According to industrial CRE giant Prologis, its Industrial Business Indicator Activity Index showed an April level of activity "consistent with demand generation, supported by macro data that reflects restocking inventories amid resilient consumption activity, although realized net absorption has lagged."

However, that is paired with a continued reduction of industrial construction, setting up an ongoing and future lack of supply, with greater competition for space in 2025 and, presumably, rents rising.

The IBA Activity index was 56.3 in April, down from a 58 average present in the first quarter of the year. According to the company, macro drivers of activity were "solid" with core retail sales showing 1.1% month-over-month growth in March and a 4.5% year over year. "Adding to demand drivers, the more logistics-intensive e-commerce channel outperformed with 2.7% month-over-month and 11.3% year-over-year growth while in-store sales grew 0.4% month-over-month and 2% year-over-year in March," they said.