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Author: Keith McKinley

Supply Chain Fund Announces First Closing

Posted on by Keith McKinley

Prequel Ventures, Europe’s first independent pre-seed venture capital fund focusing on pioneering supply chain technology start-ups, announces its first closing. Among the early investors are Gero Decker (Co-Founder and CEO of SAP Signavio), Prof. Dr. Roland Fassauer (CODE University, CEO of aifinyo AG, Co-Founder of l1r1.ai) and a number of supply chain experts.

The fund focuses on supporting start-ups that develop transformative solutions for the challenges in global supply chains in their earliest phase. This includes technologies for optimizing logistics processes, supply chain management, decarbonization and compliance, real-time tracking and data-driven decision making.

“We are thrilled with the confidence and support we have received through the successful first closing,” said Mathias Bosse and Markus Börner, General Partners of Prequel Ventures. “Europe is home to a huge potential of innovative supply chain technologies and Prequel Ventures is determined to accompany and strengthen these startups on their growth path.”

In its first fund generation, Prequel is aiming for a volume of EUR 10 million and is positioning itself as a co-investor that creates added value beyond its investment, above all with a deep industry network. The team is supported by an experienced advisory board consisting of industry executives and successful founders of supply chain scale-ups. Among them are Gregor Stühler
(Scoutbee), Pierre Khoury (Shippeo) and Alex Leichter (Byrd) as well as Sabine Müller (CEO, DHL Consulting).

Insights Platform

With Prequel Insights, the team has created its own platform for screening and monitoring supply chain tech start-ups and currently has more than 480 start-ups on its radar. The network of companies, founders and consultants in the supply chain and logistics sector is growing continuously.

Prequel Ventures already participated in the first financing rounds during the founding phase and began to build up a portfolio of seven promising supply chain start-ups. For example, the fund was involved in the financing of the multi-modal transportation platform rouvia and the customs AI solution Traide from Berlin. Since the first closing, three further investments have already been added – the topics range from medical drone logistics to the management of CO2 taxes in international trade.

Through targeted investments, strategic partnerships and comprehensive mentoring and networking support, Prequel Ventures helps accelerate the development of these companies and pave their way to success. With the successful first closing, Prequel Ventures is now well positioned to continue investing in innovative technologies that are shaping the future of supply chain management.

Completion of cargo-partner Acquisition

Posted on by Keith McKinley

NIPPON EXPRESS HOLDINGS, INC., is pleased to announce that, in accordance with the share transfer agreement concluded on May 12, 2023 with cargo-partner Group Holding AG and its subsidiaries Multi Transport und Logistik Holding AG, Safer Overseas Transport Holding GmbH, cargo-partner GND GmbH, and CARGO-PARTNER US HOLDINGS INC. (hereinafter collectively referred to as “cargo-partner”), it acquired all shares of several cargo-partner subsidiaries based mainly in Central and Eastern Europe that provide logistics services worldwide on January 4, 2024 through a special purpose company that is a wholly-owned subsidiary of Nippon Express Europe GmbH (President: Shinichi Kakiyama), itself a European holding subsidiary of NIPPON EXPRESS HOLDINGS, and completed all procedures required to make these newly-acquired companies subsidiaries of NIPPON EXPRESS HOLDINGS.

Headquartered in Austria, cargo-partner has a robust logistics business base in Central and Eastern Europe, a region that is increasingly attracting attention as an industrial cluster in Europe. It is a highly reputable corporate group focused principally on air and ocean freight forwarding in Europe, Asia, and North America that also offers rail and truck transport and contract logistics services.

The subsidiarization of cargo-partner will complement the NX Group’s logistics infrastructure in Central and Eastern Europe, expected to see significant future growth as a production base within the European region, and will enable the NX Group to further expand its global network and enhance the services it provides in the European region.

The resultant expansion in the volume of air and ocean freight handled will also strengthen the Group’s competitiveness in the global market, enable it to respond to the diverse demands of its global customers, enhance its ability to meet logistics demand between Asia and Europe and elsewhere, and bolster its global account structure.

Since the NX Group and cargo-partner have differing customer bases and differing strengths in specific countries and regions, they will seek to create synergies in their logistics operations through mutual complementation, thereby accelerating the expansion and development of their global businesses.

Going forward, the NX Group and cargo-partner will maximize the synergies they generate as a unified entity to help create value for the NX Group’s customers and stakeholders.

