In the first quarter, Prologis CEE leased nearly 300,000 square metres, a 30 percent increase year over year. Transactions in Poland accounted for 44 percent of all leases signed in the region.
The company signed new lease agreements totalling 105,000 square metres and lease renewals of more than 154,000 square metres. The remaining activity was covered through short-term agreements.
Development Starts and Acquisitions
In the first quarter, Prologis initiated three developments totalling 56,400 square metres, including:
• 27,000 square metres of speculative space at Prologis Park Wroclaw V DC5, Poland;
• 18,200 square metres of speculative space at Prologis Park Wroclaw III DC1, Poland; and
• 11,200 square metre build-to-suit facility for Prime Cargo in Szczecin, Poland.
The company also acquired Prague Modletice D1, a high-quality 16,000 square metre logistics facility – renamed Prologis Park Prague D1 West II – located in the Prague D1 zone of the Czech Republic.
“Growing customer demand in select markets across the region led to strong year-over-year growth in leasing activity in the first quarter,” said Ben Bannatyne, managing director, Prologis Central & Eastern Europe. “We are firmly committed to increasing our occupancy through the year and may initiate new developments or target acquisitions to meet our customers’ needs.”
With its active engagement in five countries across the region (Poland, Czech Republic, Hungary, Slovakia and Romania) and a portfolio totalling more than 3.7 million square metres, Prologis is the primary operator of distribution facilities in Central & Eastern Europe (as of 31 March 2014).