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  "notes": "The slide uses CBRE data to justify a bullish outlook on industrial real estate based on e-commerce penetration.",
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      "text": "Fueled by e-commerce growth, annual net industrial absorption will total more than 333 million sq. ft. by 2022, leading to annual rent growth of 5.7%, according to CBRE estimates as of June 2020",
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      "text": "The Census Bureau reports that while every other major category of retail spending declined, non-store retail sales rose by 9.5% in April and by 9.0% in May. Non-store’s share of total retail sales jumped to 19.2% from 15.0% in April, illustrating e-commerce’s prominence during the pandemic. Although this share fell slightly in May when many traditional retail stores reopened, it remained considerably higher than before the pandemic",
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      "text": "In the COVID-19 era, e-commerce is fueling industrial demand more than ever, so basing forecasts solely on traditional employment-based metrics is no longer enough. By incorporating e-commerce data into its industrial forecasting models beginning in Q1 2020, CBRE EA is now able to more precisely forecast industrial rent, availability, absorption and construction",
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      "text": "The COVID-19 pandemic has resulted in significant gains in e-commerce’s share of total retail sales, which should further stimulate industrial demand and provide a short-term buffer to a more severe economic downturn",
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      "text": "This is more than triple the previously forecast demand based on new metrics that CBRE economic Advisors (CBRE EA) has developed using e-commerce data resulting from COVID-19",
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      "text": "Pandemic Related Demand Increase for Industrial Space Through 2022",
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      "text": "Source: CBRE June 25, 2020. Link: https://www.cbre.us/research-and-reports/US-MarketFlash-Annual-Industrial-Demand-to-Hit-333-Million-Sq-Ft-by-2022.",
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      "text": "BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE",
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