Why did industrial/logistics become one of the most sought-after property sectors?

A structural demand shift: e-commerce requires roughly three times the logistics space of brick-and-mortar retail per dollar of sales (a widely cited industry rule of thumb), so every point of online penetration creates durable warehouse demand - especially last-mile facilities near population centers where land is scarce and hard to entitle. The asset itself is investor-friendly: simple boxes with minimal tenant improvement needs and low ongoing capex, so NOI converts to cash at a high rate, plus long leases with contractual escalators and, in supply-constrained infill markets, exceptional pricing power at rollover when in-place rents sit below market. Strong secular demand, constrained supply, low capex - that combination compressed industrial cap rates from among the highest of the major sectors historically to among the lowest.