Industrial Leasing DemandIndustrial leasing demand is significantly down, with a 56% year-over-year decline, and no immediate rebound is expected as companies like Amazon choose to expand modestly while focusing on owning more warehouses.
Market Rent ForecastMarket rent forecasts indicate a potential decline of around 5%, reflecting ongoing softness in the industrial sector and contributing to negative sentiment.
Valuation ConcernsPLD's valuation appears expensive, particularly with its AFFO yield premium compared to the risk-free rate, which could be concerning for investors.