Economic conditions do not dramatically impact the demand for cold-storage space either way, said CBRE.
Since restaurants are down to 10 percent to 20 percent of capacity and are only fulfilling delivery orders, there has been a shift to grocery that has forced distributors to adjust supply chains. U.S. food sales have risen steadily since 2000 except for a minor blip in 2009, including food purchased in grocery stores and restaurants (Figure 1). Although the near-term impact is a decrease in restaurant sales, grocery sales likely will have a disproportionate uptick in 2020.
Despite the uptick in demand for freezer/cooler space, companies are waiting to make long-term real estate decisions and focusing on keeping employees safe and healthy during this disruptive period.
