“They will pay an extra 10 or 15 per cent to get that productivity, and that’s certainly what we’re seeing. We don’t see that slowing down in the current environment,” Goodman said.

“The structural changes driving demand for industrial property have continued. The digital economy is growing alongside our customers’ need for greater supply chain efficiency and sustainable properties close to consumers,” he said.

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Goodman’s statutory profit, which includes lumpy gains from the revaluation of sheds in its portfolio, was $3.41 billion. Rent growth, cap rate compression and development completions added $8.5 billion in value to its warehouses and the many sheds it manages for others, taking the total value of assets under management to $73 billion.

The developer expects its Asian operations to come back to life this financial year.

“We’ve got a good development program and are finishing buildings, but China and Hong Kong hasn’t experienced the valuation growth and the cashflow growth that’s been experienced in the US and that we’re now seeing through Europe and in Australia,” Goodman said.

The group is keeping a close eye on consumer demand and its tenants’ desire for new buildings.

“At the moment, it’s robust around the world,” he said.

“The test will be as we come out of the summer in the US and Europe and see how that shakes up towards the end of the year. Like everyone in the world, that’s going to depend on if it’s a hard landing or a soft landing, and that depends on the impact of interest rates and the severity of those.”

The group is forecasting a distribution of 30¢ per security for financial year 2023. Shares in the developer were up marginally on early afternoon trade at $20.60.