Group 1 - The current market setup is described as one of the most compelling in 40 years, with a notable recovery in demand for logistics space following a period of increased e-commerce during COVID-19 [1] - Vacancy rates in the logistics sector increased from approximately 4% to 7.5% during the pandemic, but signs of recovery are emerging as companies begin to commit to significant amounts of space [1][2] - Strong companies are taking proactive steps, while small and medium-sized businesses are still lagging behind; however, those with strong balance sheets are positioned to capitalize on the recovering market [3] Group 2 - The replacement cost for logistics real estate has significantly increased, and there are regulatory challenges in many jurisdictions that hinder the development of new facilities, leading to a constrained supply [3] - The combination of recovering demand and limited supply is expected to enhance companies' pricing power in the logistics sector [3] - The company has 1.3 billion square feet of logistics space that is anticipated to benefit from the strengthening market, with active development projects underway in both logistics and data centers [5]