P3 reports 28% jump in warehouse leasing

PointPark Properties (P3) increased the amount of warehouse space it leased in 2012 by 28% compared to the year before.

The pan-European real estate asset manager and developer reported a total of 604,000 m2 of leasing last year compared with 473,000 m2 in 2011.

New long-term leases - including future leases and expansions - rose to 293,000 m2 compared to 198,000 m2 the previous year. The rest of the leasing performance consisted of short-term leases and renegotiations.

P3 said demand for prime logistics facilities was boosted by the shortage of new developments across the continent. Average occupancy across P3's portfolio rose to more than 87%, compared with 84% at end-2011.

Ian Worboys, CEO of P3, said: 'Occupiers are looking to increase their requirements, or take back space that they vacated in the first few years of the recession. The lack of supply of prime properties in the development pipeline means they are confronted with limited choice.'

Headquartered in Prague, P3 has agreements to manage 1.5 million m2 of assets across Europe and has zoned land allowing for the development of more than 600,000 m2 of warehouse space.