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Prologis Planning Multi-Story Development in South Seattle
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Prologis Inc. (PLD - Free Report) is planning to come up with a multi-story development in South Seattle, according to a business journal.
In fact, per an application, the company is looking for a permit from the city for constructing a four-story building at 646 S. Holgate St.. The building would span196,500 square feet that will have warehouse and manufacturing space as well as research and development areas.
Notably, this is not the sole project of Prologis in the region. The company is already slated to turn up with a larger project at 6050 East Marginal Way S, where two, two-story warehouses, aggregating over 540,500 square feet were proposed last year. Multi-story warehouses are more popular in regions with limited availability of land.
The multi-story development plan reflects solid demand for warehouse space in the region. In fact, with limited warehouse space available, rents have elevated over the past years. Amid this, building a multi-story building seems a strategic fit for the company.
Given decent growth in the industrial market, thanks to the rapidly growing e-commerce industry, demand for logistics infrastructure and efficient distribution networks is increasing. This is giving Prologis ample scope to leverage growth opportunities.
Yet, rising competition and interest rate issues are concerns before the company. Also, a whole lot of new construction is expected over the next two years which can curb growth next year.
Prologis currently has a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider stocks like DCT Industrial Trust Inc. , Douglas Emmett Inc. (DEI - Free Report) and PS Business Parks Inc. . Each of these stocks holds a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
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Prologis Planning Multi-Story Development in South Seattle
Prologis Inc. (PLD - Free Report) is planning to come up with a multi-story development in South Seattle, according to a business journal.
In fact, per an application, the company is looking for a permit from the city for constructing a four-story building at 646 S. Holgate St.. The building would span196,500 square feet that will have warehouse and manufacturing space as well as research and development areas.
Notably, this is not the sole project of Prologis in the region. The company is already slated to turn up with a larger project at 6050 East Marginal Way S, where two, two-story warehouses, aggregating over 540,500 square feet were proposed last year. Multi-story warehouses are more popular in regions with limited availability of land.
The multi-story development plan reflects solid demand for warehouse space in the region. In fact, with limited warehouse space available, rents have elevated over the past years. Amid this, building a multi-story building seems a strategic fit for the company.
Given decent growth in the industrial market, thanks to the rapidly growing e-commerce industry, demand for logistics infrastructure and efficient distribution networks is increasing. This is giving Prologis ample scope to leverage growth opportunities.
Yet, rising competition and interest rate issues are concerns before the company. Also, a whole lot of new construction is expected over the next two years which can curb growth next year.
PROLOGIS INC Price
PROLOGIS INC Price | PROLOGIS INC Quote
Prologis currently has a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider stocks like DCT Industrial Trust Inc. , Douglas Emmett Inc. (DEI - Free Report) and PS Business Parks Inc. . Each of these stocks holds a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>