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Additional takeaways from the report include:
- At the end of 2018, occupancy stood at 97.4 percent—the fourth straight year above 95 percent.
- Leasing volume was 8.7 million square feet in 2018, up 11 percent from 2017.
- Net effective rents on expiration rose 13.1 percent (and have been above 10 percent for seven straight quarters).
- Weighted average customer retention rate was 79.3 percent. In many instances, existing customers renewed their leases.
By the end of 2018, the team had installed efficient lighting in 88 percent of the FIBRA portfolio, up from 66 percent in 2017—and in turn moving closer to the goal of 100 percent.
In 2018, the volume of space covered by reflective roofing material (cool roofing) rose to 8 million square feet, up from 6 million square feet in 2017.
Check out this video where Luis Gutiérrez, Chief Executive Officer of Prologis Mexico, shares additional highlights from 2018.
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Well done, team! And—happy fifth anniversary, which is today!