ProLogis Research Group Releases New Report on Industrial Property Markets in Europe
October 13 2009 - 3:00AM
PR Newswire (US)
AMSTERDAM, Oct. 13 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a
leading global provider of distribution facilities, announced today
the release of a new research report on the state of the industrial
property markets in Europe, entitled "Looking for the Rainbow." The
report is based on market statistics and data compiled from a
variety of sources, including ProLogis market officers, brokerage
companies and market research groups. The information covers
distribution property markets in the United Kingdom as well as
northern, southern and central Europe up to and including the first
half of 2009. "Europe's logistics property markets are feeling the
weight of both a severe economic downturn and a lingering credit
crunch," commented Len Sahling, first vice president of the
ProLogis Research Group. "The European economies are starting to
emerge from several quarters of negative GDP growth, and the
logistics property leasing markets will follow suit, albeit with a
lag. Meaningful GDP growth combined with obsolescence and no new
supply will eventually pull Europe's logistics property leasing
markets out of their slump." Detailed findings in the report
include the following: -- During the first half of 2009, leasing
market fundamentals continued to weaken throughout Europe, with the
pan-European market occupancy rate slipping to 86 percent in the
second quarter of 2009 from 87 percent in the previous quarter and
89 percent a year ago. -- New deliveries to the Continental
European markets have remained relatively stable throughout the
current steep recession, largely because of the sizable overhang of
construction projects begun last year before the credit crisis
erupted. -- All across Europe, new starts have tapered off in
recent months and are now limited almost exclusively to
build-to-suit projects. As a result, the construction pipelines
have begun to shrink, suggesting that deliveries will soon begin to
taper off. -- Investors have developed a renewed appreciation for
market risk and are now making sharper distinctions between
countries in Europe regarding economic, currency and property
market risks. There is a renewed market focus on prime properties
in Europe, where the leases have strong covenants and lease terms
of five years. For a copy of the report on the property markets in
Europe, please visit:
http://www.prologisresearch.com/supplychain/default.asp?reid=A3U21446887DE.
The ProLogis Research Group monitors, analyzes and reports on key
trends and dynamics in both real estate and supply-chain
management, drawing from industry data and primary research
conducted by company analysts and a network of affiliated academics
and other professionals. Past reports have focused on global supply
chain dynamics, internet retailing, RFID technology, offshore
outsourcing and other related topics. For more, please visit
http://www.prologisresearch.com/. About ProLogis ProLogis is a
leading global provider of distribution facilities, with more than
475 million square feet of industrial space (44 million square
meters) in markets across North America, Europe and Asia. The
company leases its industrial facilities to more than 4,500
customers, including manufacturers, retailers, transportation
companies, third-party logistics providers and other enterprises
with large-scale distribution needs. For additional information
about the company, go to http://www.prologis.com/. DATASOURCE:
ProLogis CONTACT: Media, Mo Sheahan of ProLogis, +1-303-567-5434, ;
or Suzanne Dawson of Linden Alschuler & Kaplan, Inc.,
+1-212-329-1420, , for ProLogis; or Investors, Melissa Marsden of
ProLogis, +1-303-567-5622, Web Site: http://www.prologis.com/
http://www.prologisresearch.com/
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