Warehouses are overwhelmed by America's shopping spree

Doug Kiersey has been building, buying and leasing warehouses for almost 40 years. He's never seen a time like this.

"It's completely unprecedented," says Kiersey, president of Dermody Properties, which owns warehouses used by some of the country's largest retailers. "In some markets ... we're over 99% occupancy."

In simplest terms, America's warehouses are running out of space. It's all claimed and bursting at the seams.

How did that happen?

Warehouses have become a key middle link in the country's supply chain. Couches, phones, floorboards and virtually everything else a...