Let's start with the obvious: over the last few years, the industrial/logistics market generally has been enjoying a boom. In no small part, Amazon has fed that investor appetite (accounting for 35% of H1 2021 figures). 

More recently, Amazon has announced a scaling back from the market, and that had an immediate effect on the pricing of the UK's listed industrial players (see this from May: https://www.egi.co.uk/news/has-industrial-passed-its-peak/). Interest rate rises should also have had something of a dampening effect on any leveraged transactions, and therefore some effect on pricing.

However, the gloomy talk has not yet translated into a complete stalling of deals. Clearly, there are other occupiers in the market, with Colliers research asserting that the overall take-up of 100,000+ sq ft space in H1 2022 is down only 14% against the record-breaking H1 of 2021 (and we can't expect records to keep being broken). Third-party logistics providers took 40.5% of H1 2022 space. We also see that rents continue to grow at some staggering rates.

So, there are other occupiers (perhaps 3PM will replace Amazon as the poster-child for industrial warehousing?), and there are too many other factors (including supply pipeline/supply chain and occupiers' environmental/sustainability concerns), which mean that Amazon's stepping back does not (necessarily) mean the death knell for the continued upward trajectory of this investment market.