With e-commerce booming, warehouses are now worth more than office buildings

Boxes and parcels sit stacked in bays ahead of shipping from the warehouse of an Amazon.com Inc. fulfillment center in Koblenz, Germany, on Tuesday, Nov. 29, 2016. E-commerce sales in November and December will grow 17.2 percent to $94.7 billion, more than five times the pace of total retail sales growth of 3.3 percent, according to EMarketer. Photographer: Martin Leissl/Bloomberg

While China slams the brakes on buying trophy properties and the retail apocalypse draws nigh, something less sexy but striking is going on in real estate.

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