Prologis has published its activities for the first quarter of 2023 in Europe, including a summary of selected milestones and achievements.

“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”, says Ben Bannatyne, President, Prologis Europe. “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.

Björn Thiemann, Senior Vice President, Regional Head Northern Europe, adds: "With an occupancy rate of around 99 percent in Germany, we can also look back on a successful first quarter. In addition, we are well positioned to offer our customers new space in the coming months. In Neu Wulmstorf near Hamburg, we plan to complete a logistics facility with around 20,000 square metres by the end of June 2023. In Berlin-Tegel, we are aiming to build a city logistics building with around 8,000 square metres in the short term this year, and in Dortmund, our team recently developed a facility with around 30,000 square metres where space is still available."

Operating Performance – First Quarter 2023:

  • 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:

  • 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.

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.


  • In the first quarter, Prologis Europe acquired 2,991 square metres of land in Poland and 20,902 square metres of land in Germany.


  • In the first quarter, while there have been no land dispositions, Prologis Europe has disposed of a 4,643-square-metre building in Germany.

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