Logistics real estate provider Link Logistics said demand for space remains firm in a third-quarter update issued Wednesday. Backed by Blackstone, Link owns and operates the largest U.S.-only portfolio of logistics properties.
“We are seeing healthy, broad-based demand for space, high levels of leasing activity and limited vacancy across our portfolio despite macroeconomic uncertainty,” said Link CEO Luke Petherbridge. “Link continues to focus on partnering with our customers to solve their supply chain challenges while making a positive impact on the communities where we live, operate and invest.”
The company now has a stake in 550 million square feet of logistics space, according to the report. During the third quarter, 97.4% of its same-store portfolio was leased, a 40-basis-point increase year over year.
Leasing in the period included 542 new and renewal agreements, representing 18.9 million square feet of space. Blended cash leasing spreads of 51.8% were a record. The metric is a comparison of new rents to expiring rents.
The company currently has 17.1 million square feet under construction at a projected cost of $2.5 billion.
“During the quarter, we added best-in-class infill real estate to our portfolio, focusing on high barrier-to-entry markets across the U.S,” said Nicholas Pell, Link’s president and chief investment officer. “The real-time data and insights generated by our 500+ million square-foot platform continue to give us conviction in the favorable outlook for the logistics sector.
“We remain highly focused on pursuing new investments even amidst broader capital market volatility given our unique scale and access to capital.”
The company completed the acquisition PS Business Parks in July, which added 27 million square feet valued at $7.6 billion to the portfolio.
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