Across the United States, investment in the industrial data center ecosystem is creating a new class of industrial occupiers — companies building the components, infrastructure and supply chains needed to support this buildout. This is especially applicable to advanced manufacturing.
Three years ago, many of these companies barely registered as industrial tenants. Today, we estimate they account for 10 percent to 30 percent of recent leasing activity across our U.S. industrial portfolio.
Across the Hines industrial portfolio, we are seeing clear examples of the evolution of tenant activity in our warehouses: new tenants doing new things in our buildings. These groups are not simply servicing residential or commercial construction. A distinctly new value chain of tenants is servicing the data center buildout, whose investment volume has grown 10 to 15 times in the past seven years.
Similarly, during that same period, we initially saw tenants beginning to implem
