Prologis recalculates rents and resources

At the end of Q1 2023, Prologis' warehouse space stock in Poland stood at 2.3 million, and 22.3 million sqm across Europe. The developer launched one investment, in the UK. The occupancy rate in all of the company's markets was over 98 percent.
Prologis leased about 1 million sqm across Europe in Q1 2023, of which about 257,000 sqm were new contracts and extensions accounted for about 771,000 sqm. The average rent at the developer's facilities in Q1 in the European Union increased by 2.6 percent.

The total size of Prologis' portfolio in Central Europe is 4.73 million sqm, and leases covered about 328 thousand sqm, including new
about 43 thousand sqm, and renegotiations - about 191 thousand sqm. Poland is the main market in the region, with an inventory of 2.3 million sqm. The occupancy rate in Q1 at facilities in Poland was 97.1 percent.

Demand for high-quality, tailored and sustainable logistics space remains high. In the past quarter, the occupancy rate in the 12 European markets where we operate was 98.6 percent. Given the macroeconomic environment, we continue to operate with some caution. Our stable financial position gives us flexibility, allows us to invest when opportunities arise and enables us to focus on building the buildings of the future," comments Ben Bannatyne, president of Prologis Europe.

Among the top leases was Schenker's lease of approximately 53,000 sqm at Prologis Park Prague Rudna DC18 in the Czech Republic. Next in terms of lease size were deals in Germany: about 42,000 sqm for Lidl at Prologis Park Bergheim, about 16,000 sqm for Grieshaber Logistik at Prologis Park Pulheim and about 13,000 sqm for Yusen Logistics at Prologis Park Hamburg Hausbruch.

In Q1 2023, Prologis launched one new development, a BTS of approximately 33,000 sqm in the UK. During the period under review, the developer acquired land of about 3 thousand sqm in Poland and a plot of about 21 thousand sqm in Germany, and sold one building of about 4.7 thousand sqm in Germany.

source: press materials