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.

"We see that moderating," Olsavsky said, adding that Amazon's ongoing investment in fulfillment capacity expansion will be adjusted to match (rather than exceed) the growth rate of its underlying businesses.