UK Logistics Sector Returns to Pre-Pandemic Level

Posted on by Keith McKinley

Occupier demand for UK logistics and industrial space returned to its pre-pandemic norms following a year of tough market conditions, according to newly-published data from global real estate services firm Cushman & Wakefield.

According to the firm, more than 10.2 million sq ft of space transacted in the occupational market during Q4 2023, taking the total annual figure to 32.5 million sq ft.

The Q4 volume of 10.2m sq ft was a 2% increase on Q4 2022’s 10m sq ft. While marginal it will serve as a cause for cautious optimism in a market which saw just 13.5m sq ft transact across the two previous quarters. Take-up for the full year 2023 represents a 41% decrease on the 2022 total but falls just 2% below the 10-year pre-pandemic average.

Demand has been driven by a much wider pool of business during 2023, with healthcare, MedTech, food related businesses and advanced engineering companies all active nationally, while film studios and creative industries have been taking more space in and around London.

This diversity of demand has been important during a period in which the market has experienced a notable absence of large third party logistics, ecommerce and retail demand. Interest rate hikes and the subsequent impact on retail volumes, as well as the easing of the supply chain pressures that had induced a wave of additional demand in recent years, has caused demand from these areas to drop back.

Inflationary pressures have also driven some occupiers to seek out and develop their own purpose-built facilities in response to rental levels. Upcoming sustainability and environmental regulations appear to be dissuading occupiers from taking poorer quality buildings, with Grade C take-up now at its lowest level since 2008.

Richard Evans, Head of UK Logistics & Industrial at Cushman & Wakefield, said: “As expected, 2023 was certainly a challenging year for the market with tough trading conditions and persistent inflation. But the Q4 take-up figures and the breadth of demand highlights just how robust and resilient the market can be in the face of such pressure, and we’re delighted to see such a variety of businesses acquiring modern, high-quality space. We expect to see continued improvement in market conditions throughout 2024 as consumers and businesses regain confidence and the wider economic recovery begins.”

Cushman & Wakefield also states that concerns around oversupply are beginning to fade as the development pipeline dwindles, and the surge of grey space returning to the market has cooled off. Following a sharp increase in the supply of available space from Q4 2021 onwards, Q4 2023 represented a second quarter of only marginal increases. Total availability of space within units of 50,000 sq ft and above rose by just 2% compared with the Q3 value, as a result of the constrained development pipeline and persistent pressures on build and financing costs. Despite a year of rising supply, and some speculation of oversupply in the market, a more forensic examination of available space shows that overall the market continues to be characterised by a lack of choice and pockets of undersupply, supressing occupier choice and potentially holding back demand.

Peru Operations Expand with Racking

Posted on by Keith McKinley

OXXO, the convenience store chain has taken a significant step forward in its growth in the Peruvian market. In collaboration with AR Racking, industrial storage solutions supplier, OXXO has successfully completed an ambitious expansion and optimisation project of its logistics operations in Villa el Salvador, Peru. This initiative involved the installation of 1000 PAL positions and 98 picking spaces, significantly improving its storage capacity and operating efficiency.

The warehouses involved in this project cover a total of 5000 square metres, divided into a 4000 square metre extension of an existing facility and the construction of a new 1000 square metre warehouse. In the extension, 250 adjustable pallet racking positions have been added with 59 picking levels, while in the new warehouse, 750 adjustable pallet racking positions with 39 picking levels have been installed.

One of the most notable characteristics of this project has been the implementation of 1000 adjustable pallet racking positions with 100 picking levels. Despite the challenges that this project presented, including the need for an urgent installation without any interruptions in OXXO’s logistics operations, AR Racking managed to complete the project using its stock two days before the agreed deadline, resulting in the customer’s full satisfaction.

Peru Operations

José Luis Vásquez Samamé, Regional Manager of OXXO LATAM Logistics Operations, expressed his satisfaction with the project: “We are very pleased to have collaborated with AR Racking in this important expansion project. The installation of 1000 adjustable pallet racking positions and 98 picking spaces has significantly improved our storage capacity and product management efficiency. We thank the entire AR Racking team for its commitment and professionalism in the execution of this project.”

