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The pandemic has accelerated the pace of adoption of e-commerce and next-day delivery, resulting in increased demand for industrial properties. While supply for these properties has increased, it has not kept pace with growing demand. We don't view this imbalance as momentary -- we are in the midst of a long-term secular shift in the logistics networks across the U.S. The recent growth and performance reported by industrial REITs are a testament to these outstanding supply-demand fundamentals.
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