Amazon has been a driving force for good rates in the hot industrial arena, often paying 50% to 60% above market to get the space they wanted. Investors were paying a 35% premium last fall when the retail giant was a tenant. Those heady days may have come to a sudden halt as a slowing of e-commerce back to pre-pandemic trends has left Amazon with a surfeit of warehouse space according to a Bloomberg report.

"The excess capacity includes warehouses in New York, New Jersey, Southern California, and Atlanta, said the people, who requested anonymity because they're not authorized to speak about the deals," the report noted. "The surfeit of space could far exceed 10 million square feet, two of the people said, with one saying it could be triple that."

Even 10 million square feet would only be about 5% of the space added during the pandemic, according to the Bloomberg analysis. A GlobeSt.com review of Amazon's annual reports show that splitting out warehouses by themselves is next to impossible with public information because fulfillment, data centers, and others are grouped together. Third-party data based on transactional information might offer more granular insight.