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The one million apartment units under construction may not make a significant dent in the nation's housing needs.
Profits have been declining for three months because of continued wage growth.
Prologis believes that about half of the market share can be recovered.
Even the Class A advantage appears to be eroding on the margins.
North America eked out a 5% gain but that was due to two large transactions.
Three companies in this category had higher customer visits for most months in 2023 than in 2022.
Most of the supply expected to be delivered in the latter half of 2023 and 2024 has been preleased.
The top 15 commitments to real estate funds by private investment totaled $3.73 billion.
"Sellers who can wait out potential market shifts realize they can be patient for the right price and buyer."
The prices buyers are willing to pay have risen as well.