The sector remains a favorite with investors, but the outlook may not be as strong as it was a year ago.

While industrial REITs have an appetite for large acquisitions, there are few portfolios up for sale.

Between them, Blackstone and Prologis have made more than $38 billion in warehouse acquisitions in 2019.

Including debt, the deal is valued at $12.6 billion. Prologis is buying a portfolio of 107 million square feet of logistics properties that’s owned or managed, as well as buildings under construction and land for future development.

A recent paper from NAIOP predicts lower absorption over the next two years, but it’s unclear if industrial developers are taking heed.

In spite of low cap rates, Black Creek still sees opportunity in industrial and multifamily acquisitions.

The agreement follows Blackstone’s acquisition of $18.7 billion of warehouses from Singapore’s GLP Pte. earlier this year.

Inland port investment opportunities are growing along with growth in seaports and e-commerce operations.