E-commerce and Onshoring drive demand for link logistics in the first quarter

Logistics real estate operator Link Logistics signed 696 new and extended leases in the first quarter, covering 17.8 million square meters of space. In the fourth quarter, it signed deals covering 23.4 million square feet.

Link Logistics’ portfolio was 94.6% leased in the first quarter, which was 160 basis points lower than in the fourth quarter. Spreads on blended cash leasing – a comparison of new rents with expiring rents – were 44.4%, which was 1,120 basis points lower sequentially.

“We enter 2024 with continued demand for our well-located last-mile properties,” said CEO Luke Petherbridge. “E-commerce remained a key growth driver, along with the onshoring of manufacturing and the clean energy transition.”

New York-based Link Logistics has the largest logistics real estate portfolio exclusively in the US, spanning 533 million square feet, including new construction projects. There are 13.1 million square meters under construction. During the first quarter, it sold 10 facilities covering 7.1 million square feet, generating $1.5 billion in gross revenues.

“In the first quarter, our scale, unique data insights and talented team helped us take advantage of attractive, value-creating opportunities, including our market-leading $6.5 billion refinances.said Nicholas Pell, President and Chief Investment Officer. “We are focused on tailoring our portfolio to prioritize markets with high barriers and favorable fundamental supply and demand factors.”

The company added $2 billion in assets last year, including 59 logistics facilities totaling 12.5 million square feet.

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