We’re pleased to share this recap of Prologis Europe’s first quarter 2022 activity. This summary includes operating performance highlights and insights into select milestones and achievements.
Ben Bannatyne, President, Prologis Europe:
“Demand for tailored and sustainable logistics space highlights the urgent need for resilience as acute scarcity meets record demand and rents accelerate. Leasing activity in Europe pushed 1 million square meters in the first quarter. We are leveraging our proprietary data and strengthening our built-for-the-future approach to meet our customers’ needs. We have pivoted from responsiveness to readiness, putting us in the unique position to deliver value beyond our real estate.”
Operating Performance – First Quarter 2022:
- Total portfolio: 20 million square meters*
- First quarter total leasing activity: 1,04 million square meters:
- 219,974 square meters of new leases.
- 822,024 square meters of lease renewals.
- Rent change: +18,5%**
* includes operating, development, held for sale, other and VAA/VAC
** rent change is based on lease sign dates
Leasing Highlights:
- 19,096 square meters for a leading global logistics service provider, at Prologis Park Isle d'Abeau DC18, Lyon, France.
- 13,249 square meters for a global freight forwarding and supply chain management company, at Prologis Park Orléans DC5, Orléans France.
- 11,440 square meters at Prologis Park Beersel DC1, Antwerp, Belgium.
- 10,195 square meters at Prologis Park Budapest-Gyal DC4A, Budapest, Hungary.
Capital Deployment – First Quarter 2022
Driven by market demand:
The first quarter saw four new development starts: a 10,320 square meters build-to-suit (BTS) and three speculative developments totaling 86,273 square meters that are 40 percent leased.
BTS developments by region:
- 40,575 square meters: Bratislava, Slovakia.
- 33,594 square meters: Dortmund, Germany.
- 12,104 square meters: Arlanda, Sweden.
- 10,320 square meters: Schiphol, the Netherlands.
Acquisitions:
- In the first quarter, Prologis Europe acquired one building with a net rentable area of 21,966 square meters in Sweden and four land plots in the Czech Republic, Hungary, Italy and Germany totalling 344,998 square meters.
Operating Performance Central Europe & Poland– First Quarter 2022:
- CE total portfolio: 4,590,500 square meters*
- CE Q1 occupancy: 96.5 percent
- CE Q1 leasing activity was 488,000 square meters
- 132,000 square metres of new leases
- 290,770 square metres of lease renewals
- Poland total portfolio: 2,236,200 square meters*
- Poland Q1 occupancy: 96.5 percent
- Poland Q1 leasing activity was 190,700 square meters
- 32,100 square metres of new leases
- 108,400 square metres of lease renewals
*NRA – Net Rentable Area
Central Europe Capital Deployment - First Quarter 2022
Development Starts:
- Total development activity in Q1 2022 was one built-to-suit totalling 37,700 square meters for dm drogerie markt at Prologis Park Bratislava.
- First quarter 2022 saw two development completions totalling 25,400 square meters (Prologis Park Łodź DC2B & Prologis Park Prague D1 Ostredek DC1).
Special note from Ben Bannatyne, President, Prologis Europe:
"Across our geographies, Prologis colleagues are doing our part to #standwithukraine, with many personally affected and compelled to action in their home countries and communities. Since day one, colleagues and company, especially in central Europe, have been moved to act and provide service and support to help respond to the needs of the millions of refugees impacted by the war. Prologis is making suitable vacant space available to organisations for the storage of aid goods related to the Ukrainian refugee relief efforts. These spaces will be offered free of charge to various humanitarian organisations and local authorities within our Space for Good programme.” – Ben Bannatyne, President, Prologis Europe.
Additional Resources/Insights:
- Prologis Annual Report 2021
- Research: 2021 Prologis Logistics Rent Index
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 specialized 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).