Amazon CFO Brian Olsavsky has sent a strong signal to CRE investors that they shouldn’t count on the e-commerce giant to drive industrial real estate markets in 2022 by purchasing industrial properties for use as last-mile distribution centers or by absorbing the lion’s share of leased warehouse space.

In a 4Q earnings call with analysts late last week, Olsavsky said Amazon would continue spending about 40 percent of its capital on building internet networks and systems; 25 percent on transportation assets; and about five percent on office and retail construction, but it but would taper the 30 percent of capital investment it’s been earmarking to expand fulfillment capacity.

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