Prologis Europe shares this recap of its first quarter 2023 activity. This summary includes operating performance highlights and insights into select milestones and achievements.

Ben Bannatyne, President, Prologis Europe:

“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. 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.”

Jessica Pilkes, Country manager Prologis Benelux:

“The demand for high-quality logistics space also continues in the Netherlands. By working closely together with our customers, we continue to respond to their needs and successfully anticipate the rapidly changing needs in the market. For example, with Prologis Essentials and our ever expanding city portfolio.”

Operating Performance – First Quarter 2023 (Europe)

• 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 (Europe):

• 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.

Leasing Highlights (the Netherlands):

• 20,163 sqm for De Vries Hallum at Prologis Park Veghel DC1.
• 12,762 sqm for Morrison Express at Prologis Park Eindhoven DC4.
• Almost 8,300 sqm for Seabourne Logistics at Prologis Park Schiphol DC5.

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).