The e-commerce giant Amazon (NASDAQ:AMZN) has leased approximately 2 million square feet of industrial space across in two buildings in California.
According to a Bisnow report sourced from Savills data. Amazon leased roughly 1 million square feet at a PGIM Real Estate and CT Realty-owned property in Jurupa Valley and another 1 million square feet at a Dermody Properties-owned site in Ontario.
The new leases are a reversal of a statement by Amazon in 2022 that it was not growing its warehouse property presence. The expanded industrial property footprints contrast the company’s plans to save nearly $1.3 billion over the next few years by reducing the quantity of its office vacancies – Amazon has a 33.8% office vacancy rate is seeking to bring that level down to 25% this year and to 10% over the next three to five years.
Photo courtesy of Amazon
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As California businesses close due to inflation and smash and grab thefts, Amazon is expanded. Coincidental? Is there a correlation?