ProLogis Starts $680 Million of New Development in 2010

ProLogis

, the leading global provider of distribution facilities, announced today it signed four new development agreements in the fourth quarter of 2010 totaling 934,000 square feet (86,800 square meters) and a total expected investment of $129 million. Including previously announced development projects and these newly signed fourth-quarter agreements, ProLogis' 2010 development starts total $680 million. "In some global industrial real estate markets, new space is almost completely absorbed, and rents are poised to rise, which are incredibly positive signs for our industry and our development business," said Walter C. Rakowich, ProLogis chief executive officer. "In 2011, we plan to develop $800 million to perhaps $1 billion in Asia, Europe and North America. As our customers are beginning to look for new space, we are positioned very well to meet their needs by developing optimally located, sustainable distribution facilities in major logistics corridors across the globe."