Target’s new store in Katy, Texas, covers almost 150,000 sq. ft., compared with the company average of about 130,000. The backroom space devoted to handling online orders for same-day pickup is five times as large as at stores of a similar size.
Tenant demand for life sciences space is declining due to a slowing economy, rising interest rates and a pullback in available venture capital.
Fearful of shortages, retailers including Gap Inc. and Nike Inc. ordered extra and did so earlier than usual, but a combination of poor forecasting and inflation-stung shoppers created massive gluts.
The lack of available space and spiking rents around major U.S. ports is leading tenants to diversify or relocate to smaller ports around the country.