Global logistics specialist Prologis signed leases and renewals on 2.4 million m2 and started construction of 13 buildings totaling 393,000 m2 in the first half of 2017.
The mew developments include:
• 36,672 m2 for Coolblue at Prologis Park Tilburg, south Netherlands
• 27,150 m2 for Logiters (ID Logistics Group) at Prologis Park Penedes, Spain
• 16,199 m2 for Textile House at Prologis Park Bratislava, Slovakia
• 30,240 m2 for Sainsbury’s at Prologis Park Pineham, UK
By end-June June, Prologis owned or had investments in properties and development projects in Europe totaling 16.9 million m2. Occupancy was at 96.2%.
'Demand in Europe in the first six months of the year was at its highest level in 10 years,' said Ben Bannatyne, president of Prologis Europe. 'We are seeing steady demand from customers across a broad range of sectors. Companies seeking to optimize their distribution operations are restructuring supply chains and location is playing an increasingly important part in their real estate decisions.'
With continuing low levels of supply of Class-A facilities across all markets, Prologis acquired land to extend logistics parks in prime locations such as, Prologis Park Bratislava, Slovakia; Prologis Park Tilburg, South Netherlands and Prologis Park Hemel Hempstead in the UK’s London and South East market.
In the first half of the year, Prologis acquired a total of 138 hectares of development land in Europe as well as a portfolio of five fully-let buildings, totaling 77,000 m2 in Sweden. During the same period, the company disposed of 397,000 m2 in buildings across Europe, along with 32 hectares of land.
Rental growth continued during the first six months of 2017, both in supply constrained markets across Northern Europe and the UK as well as in recovering markets, such as Italy, Spain and Hungary.
The strongest markets for Prologis Europe during the period were the UK, the Netherlands, Germany, Italy, Slovakia, Stockholm, Barcelona, Prague and Budapest.
Image: Prologis Park Bratislava