This successful project represents a significant step forward in OXXO’s expansion in the Peruvian market and strengthens AR Racking’s position as leader in industrial storage solutions in the region. The collaboration between these two companies has proven to be a model of success in logistics management and optimisation of storage spaces. “This project has been an exciting challenge for us. The urgent installation and early delivery show our commitment to customer satisfaction and excellence in the execution of logistics projects. We are proud to have contributed to the continuous success of OXXO in the region.” confirmed Omar Durand, Project Manager in AR Racking.

AR Racking is part of Grupo Arania, an industrial group of companies with extensive experience and scope, and with a multi-sectoral activity based on the transformation of steel that dates back more than 80 years. AR Racking provides the market with a wide range of solutions with high certified quality standards and a comprehensive project management service. AR Racking’s industrial storage systems stand out for their innovation, reliability and optimum efficiency.

Logistics Provider Merges with eCommerce Arm

Posted on by Keith McKinley

DG International has announced that it will merge with its eCommerce specialist arm, Pro Carrier, from this month. DG International will cease to operate under its separate brand and will move forward under the Pro Carrier name.

The integration of the two brands will streamline operations, bringing DG International’s expertise in global transportation options across land, sea and air and Pro Carrier’s eCommerce offering under one umbrella.

The company’s innovative Horizon platform, an easy-to-navigate, user-friendly system that shows the status of a customer’s shipment every step of the way, was instrumental in the organisation’s decision to merge under the Pro Carrier brand. The rebrand will allow customers to view the exact status of their deliveries in real-time across both freight and parcel shipments, under one login.

Ryan Lucas, CEO of Pro Carrier, said: “The synergy between the two brands made it clear that merging should be the next step in our growth plan. We are excited about the opportunities ahead as we operate under the Pro Carrier name, expanding its services with our reliable and competitive international freight offering. The fantastic growth we have experienced across both brands in 2023 has led to a renewed vigour to offer a more streamlined service to our customers, so we can maintain our reputation for excellence.”

During the rebrand, existing contracts, services, and relationships with the company will continue unaffected, the only key difference for DG International customers and suppliers being the brand name being phased out to operate under Pro Carrier.

Pro Carrier’s easy-to-navigate website will be refreshed with an updated look and feel, to include DG International’s offering. The current website for DG International will become inactive, with all content and mechanisms transferred. Likewise, the current social media channels for DG International will no longer be updated, with all future news about the company’s freight offering coming from Pro Carrier’s LinkedIn channel.

Warehousing and Distribution for Lighting

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Kinaxia Logistics has agreed a three-year contract to provide UK distribution, warehousing and other services for a global lighting company.
Ansell Lighting designs and manufactures interior and exterior lighting for the commercial, domestic, industrial, retail and architectural markets.
The company has its headquarters in Warrington and operates in more than 20 countries, with showrooms in Belfast, Dublin and Madrid as well as at its HQ.

It offers over 3,300 product lines and has won multiple awards for its energy-efficient luminaires and industry-leading lighting control system, Octo. Last year, Ansell won a King’s Awards for Enterprise for Innovation for its Panel Pod product. Its multi-million-pound stockholding is housed at distribution centres in Warrington and Belfast, from where it dispatches more than 400,000 items a month.

Ansell has appointed Kinaxia to distribute products to customers across the UK, and to provide warehousing, contract packing and overseas shipment. The distribution operation is being led from Kinaxia’s hub in Trafford Park, Greater Manchester.

Kinaxia is a top 15 UK logistics group which has its headquarters in Macclesfield, Cheshire. It employs more than 1,700 staff nationwide with a fleet of over 850 vehicles transporting goods for the retail, leisure, food and drink and manufacturing sectors.

The group also has 2.7 million sq ft of warehouse facilities nationwide, offering contract packing, e-fulfilment, returns management, storage services and a complete distribution service. Group turnover was more than £200m in 2022, the 10th anniversary of the business.

Kinaxia sales director Nicky Woodman (pictured) said: “Ansell Lighting is a tremendous addition to our growing client base. Our agreement brings a significant volume of new business to our distribution operation as well as to other parts of the group. Working with the Ansell team to integrate our IT systems has ensured a seamless transition and the highest possible standard of service.

“Our partnership has extended beyond the contract awarded for the distribution element to providing warehousing, contract packing and European shipments, and we look forward to further developing our relationship with the Ansell team into other areas of its business.”

