Latest / Industrial Advisors / Amazon's $2B Shift: Data Centers Over Warehouses?

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Amazon's $2B Shift: Data Centers Over Warehouses? · Industrial Advisors

• 0:00
  Don't underestimate the impact of innovation.
• 0:02
  Amazon is pouring billions into developing technologies that are gonna
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  revolutionize how warehouses operate, how supply chains function, the whole thing.
• 0:26
  Welcome to our Industrial Advisors podcast.
• 0:28
  You have Bill Condon and, and Matt McGregor.
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  And, uh, people always ask us and, and always wondering
• 0:34
  what is going on with Amazon.
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  So we thought we would do a podcast on all things Amazon Western region.
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  Yes.
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  We started doing some research on water research, everything that they're up to.
• 0:44
  Yeah.
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  And so what have you
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  learned?
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  Well, first, you know, when we talked about doing a podcast on
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  Amazon, we've talked about it before.
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  We don't represent 'em right.
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  So we don't.
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  No.
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  No.
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  And so we were like, well, we better get it right.
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  Amazon's the largest company in Seattle.
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  They're the largest user of industrial real estate.
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  If we're gonna do a podcast, we better be experts.
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  So we did a few things into the research.
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  We went out to all our western region guys, Hey, what's Amazon doing right now?
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  Are they taking space?
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  Are they giving space back?
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  And kind of we're gathering those facts.
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  We, you know, did our Google search, our news searches and all
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  that and started gathering them.
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  The more information we got, the more confusing it was, right?
• 1:23
  Yeah.
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  Right.
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  So, uh, long story short, a friend of mine, uh, 'cause we're podcasters
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  said, oh gosh, you gotta use this podcast technology to warm you up for
• 1:34
  podcasts or to just create a podcast so that you understand something better.
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  So I go to this format going, I'm gonna dump all of this content into this ai.
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  Bought.
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  Okay.
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  So I took the emails from the West Coast Connections Group, all
• 1:51
  the stuff they said about Amazon.
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  I took the articles, I took everything, and I dumped it in.
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  And then I said, Hey, create like, you know, we're podcasters and
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  you know, create like a 15, 20 minute podcast on what's going
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  on with Amazon On the west coast.
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  Yeah.
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  Western region.
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  I clicked go, okay.
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  It calculated and formatted and did all this in about one minute.
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  It created the podcast that the listeners are actually going to hear.
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  What I was gonna do is just listen to it, learn, and then regurgitate.
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  Ate it.
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  Re it.
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  Yeah.
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  Right?
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  Yeah, yeah.
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  But I was like, this is cool.
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  This is crazy technology.
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  So let's combine our update on Amazon.
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  Yeah.
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  With crazy and unique AI technology.
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  So this podcast is not gonna be hosted by Bill Khan and Matt McGregor.
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  It's going to be hosted by.
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  Two bots.
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  Yeah.
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  I hope you enjoy this update on Western region, what's going on with Amazon.
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  Thank you.
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  Hey everyone.
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  Welcome back to the deep dive.
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  We're diving into something today that I know a lot of you out there, especially
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  our industrial broker listeners, are really curious about and that's what
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  exactly is going on with Amazon.
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  Yeah.
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  Especially out west.
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  Right?
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  Exactly.
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  Exactly.
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  You know, we talk to you guys all the time and we've been hearing
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  this kind of shared feeling.
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  This sense that things are maybe slowing down a bit, that Amazon's
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  not quite as active in the western industrial market as they used to be.
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  Yeah.
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  It's been pretty quiet, especially in those prime infill markets.
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  Not a whole lot of those big, splashy new warehouses popping up like we used to see.
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  Right.
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  And a lot of you're wondering, okay, what does this mean?
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  Is Amazon pulling back?
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  Are they shifting gears?
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  What's the bigger picture here?
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  Hmm.
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  So that's exactly what we're gonna unpack in this deep dive.
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  We've been digging into the latest industry reports, their financial
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  statements, and of course all the real estate transaction data we can get
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  our hands on to try to get a clearer picture of Amazon's current strategy.
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  And what we found is, well, let's just say it's actually pretty interesting what
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  you're seeing on the ground, that sense of less new development in those western
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  infill areas, it's probably accurate.
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  But the data reveals a much bigger story, one that's maybe
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  not so obvious at first glance.
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  So they're not exactly hitting the brakes though.
