Home Depot is hastily exiting warehouse space, to the tune of 3.2 million square feet in a month, according to Bisnow.

Since late August, Home Depot has put up nearly 4 million square feet of warehouse space for sublease, including a 1.3M SF Phoenix warehouse and a 1.1M SF distribution center in the Inland Empire, according to CoStar Analytics.

While this move is part of the retailer's strategy to cut costs by $500M by early 2024, it comes in the midst of a continued bubble in commercial real estate.

The company, which leases 97% of its 111.5M SF warehouse space, has been scaling back its logistics network as part of its cost-cutting efforts, listing additional properties in Metro Atlanta and Chicago earlier this year.