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July 3, 2023

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36 Journal of Commerce | July 3, 2023 Cool Cargoes Market Report Special Report New facilities from Americold, Lineage Logistics and RL Cold — the latter of which brought online a 297,000-square-foot facility in Charleston, SC, and a 285,000-square- foot facility in Wilmington, NC, in the last year alone — highlight a shift in how imports of food and other perish- ables move throughout the country. Whereas containerized refrigerated (reefer) shipments tended to land at West Coast ports and move east from there in the past, an increasing number of shipments are landing in the Southeast before moving north to inland destinations. Annual reefer imports through US Southeast ports grew 23.5% from 2020 to 2022, more than double the 11.6% growth rate recorded by the total US reefer import market during the same two-year period, according to PIERS, a sister product of the Journal of Commerce within the country, according to industrial real estate developer CBRE. Another 3.2 million square feet of cold storage has already been proposed in the Southeast. In the longer term, the overall market for cold storage in the US is projected to reach $330.2 billion by 2030, more than double its current value of roughly $140 bil- lion, according to OnPace Cold, an industrial real estate consulting firm catering to the food industry. RAPID POPULATION GROWTH and shifting sourcing is spurring the con- struction of nearly 2 million square feet of refrigerated storage and dis- tribution facilities around major US Southeast ports. The 1.9 million square feet of cold warehousing currently under con- struction in the Southeast represents 0.8% of the 234.6 million square feet of existing cold storage in the US and 43% of the 4.4 million square feet currently under construction across Ravenous growth Hungry domestic market driving US Southeast cold storage development By Teri Errico Griffis

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