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  Not at all.
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  In fact, they're spending a ton of money.
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  I mean a lot of money.
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  Yeah.
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  In 2024 alone, they spent over $2 billion on industrial properties.
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  Wow.
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  2 billion.
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  Yeah.
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  More than double what they spent in 2023, which was 920 million.
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  That's a huge jump.
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  It is, and here's the thing that's really important for you as
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  industrial brokers to understand.
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  It's not all going into logistics.
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  Oh, interesting.
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  Okay.
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  So where is it going?
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  A big chunk of that money, a really significant portion is
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  actually going towards acquiring land for AWS data centers.
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  AWS is in Amazon Web Services, their cloud computing arm.
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  Exactly.
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  And that shift, that strategic pivot towards data centers.
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  It's being driven by, you guessed it, the AI boom.
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  Ah, so it's not just about getting those packages delivered faster anymore.
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  Yeah.
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  This sounds like a much more fundamental change in their focus.
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  It absolutely is, and it makes sense if you think about it in the context
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  of the larger economic picture.
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  Consumer spending habits are changing and Amazon's adapting to that.
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  They're always quick to adapt.
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  They are.
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  And one thing that Moody's Analytics pointed out in their report is
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  that Amazon's in a really strong financial position right now.
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  They have a lot of liquidity, which gives them the flexibility to make these
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  kinds of strategic shifts very quickly.
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  So they see an opportunity.
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  They have the cash I. Boom, they're in.
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  Exactly.
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  And what they seem to be seeing right now is a massive need for data center space,
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  and they're going after it in a big way.
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  In 2024, they bought at least 3000 acres of land across 14 states,
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  all for data center development.
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  3000 acres.
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  That's, that's a lot of land.
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  That's like a small city.
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  It is.
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  And a lot of that activity, a really noticeable concentration of
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  it has been in Central Virginia.
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  Oh, right.
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  The place everyone calls the data center capital of the world.
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  Yeah, exactly.
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  And you can see why Amazon poured about $640 million into
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  Central Virginia last year, 2024.
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  That's almost 25% of their total industrial property spending for the
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  whole year, just in that one region.
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  And they weren't messing around with those purchases either?
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  No, they were not.
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  They paid like $218 million for 91 acres in Manassas, and another
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  57 million for 39 acres nearby.
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  They even bought three existing data centers in Sterling for 136 million.
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  That's a pretty serious commitment.
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  Sounds like they're really planting their flag there.
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  Yeah, and what's interesting is that Moody's Analytics says they're playing a
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  long game with these data center sites.
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  They're calling it a land banking strategy.
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  I. They buy the land and yeah, they might develop it pretty quickly
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  if they need to, but they're also comfortable holding onto it for a
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  while, maybe even one to five years.
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  So they're not just reacting to immediate demand.
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  They're thinking ahead.
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  Exactly.
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  They're building for the future.
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  And that kind of financial flexibility, that ability to think long-term is
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  something that very few companies can do.
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  And it makes sense when you consider how much money AWS brings in.
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  I mean, for those who don't know, AWS is a big deal.
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  It's a huge part of Amazon's business.
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  It is in the third quarter of 2024 alone, AWS brought in about
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  16% of Amazon's total revenue.
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  Wow.
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  So as AI keeps growing, which it seems like it's only gonna do that,
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  reliance on data centers is only gonna become more and more important.
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  Exactly.
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  Data centers are the foundation for everything they're doing in
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  the cloud, and especially with ai.
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  Now, let's switch gears for a minute and talk about the logistics side of things.
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  Mm-hmm.
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  Because it wasn't that long ago that we were all hearing about Amazon.
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  Scaling back their warehouse footprint
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  right in late 2022 and early 2023.
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  They definitely did some adjusting.
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  M-W-P-V-L International reported that they closed or delayed something
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  like 99 facilities, which totaled about 32 million square feet.
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  That's a lot of space.
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  It is.
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  But I think what we're seeing now is that that was more of a course
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  correction after a period of really, really rapid growth during the pandemic.
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  So kinda like a rebalancing.
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  Right.
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  Exactly.
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  And now in 2024, we've actually seen a renewed push to expand
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  their logistics network.
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  The Wall Street Journal reported that this is all about getting
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  closer to their customers so they can offer more same day deliveries.
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  Which makes sense.
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  Everyone wants things faster these days,
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  right?
