Innovation, evolution & change: Agents' spring briefing

Press Release

Prologis held an annual agents’ briefing in both London and Birmingham this month to share its thoughts on the market, the progress it has made and the opportunities it can see for the coming year.

Andrew Griffiths, Managing Director of Prologis UK began the briefing with an overview of the industrial property market. Despite the Brexit-related hiatus immediately after the referendum last summer, consumer confidence has since revived and demand for logistics property has remained steady in the UK and across Europe. Vacancy levels are low - with 99.5% occupancy in the Prologis UK portfolio and supply levels dwindling. Rents are rising and investors are seizing every opportunity to build their stake in the UK logistics property market.

Prologis holds its property in a series of funds and because the current opportunities in the UK exceeded the capacity of its existing funds, it formed Prologis UK Logistics Ventures (UKLV), a joint venture with CBRE Global Investor Partners earlier this year, which is expected to reach a total value of approximately £1 billion.

“UKLV is an efficient way for us to match available capital with breadth of prospects in the UK,” said Andrew Griffiths. “Our customers continue to grow and this venture helps us meet new demand.”

Robin Woodbridge speaking at the Spring Agents Event

One of the main themes of the day was ‘Continuing the Conversation’ from Prologis’ 2016 UK Logistics Conference. Robin Woodbridge explored the subjects of innovation, evolution and change, explaining how Prologis shares its experience with stakeholders and encourages knowledge-sharing across the industry. Looking to the future, he considered how Prologis can analyse and use big data to save customers money and improve the way Prologis Parks operate in future.

In the concluding section of the briefing, Paul Weston summarised current development activity and outlined the new speculative units that Prologis is bringing forward. He also gave an update on Prologis’s land portfolio, where some 2.4 million square feet of build-to-suit development is on site at Pineham, Wellingborough, Daventry, Stoke and Lichfield.

We will continue to build the best speculative space on the market, and we will acquire the best land opportunities in our core markets

Paul Weston, Prologis UK

“We will continue to build the best speculative space on the market,” said Paul Weston. “And we will acquire the best land opportunities in our core markets. For our agent partners, this means they will have new space to lease whether they are acting for us or for one of our customers.”

Prologis is planning further ‘Continuing the Conversation’ events during 2017.

Paul Weston summarising current UK development activity

More images of the event can be seen below...

Spring Agents event, Birmingham
Our agent guests arriving
Prologis MD Andrew Griffiths opening the event
The crowd watch on
Robin Woodbridge explored the subjects of innovation, evolution and change
Paul Weston gave an update on Prologis’s land portfolio