Prologis has published its activities for the first quarter of 2023 in Europe, including a summary of selected milestones and achievements.

“Demand for high quality, tailored and sustainable logistics space continues to be strong with an occupancy of 98.6% in the past quarter across the 12 European markets we operate in”, says Ben Bannatyne, President, Prologis Europe. “Given the macroenvironment, we continue to operate our business with a degree of caution. Our very strong balance sheet continues to provide flexibility to capitalise as opportunities arise, strengthening our built-for-the-future approach to stay ahead of our customers’ needs.”

Björn Thiemann, Senior Vice President, Regional Head Northern Europe, adds: "With an occupancy rate of around 99 percent in Germany, we can also look back on a successful first quarter. In addition, we are well positioned to offer our customers new space in the coming months. In Neu Wulmstorf near Hamburg, we plan to complete a logistics facility with around 20,000 square metres by the end of June 2023. In Berlin-Tegel, we are aiming to build a city logistics building with around 8,000 square metres in the short term this year, and in Dortmund, our team recently developed a facility with around 30,000 square metres where space is still available."

Operating Performance – First Quarter 2023:

• Total portfolio: 22.3 million square metres*
• First quarter total leasing activity: 1,027,535 square metres: 
  • 256,690 square metres new leases
  • 770,845 square metres renewals
• Rent change: 26.5 %**
  * includes operating, development, held for sale, other and VAA/VAC 
  ** rent change is based on lease sign dates

Leasing Highlights:

• 53,398 sqm for Schenker spol, at Prologis Park Prague Rudna DC18, in Prague, Czech Republic.
• 6,582 sqm for Staci, at Prologis Park Clesud DC4, in Marseille, France.

Capital Deployment – First Quarter 2023

The first quarter saw one new development start: a 32,874 square metre build-to-suit (BTS) in the UK.

Acquisitions:

• In the first quarter, Prologis Europe acquired 2,991 square metres of land in Poland and 20,902 square metres of land in Germany.

Dispositions

• In the first quarter, while there have been no land dispositions, Prologis Europe has disposed of a 4,643-square-metre building in Germany.

Additional Resources/Insights:

• Research: 2022 Prologis Logistics Rent Index
• Research: Future Flow of Goods, updated Nov 2022
• 2021-2022 Prologis ESG report
• Prologis is the #1 real estate investment trust (REIT) on the 2022 Global 100 Most Sustainable Corporations in the World list. This is the company’s thirteenth appearance on the list, which is widely considered one of the most reputable sustainability rankings. Corporate Knights, a specialised media company and investment research firm, ranks publicly traded global companies on a broad scope of metrics related to environmental stewardship, social responsibility and governance (ESG).