The Covid-19 pandemic will likely influence industrial real estate in at least three ways, 1. encouraging suppliers to increase inventories, 2. heighten the demand for buildings supporting e-commerce and 3. increasing demand for the incumbent last mile service providers. The initial impact of the Covid-19 was an unprecedented “Supply Shock”. The sudden close down of the Chinese economy severely disrupted the world's supply chain. Small and Medium sized Chinese companies producing parts for downstream factories, prevented the completion of finished goods both inside and outside of China. To safeguard against future disruptions, it is very likely that U.S. companies will increase inventory levels, creating a buffer for future supply side shocks. Normally carrying extra inventory would be a financial burden, but currently low interest rates will reduce these costs. Increased inventories will require well located warehouses, less than a four hour drive from major markets, with ple