Logistics giant Prologis has been looking at the forces affecting logistics real estate and points to four areas that will have the biggest impact.

First is a fall in volatility "because of the multiplier effect on demand and structural discipline in supply." One is a "multiplier effect on demand." More economic activity is now tied up in logistics. Each unit of growth now needs 20% more additional logistics then before the pandemic.

There are a few reasons. One is that suppliers, wholesalers, distributors, and retailers are trying to avoid supply chain disruption, and so there's at least an additional 5% in inventory carry. There's more product variety as vendors look to target customer segments more closely, so create more options, driving the need for more storage space. Changes in demographics will drive a higher share of consumption that goods represent, again meaning more space needed for storage and processing. Also, online sales continue to take a greater share of retail sales, and that requires three times the amount of logistics space as brick-and-mortar.