MWPVL International, which tracks Amazon’s massive real estate footprint, noted that the company has either shuttered ongoing plans or abandoned plans in development to open 42 facilities, totaling nearly 25 million square feet of usable space.
Furthermore, MWPVL said Amazon is delaying opening an additional 21 locations, totaling nearly 28 million square feet of usable space. One of the facilities whose opening has been postponed is a massive 700,000-square-foot facility in Nebraska. This facility is already constructed but won’t open until 2024.
Amazon experienced a massive boom in business in 2020 and 2021, when most of the U.S. – and most of the world for that matter – relied on the company’s online marketplace and delivery services for their needs.
Chief Financial Officer Brian Olsavsky noted back in April that Amazon doubled the size of its operations and workforce between mid-2021 to April 2022.
But now, this surge in demand that accommodated this rapid expansion is slowing down, leaving the company with a massive surplus in space that it needs to get rid of to save on operating costs. It is even looking to sublease at least 10 million square feet of the company’s extra warehouse space....<<<Read More>>>...