Possibly Prologis underestimates the impact on demand that will result from higher product cost as a result of less optimal supply chains. None-the-less, their observation about the importance of consumer demand to warehousing and the vulnerability production locations to supply chain volatility is valuable. Obviously, Prologis, which announced first quarter revenue up 10.9% year-on-year, has an interest in sustaining confidence in the warehousing market. But its example illustrates that in volatile markets there are both winners and losers.