Ansell’s distribution director Mark Stanley said: “Customer service levels are very important to us, and we wanted to work with a partner who shared our values and would be able to deliver the fast, efficient next-day service that our customers have come to expect, in order to continue to grow our business. We have been impressed with Kinaxia’s strong transport network and distribution capabilities, and we are looking forward to working with them as we move towards achieving even higher delivery standards than before.”

Logistics Firms Merge into New Company

Posted on by Keith McKinley

J. & J. Denholm Limited (the Denholm Group) is excited to announce that Denholm Global Logistics and Good Logistics, two renowned logistics leaders, have merged to form Denholm Good Logistics. The creation of this merger marks the pinnacle of the integration of Good Logistics and Denholm Global Logistics (which incorporates Hamilton Shipping Container Services).

Family-owned diversified business, J. & J. Denholm Limited (the Denholm Group), announced the acquisition of freight forwarding and logistics company, John Good Logistics Limited, in 2021. Today’s announcement on the coming together of these two renowned companies reflects the Denholm Group’s commitment to innovation, customer-centric solutions, and a forward-thinking approach to delivering tailored solutions that empower businesses to thrive in an ever-evolving global market.

Combining Denholm Global Logistics and Good Logistics into a single, stronger entity, Denholm Good Logistics, enables customers and employees to benefit from the enhanced size and scale whilst retaining shared family values.

Denholm Good Logistics will continue to leverage its expertise, knowledge, and digital innovation to deliver logistics solutions that
streamline global supply chains, enhance operational efficiencies, promote eco-friendly practices, reduce carbon footprints, and provide a
seamless experience for customers of all sizes across a diverse range of industries.

Key benefits

* Global Presence – A more robust global presence, ensuring a wider reach. Customers can expect seamless global solutions that optimise
transit times and freight costs
* Technical Innovation – Continued investment in technology, leveraging automation, AI, and data analytics to streamline operations,
optimise routes and provide real-time visibility of the movement of goods
* Expanded Service Offerings – Customers will benefit from an expanded portfolio of services
* Sustainability – A strong commitment to environmental sustainability, adopting practices to help customers choose greener options, track and report their emissions, and reduce their carbon footprint

Company Leadership

Denholm Good Logistics will be led by an exceptional leadership team, combining industry expertise and visionary leadership from both
organisations. This dynamic team will drive the company’s vision, ensuring continued innovation, growth, and customer satisfaction.

Embracing Change

Speaking about the merger, Alan Platt (pictured), Divisional Managing Director of Denholm Good Logistics, stated, “This merger to create Denholm Good Logistics represents the convergence of two organisations that share a common vision for the future of logistics. By uniting our strengths, we are confident in our ability to continue providing customers with forward-thinking tailored supply chain management solutions and exceptional customer service.”

Ben MacLehose, CEO of the Denholm Group, expressed similar sentiments, “The acquisition of Good Logistics by the Denholm Group was enabled because of our shared commitment to excellence, innovation, and customer focus. Merging these two global freight forwarding businesses to create Denholm Good Logistics is exciting for all stakeholders, including customers, suppliers, and our colleagues. I am extremely pleased with the transformation and the combined, modern, dynamic brand, which represents the two separate businesses coming together and becoming stronger as a result.”

The new Denholm Good Logistics brand was revealed to customers on 2nd January 2024.

Red Sea Attacks – Maersk/BP Pausing Shipments

Posted on by Keith McKinley

There have recently been many stories in the media about shipping firms pausing Red Sea journeys over attacks. For example, the Danish shipping company Maersk has said it is pausing all journeys through the Red Sea. The decision comes after a spate of attacks on vessels launched from a part of Yemen controlled by the Houthis – an Iran-backed rebel movement.

Additionally, BP has paused all Red Sea shipments after rebel attacks, and there are fears of higher oil prices after Red Sea attacks are predicted and the effect on global trade.

In response to this story and these developments, Captain Steve Bomgardner, VP Commercial Markets, Pole Star Global, comments:

“The cost of shipping raw materials or finished products via maritime routes might be affected by decisions made months or years earlier, such as long-term contracts, fuel pricing agreements, or investments in shipping infrastructure. The maritime industry often operates on extended timelines due to the nature of shipping contracts and the time it takes for vessels to move across oceans. Therefore, pricing dynamics in the maritime sector may not always align with immediate events but could be linked to earlier decisions and circumstances.”

