Exhibit 5: Warehouse Construction Cost Index

Dec 2004=100, not seasonally adjusted

A chart showing the warehouse construction cost index from 2005-2023, where this is predicted to increase sharply by year-end 2023

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Note: Grey area indicate recessions Source: U.S. Bureau of Labor Statistics, Producer Price Index by Industry: New Warehouse Building Construction [PCU236221236221], retrieved from FRED, Federal Reserve Bank of St. Louis, November 30, 2022.