OSAKA, JAPAN—Prologis has inked a new lease agreement 211,000 square feet (19,600 square meters) at a development that is under construction in Osaka.
Koizumi Logistics, a third-party logistics provider and repeat customer, will occupy the space at Prologis Park Osaka 5, an 800,000 square foot (74,300 square meter) high-quality facility scheduled for completion in early 2015. The building’s location enables Koizumi to more efficiently transport goods to and from the Osaka Port.
“The lack of supply and growing demand, coupled with rising rents, justify new development in Osaka,” said Mike Yamada, president, Prologis Japan. “The quality and location of this property as well as our strong customer relationships enabled us to prelease this space to a repeat customer.”
Prologis is a leading provider of industrial real estate in Japan, with approximately 22.9 million square feet (2.1 million square meters) of logistics and distribution space as of December 31, 2013.