The article by James Walker from October 20 starts off by noting that the company "has signed numerous leases and letters of intent for more than 1.2 million square feet of industrial space at new facilities it is developing in Japan."
Among the agreements are:
- a 292,000-square-foot distribution warehouse in Tokyo's Chiba Prefecture for an unnamed global provider of transportation and logistics services. The customer will use the facility to serve a Fortune 500 provider of footwear and apparel;
- ProLogis Parc Amagasaki and ProLogis Parc Maishima III, both in Osaka;
- ProLogis Parc Komaki in Nagoya;
- ProLogis Parc Sugito II in Tokyo; and
- a new, 1.3 million-square-foot inventory facility in Tokyo is scheduled for completion in the second half of 2008. The five-story warehouse, to be called ProLogis Parc Ichikawa, will be located approximately 16 kilometers from Tokyo's central business district and offers direct access to Tokyo Bay ports, Narita International Airport and other key transportation infrastructure. Total investment at the site is expected to exceed $200 million.
According to the article, "all the facilities are either currently in planning stages or are undergoing construction."
A quote from ProLogis management in Japan:
""We remain extremely pleased with overall market dynamics in Japan," said Mike Yamada, co-president of Japan operations for ProLogis. "New facilities in the ProLogis development pipeline are often substantially pre-leased prior to completion, a trend underscored by the exceptional marketing activity we experienced in the last quarter.""
I met with ProLogis at the recent Tokyo Logis-Tech conference. They seem to work heavily with foreign logistics firms, but there is no doubt that they have the ability to compete for Japanese business as well.