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It is, of course, little secret that industrial rents are at a premium and tenants are jockeying for what space they can find. But new details in Prologis’ Industrial Business Indicator report show just how much of an uphill climb supply will have before it meets current and future demand.

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Even though the pandemic greatly intensified demand for delivery services, most municipalities are still reluctant to approve proposals to develop new industrial service facilities. The not-in-my-backyard attitude is keeping new supply low and sending rental rates soaring in markets across the U.S.

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While the economic recovery for the real estate industry has been better than expected since the pandemic, some adaptations and changes to the office, the way consumers shop and even how and where people live will be changed forever.