Good day,
The national unemployment rate fell below 4% in April, which calls for celebration. But in the logistics industry currently going through a labor shortage patch, the news is far from welcome. Every segment in the industry – be it transportation, warehousing, or the last-mile sector – is facing a people crunch and with falling bottom line margins and increasing competition, logistics majors are struggling to retain and fill up vacant positions in their supply chain.
These businesses would also have to contend with the warehouse space crisis. The surge of e-commerce has given a boost to warehousing, but realtors across the country are finding it hard to develop new spaces due to steep land rates near densely populated regions. A CBRE report on warehouse modernization explained that the U.S. warehouse inventory is ‘aging’ and modern warehouse space accounts for a meagre 11% of the country’s total warehouse inventory.