DENVER, Sept. 16 /PRNewswire-FirstCall/ -- ProLogis , the world's largest owner, manager and developer of distribution facilities, today released two semi-annual research reports on the state of the U.S. industrial property market.
The first, the company's U.S. Property Market Review, states that the average vacancy rate for bulk distribution space across the country's top 30 markets increased to 8.3 percent during the second quarter of 2008, from 7.8 percent at year end 2007.
The second report, entitled U.S. Construction Pipeline Report, states that construction activity is contracting. New starts of bulk distribution facilities totaled 16 million square feet during the second quarter of 2008, compared with 29 million square feet during the first quarter of 2008 and 40 million square feet during the fourth quarter of 2007.
The two reports are based on market data compiled from a variety of sources, including ProLogis market officers, brokerage companies and data vendors. The information they contain covers market conditions in the top 30 U.S. distribution markets during the first six months of 2008.
Detailed findings in the reports include the following: -- Net absorption remained positive at 36 million square feet during the first half of 2008. -- Asking rents edged down 0.3 percent during the second quarter of 2008. -- New starts amounted to 45 million square feet during the first six months of 2008, versus 70 million square feet during the same period in 2007.
For a copy of the reports, visit: http://www.prologisresearch.com/MarketReviewMid2008 and http://www.prologisresearch.com/ConstructionPipelineMid2008.
About ProLogis
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 132 markets across North America, Europe and Asia. The company has $40.4 billion of assets owned, managed and under development, comprising 542.3 million square feet (50.4 million square meters) in 2,884 properties as of June 30, 2008. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs over 1,500 people worldwide. For additional information about the company, go to http://www.prologis.com/.