Captain Steve Bomgardner (pictured) is a seasoned industry leader with a diverse 20-year background in the maritime industry and green-technology space. Prior to Pole Star he led global commercial development for SailPlan, a maritime green-tech start-up; where he shaped the company’s go-to-market strategy and sales efforts. Captain Bomgardner also serves as a dedicated member of the Board of Directors for Eyesea, a non-profit organization at the forefront of mapping global maritime pollution and debris.

Before SailPlan, Captain Bombgardner held influential positions with two renowned ship registries, the Bahamas Maritime Authority (BMA) and the Liberia International Ship & Corporate Registry (LISCR). During his tenure, he took charge of operations in the Americas and played a pivotal role in establishing and overseeing a new Offshore and LNG division at LISCR. Before venturing into ship registries, Captain Bomgardner devoted the initial 15 years of his career to managing operations in the demanding Offshore Drilling Industry. His expertise was honed aboard some of the industry’s most technologically advanced vessels. Captain Bomgardner holds an MBA from Georgetown University, and a BS degree from Texas A&M University.

Logistics with Heart: Charity Initiatives

Posted on by Keith McKinley

The international transport and logistics provider cargo-partner has made significant contributions to various charity projects throughout the past year, reflecting its commitment to social responsibility and community engagement.

Most recently, the Austrian team worked with the Mary’s Meals initiative to transport 3,825 backpacks filled with school supplies and clothing to Malawi (pictured), fostering education for children in need. In February, when Türkiye was hit by devastating earthquakes, cargo-partner’s local team and corporate management worked side by side to provide strong support for local relief efforts: from sending trucks with much-needed supplies to collecting a total of 200,000 € in donations.

The Slovakian team supported the “Koľko lásky” (How much love) project, which collects Christmas gifts for senior citizens. For the past few years, cargo-partner has provided the organization with free warehousing at the iLogistics Center Bratislava and contributed 4,000 € in donations as well as gift boxes prepared by employees. The Manchester office in the UK raised 300 £ for Macmillan Cancer Support through their annual coffee morning to help individuals affected by cancer, while in Ireland, cargo-partner donated 1,000 € to Focus Ireland, an organization that supports homeless people, and also helped raise donations at its anniversary dinner.

In Bulgaria, the company supported the Council of Refugee Women by facilitating the transport and storage of winter clothing and shoes donated by UNICEF. In Bosnia and Herzegovina, cargo-partner transported T-shirts for the humanitarian race organized by “Srce za Djecu” (A heart for children), with some colleagues buying T-shirts and participating in the race.

The company also donated New Year’s gifts for children in cooperation with “Ruku na Srce” (Hand on heart). And cargo-partner Serbia joined forces with the Sport for All association to facilitate the opening of an eco-recreational summer camp at Lake Perućac, promoting environmental protection and a healthy lifestyle for young people.

In addition, cargo-partner’s headquarters will support the association “Die Nachbarinnen” (the neighbours) with a donation of 30,000 euro in January 2024. This association empowers migrant women to cope with challenging situations and improve their integration into society. The employees, themselves migrant women, act as companions and offer their support. In Austria, members of this association also produced laptop bags and pencil cases from truck tarpaulins that were used as give-aways at transport logistic in Munich.

cargo-partner has been supporting the daycare centre and kindergarten for Roma and Sinti children at the Orechov Dvor settlement in Nitra, Slovakia in cooperation with Jugend Eine Welt since 2014. In 2023, cargo-partner contributed 25,000 euro to the Roma project.

Asia: acts of kindness across borders

Across Asia cargo-partner teams demonstrated their dedication to social responsibility through a variety of initiatives. In Singapore, employees volunteered at the Willing Hearts soup kitchen, waking up early to cook hot meals for marginalized citizens. cargo-partner Myanmar cooperated with Apex International Inc. in Japan to facilitate a donation of furniture, clothing, bags and books to Agape Children’s Home in war-torn Myanmar. cargo-partner Malaysia participated in a recycling initiative with Lovely Disabled Home, collecting 150 kg of recyclable materials to help provide employment opportunities for physically and mentally challenged individuals.

cargo-partner Korea also found innovative ways to combine team building with a good cause. In May, the team went on a “plogging” trip, a combination of jogging and litter picking, to promote physical fitness while contributing to a cleaner environment. In September, the team organized a pre-owned item exchange at the office, combined with donations in kind to a local charity. The cargo-partner team in Thailand initiated a project to transform discarded plastic into valuable resources, including monk’s robes and hospital pillows. Finally, cargo-partner’s Xiamen office in China organized a beach clean-up to help combat marine pollution.

