San Francisco-based Prologis Inc. has completed 16 build-to-suit development projects in the first half of 2018 totaling more than 6.2 million square feet with a total expected investment of approximately $475 million on a Prologis share basis.
During the same period, the company initiated 14 build-to-suit development starts representing over 4.7 million square feet with a TEI of approximately $450 million on a Prologis share basis. Consistent with first-half completions, the majority of these starts were signed with multi-site customers and are located in urban markets that are positioned for Last Touch operations, according to a prepared statement.
“Our multi-site customers, many of whom are focused on e-commerce, continue to drive strong results in our build-to-suit business,” said Michael S. Curless, chief investment officer, Prologis. “Our development activity is focused in major population centers because our customers need facilities close to their end consumers.”
As of March 31, 2018, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 683 million square feet (63 million square meters) in 19 countries.