Prologis First Quarter 2024 Performance Update

Quote from Ben Bannatyne, president, Prologis Europe

“In the first quarter of 2024, demand for our high-quality logistics real estate remained steady across the 12 European markets where we operate. Germany and the Netherlands continue to be the strongest markets, given their high barriers to supply and strong demand.

We anticipate our customers’ need for space when and where they need it most, whether that is meeting the demand of e-commerce or building data centres. We leverage our extensive ready-to-build land bank, robust financial position and super integrated logistics platform to provide a complete solution tailored to their needs.”

Operating Performance – First Quarter 2024:

Total portfolio: 22.5 million square metres*

First quarter total leasing activity: 1,078,262 square metres:

New leases: 147,929 square metres
Renewals: 930,333 square metres

Q1 2024 rent change: 20.5%**

Occupancy: 97%

* includes operating, development, held for sale, other and VAA/VAC
** rent change is based on lease start date

GROUNDBREAKERS 2024 will be held in London

GROUNDBREAKERS, Prologis’ signature thought leadership event, will take place in Europe for the first time! Last year’s event explored the electrification of everything, a rapidly changing workforce and how AI is influencing the supply chain — among other themes (view panels). This October, we’re gearing up for even more innovation, engagement and knowledge sharing in a one-of-a-kind event. Mark your calendars for October 2nd, and stay tuned for more information!

Resources/Insights

Prologis Performance Call video recording
Press release: Prologis Inc reports first quarter 2024
Trends: Prologis Logistics Rent Index 2023: Solid Global Rent Growth and New Leading Locations
Trends: Seven Supply Predictions for 2024 (Dec 2023)
Solar generation progress: Prologis now generates 500MW on roof solar, halfway to our 1GW by 2025 goal
ESG Report: 2022-2023 ESG Report
Complete warehouse solutions platform: Find out more about the Prologis Essentials Platform
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).