The private equity giant’s real estate unit has started its first-ever ground-up industrial developments, in Atlanta, Dallas, Denver and Orlando, Fla.

With $10.8 billion in Canadian real estate assets, Blackstone is moving aggressively to become a bigger player in all property sectors.

Capital costs are rising, but fundamentals remain strong and real estate is also benefiting as a hedge against inflation.

Data this week are likely to show that U.S. consumer prices rose 8% from a year earlier in April.