Prologis closes strong second quarter

Industrial

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Prologis, the global leader in industrial logistics real estate and a major player on the Hungarian market, leased more than 400,000 square meters of distribution space in the second quarter, an increase of more than 7% year-on-year, the company announced today in a quarterly report.

Aerial view of Prologis Park Budapest.

Prologis saw the biggest lease renewal at its Park Budapest-Harbor, on a 20,800-sqm space for contract logistics firm Fiege. The company carried out its third biggest development of the quarter globally - and its biggest in Hungary in the same period - at the speculative Prologis Park Budapest-Sziget facility, with a total area of 21,000 sqm. The park has a 23% pre-lease ratio. 

Prologis ended the second quarter with 94.8% occupancy of its operating portfolio, confirming the stabilization of the market and strengthening of its position in the CEE region. Prologis sees demand continuing to be driven by a reconfiguration of the supply chain and e-commerce.

At the end of the quarter, the company’s operating portfolio amounted to 4.35 million sqm in area. Adding developments, the portfolio totaled 4.52 million sqm.

“The second quarter of 2016 shows that the logistics real estate market in Central and Eastern Europe is growing steadily and offering encouraging prospects," said Martin Polak, senior vice president and regional head for Prologis CEE. "There is a growing demand for logistics space and, consequently, the occupancy rate across our portfolio is on the increase, reaching nearly 95%.”

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