A variety of factors across North America have impacted demand for big-box industrial facilities. While most sectors struggled through the global COVID-19 pandemic and the emergence of the Delta variant, the industrial market continued to go against the grain. 

Case in point last week, when Prologis reported better-than-expected third quarter results. "Our third quarter results were underpinned by record increases in market rents and valuations," Chief Executive Hamid Moghadam, said in prepared remarks. "With vacancies at unprecedented lows, space in our markets is effectively sold out."

Said Prologis CFO Thomas S. Olinger: "Our earnings potential is unrivaled. Most of the benefit from the current environment will accrue to the future given our 22 percent in-place-to-market rent spread, the valuation impact on our promotes, our leverage capacity, the $21 billion of development build-out and, most importantly, the vast opportunity set that our global footprint provides."