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  And to do that, they need more warehouses and distribution centers
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  spread out across more locations closer to where people live.
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  And we've seen them making some big moves in that direction, haven't we?
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  Oh, yeah.
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  Their biggest purchase last year was a 2.8 million square foot fulfillment
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  center in Daytona Beach, Florida,
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  2.8 million sports.
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  But
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  yeah, it's massive and it's all robotics driven.
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  They paid $394 million for it.
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  Wow.
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  Sounds pretty high tech.
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  It is, and it's set to open pretty soon and beyond.
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  Daytona, they made at least seven other industrial purchases last year that were
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  over a hundred million dollars each.
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  We saw activity in Virginia, obviously, but also in Florida,
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  Arizona, California and Indiana.
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  And while Daytona was mainly about logistics, most of those
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  other big purchases were actually for data center development.
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  Interesting.
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  So now let's bring it back to what's happening in the West, because I know
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  that's what a lot of our listeners are really focused on and you know,
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  our colleagues over at West Coast Connections Group have been giving us
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  some great insights into the market there.
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  Yeah, they've been keeping a close eye on things.
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  And what's interesting is that, you know, at the national level we see these
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  big trends, but how they play out in different regions can vary quite a bit.
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  And that's definitely true in the West.
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  Absolutely.
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  So West Coast Connections Group has confirmed that Amazon bought
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  160 acres of land in Hesperia in the fourth quarter of 2024.
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  And there were a few really big pre-lease that went down to over 1.1
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  million square feet in Fontana, another million square feet in Drupa Valley,
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  and just over a million in Ontario.
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  Those were all in the first half of the year, and there was another big
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  pre-lease over 1.2 million square feet in Hesperia that happened late in 2023.
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  That one might be connected to Maersk, actually, potentially
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  for some kind of Amazon product.
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  Hmm.
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  Yeah, it is.
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  But the thing that your colleagues at West Coast Connections Group have
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  been emphasizing, and it really echoes that initial sense of a slowdown
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  that you were talking about, is that Amazon's been pretty quiet.
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  Intel markets, they've seen very few new facilities opening and
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  some older ones are even being shut down or just sitting empty.
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  Wow.
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  So even though they're spending all this money elsewhere.
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  In those core Western markets, they seem to be taking a step back.
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  It seems that way, and it really makes you wonder if there's a shift happening
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  in their logistics strategy, at least for those more densely populated areas.
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  Yeah, that's a really good point.
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  But here's another interesting wrinkle.
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  Dan Dougherty at West Coast Connections Group told us about
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  something pretty interesting.
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  Apparently there's a search going on right now for about a
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  million square feet of space, and it's being conducted by not one.
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  But five different third party logistics providers.
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  Five different three pls.
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  Yep.
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  CEV, Maersk Rider, IDL, and DP World.
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  They're all looking for space with a three year lease term, and the thinking is
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  that it's ultimately gonna be for Amazon.
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  So even if Amazon isn't directly leasing the space themselves, they
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  might still be expanding their footprint through these three pls.
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  Precisely.
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  And that's something to keep in mind.
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  Just 'cause you don't see Amazon's name on the lease
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  doesn't mean they're not involved.
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  Right.
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  It could be happening under the radar.
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  Exactly.
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  And if we look at the Phoenix market.
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  Don McWilliams reports that Amazon already occupies almost 18 million
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  square feet there, spread across 34 buildings, and they're still seeing
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  big space requirements coming from KBC, though nothing's been finalized yet.
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  So it's not like the west is completely dead, it's just while the nature of their
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  involvement might be changing a bit.
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  Makes sense.
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  So with all this talk about data centers and logistics and shifting
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  strategies, I'm really curious about the innovation side of things.
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  What's Amazon doing to push the boundaries of how they operate?
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  You know, all that cool tech stuff that they're always working on.
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  Oh yeah.
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  That's where it gets really exciting.
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  This is the stuff that's gonna have a major impact on the
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  industrial sector as a whole.
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  I. Amazon's got this thing called the Industrial Innovation Fund, and they've
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  poured a billion dollars into it.
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  A billion dollars.
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  Yeah.
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  And the whole point of it is to invest in companies that are developing
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  cutting edge technologies for warehouse automation and supply chain innovation.
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  So they're not just building buildings, they're investing in the future
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  of how those buildings operate.
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  Exactly.
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  And they're putting their money where their mouth is.
