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Prologis’ BTS Activity Reaches Highest Level Since 2013
Prologis, Inc. completed 13 build-to-suit development projects in the second half of 2017, totaling more than 4.7 million square feet with a total expected investment (TEI) of roughly $350 million. The San Francisco-based company was also awarded 21 build-to-suit developments representing more than 6.7 million square feet during the same period at a TEI of approximately $550 million.
Prologis’ Michael Curless says, “Our land bank and network of multi-site customers, many of whom are focused on e-commerce, have been strong factors driving this part of our business. As a result, the ratio of our build-to-suit activity to our overall development starts reached its highest level since 2013.”
For the full year, Prologis completed 33 build-to-suit projects totaling more than 12 million square feet and started 38 build-to-suits. These starts have a TEI of approximately $1.1 billion, which is an increase of more than 45% over last year’s build-to-suit TEI. This represents 47% of the company’s total development TEI for 2017. More than 70% of these starts were signed with multi-site customers, and more than 95% are located in global markets.
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