USA: lifting spirits and raising awareness In the USA

cargo-partner showcased its commitment to making a positive impact in local communities. The Chicago office welcomed the Matsiko World Orphan Choir, contributing to its mission of uplifting vulnerable children through the unifying power of music while raising awareness of child poverty. Meanwhile, the New York team partnered with the River Fund charity, donating clothes and books to support poverty alleviation initiatives in the heart of the city.

cargo-partner’s Founder and CEO Stefan Krauter said: “I am proud to see the diverse and creative community initiatives undertaken by our teams around the world. These projects reflect our commitment to social responsibility and embody our core value, ‘we take it personally,’ which inspires our teams to give their best every day. Our commitment is not just about transporting goods, it’s about delivering hope and building a better future.”

Seven Supply Chain Predictions for 2024

Posted on by Keith McKinley

Prologis Europe is pleased to release its Seven Supply Chain Predictions for 2024. Prologis Research continues to leverage decades of industry experience and proprietary data, as well as unique insights from its 114-million-square-metre global portfolio and 6,700 customers to provide the following forecasts.

Trend 1: The global freight recession will reverse
Signified by double-digit growth in port and truck traffic, the global freight recession is expected to reverse.

Trend 2: The Great Construction Bust will intensify
The Great Construction Bust will intensify, with global starts hitting their lowest level since the 2008 financial crisis. Construction costs rose by 5-10% during 2023 in most geographies, with an exception in Europe. Set against cap rates expanding globally, with Europe showing an increase of approximately 150bps, reduced development margins have curtailed development starts. In 2023, spec development starts are down more than 50% globally. Investments in manufacturing and infrastructure and a stabilising housing market supported demand for construction materials, buttressing commodity prices. At the same time, labour markets remained tight, adding to cost pressures.

Trend 3: Latin America rents will grow at more than double the global average
Latin America has experienced record demand and this will continue into 2024, especially in Mexico as nearshored manufacturing capacity comes online. However, vacancy rates are below 2% in Mexico and forecasted to remain tight throughout 2024, meaning customers will have to compete for limited space. Supply constraints include access to sufficient power, especially for new manufacturing-related requirements, as well as permitting.

Trend 4: Annual demand in China will reach the second-highest level on record
Net absorption in China will reach the second highest level on record, helping to work through excess supply from the past few years. Fiscal and monetary policy will further ease in 2024, providing demand- and supply-side incentives to emerging technologies, such as new energy vehicles (NEVs) and charging stations, renewable energy and chipmaking capabilities. E-commerce growth, which slowed to 8% y/y through October 2023, will reaccelerate to 10% or more in 2024.

Trend 5: Technology, especially artificial intelligence, will drive up energy requirements in logistics facilities
This will incentivise warehouse owners to double solar capacity. Spending into AI research and development is on a secular rise. At the same time, automation solutions will grow. We expect half of warehouses to utilise autonomous mobile robots in the next decade and 10-20% adoption of automated storage/retrieval systems in the next 10-15 years. Electric vehicle (EV) charging needs are rising. While China leads the deployment of electric trucks, adoption has broadened in Europe. Solar energy is key for sustainable power generation. Costs are economically feasible, and government incentives can fast-track adoption. In addition, supply chain issues are unlikely to continue to restrain solar installations in 2024.

Trend 6: Interest rate declines will double private equity real estate funding in 2024
Our projections take the bull case on interest rate cuts. Institutional dry powder is waiting on the sidelines, and interest rate declines in the second half of the year will unlock entry into the market as the capital markets cycle begins to turn.

Trend 7: Cap rate movements will reverse
Cap rate movements will reverse — and European cap rates expected to compress while expansion rotates to Asia. Per prediction #6 above, cost of capital is expected to decline in Europe.

Conclusion:
These predictions are based on insights from our unique platform, and we’ll revisit them at year-end. Our outlook highlights 2024 as a year of healthy demand growth, constrained supply, technological evolution of logistics facilities and a turning of the capital markets cycle.

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