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  They've invested in companies like Right bot, which is working on technology
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  to automate the unloading of shipping containers, which is something that's
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  still very manual and time consuming.
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  So basically robots unloading those giant containers instead of people.
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  That's the idea.
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  And then there's Instock, which has developed this really cool robotic storage
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  and retrieval system for warehouses.
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  It's all about optimizing how inventory is managed.
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  Sounds like something out of a sci-fi movie.
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  It does, doesn't it?
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  But it's happening now and then there are these innovation challenges that they run.
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  They're basically competitions where they invite companies to come up
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  with solutions to specific problems.
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  I've heard about those.
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  What were some of the challenges they had last year?
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  Last year, 2024, they had one focused on packaging visibility
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  and another on yard orchestration.
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  Okay, break those down for me.
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  What does that even mean?
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  So packaging visibility was about finding ways to track what's inside packages
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  without actually having to open them.
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  That makes sense.
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  You don't wanna be opening every box to see what's inside.
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  Right.
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  And they were looking for solutions that use things like AI powered computer
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  vision, where computers can basically see and identify objects and millimeter
• 13:32
  wave technology, which can penetrate materials to get a sense of what's inside.
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  This is kind like an x-ray vision for packages.
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  Yeah, kind of.
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  And then the yard orchestration challenge was all about improving the flow of trucks
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  in and out of their sorting facilities.
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  They wanted to optimize truck scheduling, how they deploy labor, even
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  the layout of the yards themselves.
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  Sounds complicated.
• 13:54
  It is.
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  But they had some really smart companies working on it.
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  Companies like locs, Omnis, and E-I-G-L-E.
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  These are companies that specialize in logistics, software
• 14:03
  and AI driven automation.
• 14:05
  And just recently they launched a new challenge in Europe focused on automating
• 14:09
  the first mile of their operations.
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  The
• 14:12
  first
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  mile.
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  Yeah.
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  That's the part where packages get picked up from sellers and move
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  to the first sorting facility.
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  It's a really crucial part of the process and one that's still
• 14:21
  pretty manual in a lot of cases.
• 14:22
  So it sounds like AI and robotics are playing a huge role in all of this.
• 14:26
  Absolutely.
• 14:27
  The head of the Industrial Innovation Fund, Francisco Bosar, she's
• 14:31
  predicting even more widespread use of AI and machine learning and
• 14:34
  industrial technologies this year.
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  She thinks advancements in computer vision are gonna be
• 14:38
  really key, enabling things like.
• 14:40
  Vivian's ai, which can track inventory and warehouses with incredible accuracy,
• 14:45
  and there's a lot of excitement about the progress being made with bipedal robots.
• 14:49
  Those robots that walk on two legs.
• 14:51
  Amazon's actually running a pilot program with agility
• 14:53
  robotics digit robot right now.
• 14:56
  I've seen videos of that robot.
• 14:57
  It's pretty mind blowing.
• 14:58
  It is, but it's important to remember that it's not just about replacing
• 15:02
  humans with robots entirely.
• 15:04
  A big part of this is about finding ways for humans and machines to
• 15:08
  work together more effectively.
• 15:09
  So collaboration, not just automation.
• 15:11
  Exactly.
• 15:12
  I. And they're finding that this collaborative approach actually
• 15:15
  leads to a safer work environment.
• 15:17
  Amazon's data shows that incident rates are lower in facilities that
• 15:21
  have implemented robotics, and they're developing systems like
• 15:24
  Sequoia, which combines a bunch of different robotic technologies to
• 15:28
  speed up inventory processing, and it's designed specifically for humans
• 15:32
  and robots to work side by side.
• 15:34
  It's amazing to see how far this technology has come.
• 15:37
  It makes you wonder what the future holds, and it's not just robotics
• 15:40
  that they're thinking about.
• 15:41
  It's wild to see them looking into things like small modular nuclear
• 15:45
  reactors as a long-term energy solution.
• 15:49
  Yeah, that one really caught my eye too.
• 15:51
  It shows just how seriously they're taking their sustainability goals and how far
• 15:55
  ahead they're thinking when it comes to their energy needs, especially with
• 15:58
  those data centers using so much power.
• 16:00
  That's a project that's gonna take a while to come to fruition, but it
• 16:03
  highlights their long-term vision.
• 16:05
  Okay.
