A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.

After a pandemic-driven surge, and a subsequent pullback, warehouse real estate supply and demand is finally starting to come into balance and showing new signs of life.

E-commerce , which was the primary driver of the recent boom cycle, certainly hasn't gone away, but more people are returning to brick and mortar. Warehouse tenants are now more focused on efficiency, power and location than they are on square footag

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