Cold: the new warm?

The growth of e-commerce has transformed the industrial and logistics space from a relatively niche, income-driven proposition to a core institutional space. Cold storage logistics has been a relatively under-appreciated segment of the industrial market due to the higher build costs, greater specialization of units and a thinner occupier pool. However, the COVID-19 effect has pushed investors to take another look at this space as growth in online grocery shopping has accelerated to new highs. Moreover, the relative stickiness of cold chain occupiers is an attractive proposition at a time when surety of income is paramount.