• 16:06
  Before we wrap things up, I wanna touch on something that seems a
• 16:08
  little unrelated, but could actually have some indirect implications for
• 16:12
  the industrial real estate market.
• 16:14
  And that's Amazon's mandate for employees to return to the office
• 16:18
  five days a week in Seattle.
• 16:21
  Ah, yes.
• 16:21
  The return to office push.
• 16:23
  Exactly.
• 16:24
  So how do you see that potentially impacting things even indirectly?
• 16:28
  Well, it's an interesting point.
• 16:30
  Their goal with that is to try to revitalize downtown Seattle to bring
• 16:35
  more life back into the urban core.
• 16:37
  And we are seeing more and more companies, not just Amazon
• 16:40
  encouraging or even requiring employees to come back to the office.
• 16:44
  So while this is primarily affecting the commercial office real estate market,
• 16:49
  it's having a ripple effect as more people are working downtown, that creates
• 16:53
  more demand for things like restaurants.
• 16:56
  Shops and services, which in turn could lead to increased demand
• 16:59
  for logistics and warehousing space to support those businesses.
• 17:03
  Oh yeah, that makes sense.
• 17:04
  So it's kind of a chain reaction,
• 17:06
  right?
• 17:06
  And it's something to keep in mind.
• 17:07
  Changes in one area of real estate can often have unexpected impacts on others.
• 17:11
  It's all connected.
• 17:12
  It really is.
• 17:13
  And
• 17:13
  one last thing I wanna highlight is the increase in Amazon's owned property.
• 17:17
  It's pretty significant.
• 17:18
  Yeah.
• 17:18
  Their latest financial reports showed that they now own 36.8 million square
• 17:22
  feet of warehouse and data center space up from 25.6 million the year before.
• 17:28
  That's a pretty big jump.
• 17:29
  It is, and they're planning to spend something like a hundred billion dollars
• 17:32
  on capital expenditures this year.
• 17:34
  And a lot of that is going towards AWS and their AI infrastructure,
• 17:38
  right?
• 17:39
  So the takeaway there is that they're not slowing down, not by a long shot.
• 17:43
  They're just shifting their focus and investing heavily in the areas that
• 17:47
  they see as key to their future growth.
• 17:50
  So to sum it all up, for our listeners out there, especially
• 17:52
  those of you working in the Western region, what are the key takeaways?
• 17:56
  Well, first it's important to remember that even if you're seeing less of that
• 18:00
  traditional big box, Amazon warehouse activity in your market, they're still
• 18:05
  a major player and they're investing a ton of money in industrial real estate.
• 18:09
  Right.
• 18:09
  It's just that a lot of that money is going towards data
• 18:12
  centers, not fulfillment centers.
• 18:14
  Exactly.
• 18:15
  And those data centers are popping up.
• 18:17
  All over the country, not just in the west.
• 18:19
  And second, don't count Amazon out of those Western infill markets entirely.
• 18:24
  They might be quieter there when it comes to direct leases,
• 18:27
  but they're still active.
• 18:28
  We're seeing them working more through three pls, and those large space
• 18:32
  requirements are still out there.
• 18:34
  So it's about looking beyond those big obvious deals.
• 18:38
  Yeah, and paying attention to.
• 18:40
  The more subtle moves they're making.
• 18:41
  Right?
• 18:42
  And third, don't underestimate the impact of innovation.
• 18:45
  Amazon is pouring billions into developing technologies that are gonna
• 18:49
  revolutionize how warehouses operate, how supply chains function, the whole thing.
• 18:54
  So for all of our industrial broker listeners out there, the big question is.
• 18:58
  How is all of this going to reshape the industrial real estate
• 19:01
  landscape in the years to come?
• 19:03
  That's the million dollar question, and I think the answer is, well,
• 19:06
  we're gonna have to wait and see.
• 19:08
  But one thing's for sure, it's gonna be fascinating to watch it unfold.
• 19:11
  It really is.
• 19:12
  And for all of you listening, we wanna hear from you.
• 19:15
  What are you seeing in your markets?
• 19:16
  How do you think these trends are gonna play out?
• 19:18
  Let us know.
• 19:19
  And as always, thanks for diving deep with us.
• 19:21
  Thanks for listening to our first ever AI bot.
• 19:25
  Podcast on all things what's going on with Amazon and the Western region.
• 19:30
  I hope you enjoyed it.
• 19:31
  Crazy technology.
• 19:33
  Thank you.