About $75 billion, or 20 percent of all global CRE investment in the first half of the year, went toward industrial and logistics properties, according to Savills Plc.

(Bloomberg)—Warehouse deals accounted for a record share of global commercial real estate investment in the first half of the year as the surge in e-commerce during lockdown fueled demand for logistics properties.

About $75 billion was spent on industrial and logistics properties in the first six months, or about 20% of total investment, according to broker Savills Plc. Warehouses surpassed stores to become the third-most-popular real estate asset class after offices and homes, the firm said in a report based on Real Capital Analytics Inc. data.

“The current global e-commerce boom, accelerated by consumers shifting their purchasing online throughout the pandemic, has been a major catalyst for this sector’s growth,” Paul Tostevin, world research director at Savills, said in a statement.

Bricks to Clicks

Online sales are forecast to increase by 31% in Western Europe this year, accounting for about 16% of total retail sales, according to the Centre for Retail Research. In the U.S., the e-commerce market share will reach 14.5%, eMarketer research shows. That’s led to “unprecedented levels of investor demand,” with companies such as Amazon.com Inc. on a leasing spree to support expansion, according to the Savills report.