High demand for cold storage space will undoubtedly continue throughout 2023, as food and beverage companies look to quickly increase capacity. With demand expected to continue to outpace supply, the booming cold storage and broader industrial markets will drive competition for space. This, combined with ongoing market disruptions, will make build-to-suit cold storage facilities especially challenging from a location and timeline standpoint. As a result, retrofitting an existing space or building out a speculative warehouse will most likely become increasingly popular and advantageous among those seeking to simultaneously prioritize site and schedule.