ProLogis employees in Poland will likely argue with anyone who says the industrial market is as dead as it ever has been. In the first six months of the year, the company leased 15% more space than it did in all of 2009: 351,000 sqm. As with most landlords in most asset classes, the majority of this leasing action was extensions of existing deals, but ProLogis will doubtless for each of the 123,500 sqm it managed to shave from its total Polish vacancy figures.
“These results confirm ProLogis’ market leading position in Poland and that the situation in the Polish and European warehouse space development markets has slightly improved,” said Ben Bannatyne, ProLogis MD for Central & Eastern Europe. “The Polish market as a whole has experienced several warehouse facility sales as well as an increased number of both tenders for build-to-suit projects and signed lease agreements. As such, the market is perceived by foreign investors as increasingly more reliable, driving further growth of our industry.”