Industrial, and especially logistics and warehouses, was one of the big winners of the pandemic. It's still going strong, but expect some changes soon, according to executives at Prologis in its quarterly earnings call.

The company saw 79% retention in the most recent quarter, with occupancy climbing to 97.7% and same-store NOI growth of 7.6%. There were proposals on the desk for just over half of remaining availabilities versus 38% pre-Covid average. And 71% of leases expiring in the next 12 months are either pre-leased or being negotiated. But negotiation periods are back to normal pre-pandemic levels. And where e-commerce had been 25% of new leases, that's down to 14%.

"In the end, we believe we're seeing a normalization in the volume and pace of demand which we expected as the world reopened from COVID and consumers seek more in-person experiences," Prologis CFO Tim Arndt said. "But given exceptionally tight markets and availability, the fundamentals remain excellent."