Prologis has published its fourth quarter 2022 activity and full year operating performance in Europe.

2022 was a record-breaking year for us”, said Ben Bannatyne, president, Prologis Europe. Our milestone acquisitions across major European cities throughout the year allow us to provide our customers with the premium real estate and Essentials solutions they have come to expect from us where they need it most. We continue to focus on our customers and the partnership they need to grow their business. Our position of financial strength and innovative solutions, particularly within the energy business, help us stay ahead of the fast-evolving needs of our customers.”

Björn Thiemann, senior vice president, regional head Northern Europe, adds: “Our acquisitions in Northern Europe played a major role in enabling us to close the past year successfully. With the acquired facilities in Nuremberg and Berlin, in Amsterdam and Rotterdam, and in Brussels, we are responding to the growth of our customers and their desire for buildings in urban locations.”

Operating Performance – Fourth Quarter and Full Year 2022 (Europe):

  • Total portfolio: 22.3 million square metres.*
  • Q4 2022 leasing activity:**
    • 622,416 square metres total leased
    • 154,961 square metres new leases
    • 467,455 square metres renewals
  • Q4 Rent change: + 18%***
  • Full year occupancy: 98.7%
  • Full year 2022 leasing activity:
    • 3,451,415 square metres total leased
    • 849,493 square metres new leases
    • 2,601,922 square metres renewals

*includes operating, development, held for sale, other and VAA/VAC
** as of 31 December 2022  
*** based on lease start date

Leasing Highlights:

  • 28,660 square metres at Prologis Park Grolsheim DC1, Germany
  • 6,566 square metres at Prologis Park Budapest-Harbor DC11, Hungary
  • 5,736 square metres at Prologis Park San Fernando DC2, Spain

Capital Deployment – Fourth Quarter and Full Year 2022:

Development Starts:

There have been 5 new starts in the fourth quarter, comprising a total net rentable area of 68,004 square metres in the Czech Republic, Poland, Slovakia, Italy and Sweden. There were three notable build-to-suits covering 35,396 square metres which are already 100% leased and two speculative developments totalling 32,608 square metres in direct response to growing customer demand.

There have been 31 development starts in 2022, comprising a total net rentable area of 747,673 square metres. Of this, 10 were built-to-suits, covering 159,370 square metres which are 100% leased and 21 speculative developments totalling 588,303 square metres.

Acquisitions and Dispositions:

In the fourth quarter 2022, Prologis Europe acquired a 14,280-square-metre property in Madrid, Spain and our land acquisitions total 521,079 square metres in Italy, Spain, UK, Poland and Germany. The company disposed of one building in Germany totalling 3,561 square metres and 2 land parcels in UK and Slovakia, totalling 255,982 square metres.

This brings the year’s acquisitions to a total of 165 buildings across 1,636,677 square metres and 21 land parcels totalling 1,311,980 square metres across Europe. In 2022 we disposed of 4 buildings with a total 82,758 square metres and 6 land parcels totalling 677,644 square metres.

Insights from Ben Bannatyne, president, Prologis Europe:

In 2022, we have augmented our portfolio through substantial acquisitions and new development deliveries across the 12 markets in Europe adding a record 1,636,677 square metres to the portfolio. This puts us in an even better position to fulfil the growing demand of our customers for premium space, especially in high barrier, high-growth markets.

While adhering to our capital deployment and operational strategies, we continue to innovate beyond the traditional commercial real estate offering. The Prologis Essentials platform now delivers the next generation of solutions to address some of the critical challenges our customers face in operations, energy & sustainability, mobility and workforce.

With the performance of the fourth quarter of 2022, we are cautiously optimistic going into 2023. We continue to work with our customers and our teams on the grounds to overcome the challenges that go along with the ongoing restructuring of global supply chains.


Every connection starts with a conversation. Our team is here to help.