That was the main thesis of the new edition of Prologis’s Industrial Business Indicator (IBI), which was released last week. Prologis defines the IBI as a survey of customer sentiment focused on customer activity in warehousing. The IBI Activity Index supports this momentum, having remained in the high 50s through the first half of 2026. “E-commerce and essential goods remain steady drivers, while advanced manufacturing, data center construction, defense-related activity, and supply chain reconfiguration are creating new sources of growth,” she said. “As demand increases and new supply slows, well-located large-format space is becoming harder to find,” she said.