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Link Logistics hits quarterly record with Q3 activity

Link Logistics hits quarterly record with Q3 activity

Link Logistics Real Estate, formed less than three years ago by financial titan Blackstone Inc. (NYSE:BX) to focus on last-mile logistics real estate, reported on Tuesday its best quarter ever, signing more than 550 new and renewal leases for a record 23 million square feet and boosting its development pipeline by $1.6 billion over second-quarter totals.

In a third-quarter update, New York-based Link said it invested $5.6 billion during the period to support a pipeline of 30 million square feet. By quarter’s end, Link Logistics had expanded its portfolio to 440 million square feet, the company said.

During the quarter, Link began constructing 1 million square feet of projects at an estimated cost of $180 million.

In a sign of one of the strongest pricing environments in the history of logistics real estate, the company’s “leasing spreads,” the difference between rents on a new lease compared to what was paid before, rose a record 21%, it said.

As with other logistics real estate developers, Link is benefiting from a historic 10-year bull market in U.S. logistics real estate that began with the launch of the e-commerce revolution that accelerated demand for warehouse property to support last-mile fulfillment and deliveries. The market surged anew after the COVID-19 pandemic triggered even greater demand for logistics property, especially in areas close to densely populated consumer end markets.

Even after the pandemic recedes, secular e-commerce growth will combine with some level of inventory near-shoring to extend the bull market for the rest of the decade, according to a recent projection by Prologis Inc. (NYSE: PLD), the world’s largest developer, owner and operator of logistics real estate. Link operates exclusively in the U.S., while Prologis operates on multiple continents.

San Francisco-based Prologis operates 612 million square feet in the U.S. The two companies combined operate 1.052 billion square feet in the domestic market. 


23 November 2021, 23:25