traditional gross leases, with space reserved for a fixed monthly basis and a longer term.<\/p>\n\n\n

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\"Vince\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Vince Tibone<\/figcaption><\/figure><\/div>\n\n\n

\u201cThis started in part because space has been tight and customers wanted to secure their space,\u201d Chambers said. \u201cThere\u2019s a seasonality with spikes around the holidays, so customers don\u2019t want to scramble for extra space before Thanksgiving or Easter.\u201d Approximately 60 percent of Americold\u2019s leases are now long-term commercial leases.<\/p>\n\n\n\n

Cold storage facilities operate with either a traditional single-tenant net lease, which is usually for a 10-year term, or a multitenant lease. \u201cLong leases with fixed escalations; service-level agreements for temperature integrity; and value-added services such as co-packing, kitting and managed inventory generate diversified and resilient income streams,\u201d Tolliver reported. For smaller spaces of 75,000 square feet or less, three- to five-year leases are still typical.<\/p>\n\n\n\n

Since the lead time for new cold storage product ranges from 12 to 24 months depending on the level of automation, facilities that are in the pipeline now will start service in a different market from today\u2019s. The flight to quality affecting other commercial property sectors is evident in cold storage, too. Investors need to focus on the right site, the right developer, the right expertise and the right operator.<\/p>\n\n\n\n

\u2018The winners in cold storage won\u2019t be lucky\u2014they\u2019ll be disciplined,\u201d Tolliver noted. \u201cTechnical underwriting, energy expertise and operator partnerships separate the leaders from the laggards.\u201d<\/p>\n\n\n\n

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Read the January 2026 issue of CPE.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The significant uptick in both new development and upgrades is justified. <\/p>\n","protected":false},"author":3873,"featured_media":1004782512,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21808,51037],"tags":[],"class_list":["post-1004782503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-featured","category-trends"],"acf":[],"yoast_head":"\nWhy the Climate's Right for Cold Storage - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why the Climate's Right for Cold Storage\" \/>\n<meta property=\"og:description\" content=\"The significant uptick in both new development and upgrades is justified.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-07T15:00:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-08T10:57:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/iStock-2151629993_feature.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michele Lerner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/\",\"name\":\"Why the Climate's Right for Cold Storage - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/iStock-2151629993_feature.jpg\",\"datePublished\":\"2026-01-07T15:00:33+00:00\",\"dateModified\":\"2026-01-08T10:57:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/18b36a6fadc3f2d44502935b4ec3815e\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/why-the-climates-right-for-cold-storage\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/iStock-2151629993_feature.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/iStock-2151629993_feature.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Cold storage. 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