Global nominal and real rent increases were the highest since Prologis started monitoring them in 2007. The results of the latest Prologis Logistics Real Estate Rent Index report, published in February 2023, confirm that 2022 was an exceptional year for the logistics sector. The general economic situation, which as you said is characterised by high inflation and high interest rates, has meant higher construction and development costs. There’s a lot of capital on the market, but people are still monitoring the situation closely.Īnd how do you see the present situation? Are the continuing high inflation and interest rates having an impact on the warehouse market in terms of leases, rents and new developments? I did, and the atmosphere was as positive as the weather! Having said that, there was an air of ‘wait and see’, in terms of investment. This could raise strong new dynamics in terms of investment opportunities or even some consolidations in the near future.ĭid you go to the MIPIM fair in Cannes in March? If so, how did you gauge the mood there? We expect market values to finally adjust and stabilise in Q3 2023. We continue to deliver record results driven by the unparalleled quality of our portfolio and our customer solutions. This correction in valuations should mature Central European markets further, more in line with Western European market pricing. While we finished last year in the CEE region with historically high occupancy, above 98 pct across Europe, there was a change in the valuation of our assets. Our financial strength helps us to continue to be active and to take a highly positive outlook. We expect new supply to contract somewhat in 2023 across Europe – in Poland, in particular, it will be much reduced compared to previous years. As such, our focus will now be on our prime real estate portfolio, which is in very good shape and has an extremely low vacancy rate. In general, our CEE results reflected better-than-anticipated revenues, driven by healthy leasing activity and solid rent growth. The last quarter was unique for us, but also, in the end, very good. Paweł Sapek, senior vice-president, regional head CE & country manager, Prologis: Due to the fact that our operating results for 2022 were our best ever, everything we did in Q1 2023 was always going to be compared to the record results of the previous year. Nathan North, Eurobuild CEE: How has the beginning of the year been for Prologis in Poland and the CEE region? Has the last quarter been less busy for you because of all the uncertainty, or are you seeing a more positive vibe emerging?
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