SAN FRANCISCO-An uptick in leasing activity at AMP Property Corp. in the first quarter suggests that fundamentals will begin recovering in the second half of this year—as the industrial REIT had previously forecast, officials of AMB said Wednesday in reporting the company’s financial results for the first quarter of this year. Said Hamid R. Moghadam, AMB’s chairman and CEO, “The global economic recovery is well under way, and the leading indicators of demand for industrial real estate are gaining momentum. We are seeing this play out in leasing activity as there was an encouraging uptick during the first quarter, supporting our forecast for a recovery of operating fundamentals in the back half of 2010.”

Moghadam delivered his comments in AMB’s quarterly earnings conference call with financial analysts. In his introductory remarks to the conference call, Moghadam said that 2010 “is shaping up to be a very good year for us.” Among the factors he cited in AMB’s positive outlook were improvements in global trade, increasing confidence among the company’s customers and better-than-expected financial results from transportation-based logistics providers.

Moghadam pointed out that, since bottoming in early 2009, global trade “has been improving at a healthy pace in both the ocean and the air sectors.” Container volumes through the major global ports are up about 24% from the trough, although still 7% to 10% below comparable periods in 2007 and 2008, he noted. International air cargo is up 28% year-to-date from its January 2009 trough, which Moghadam called “an unexpected and positive surprise” that is the result of “customers who continue to manage their lean inventory.” Air cargo volumes are now only about 5% to 10% below peak levels, he added.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.