Amazon, Home Depot's new multistory warehouse space is all about faster deliveries

Amazon is leasing space in a giant three-story Seattle warehouse that's the first of its kind in the U.S. and part of a trend that could revolutionize distribution, the company confirmed to FOX Business.

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Also taking up space in the warehouse? Home improvement retailer Home Depot, which rolled out express delivery in 2018.

"This is part of our investment strategy we announced over a year ago to speed up delivery to customers and stores, eventually reaching 90% of our customers with same day/next day delivery," a Home Depot spokesperson told FOXBusiness.

Multistory warehouses aren't rare in Asian and European countries, but they mark a development in the U.S. that could enable companies to deliver goods to city-living customers in hours versus days, according to The Wall Street Journal.

The warehouse will have ramp access on multiple stories for large delivery trucks, according to property analysts cited by the Journal. Amazon will occupy about 500,000 square feet of the facility, while Home Depot will occupy about 100,000, according to the report.