Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Jeffrey H. Schwartz, president of international operations for locally based behemoth industrial REIT ProLogis, in an exclusive interview told GlobeSt.com that he sees a lot of potential in Europe and Asia in the coming year. Schwartz was recently in Denver for a board meeting, and spoke with GlobeSt.com before flying back the next day to his office in Japan.

“I don’t think we have reached our full potential in France or the United Kingdom, and additionally we have only started focusing on Germany in earnest for the last three years,” Schwartz told GlobeSt.com. “There’s strong growth potential in Germany. It is the largest economy in Europe.”

He also noted that ProLogis is moving forward in Spain, as well as in central Europe. “We’re growing in Warsaw, Prague and Budapest,” he said. “And we’re No. 1 in our field by a significant margin in Poland. Poland is going to be a large market for us. Its GDP is growing.”

Because ProLogis is such a global company, it is impacted by currency fluctuations. But the company hopes to benefit from either a strong or a weak US dollar.

“If a dollar weakens, it is good from an earnings standpoint, because we’re getting paid in euros, or yen or whatever,” he told GlobeSt.com. But he said a stronger yen or stronger euro is bad for companies that export, because it makes their goods more expensive.

However, he said that one of the things that ProLogis can provide companies is state-of-the-art distribution centers, which saves companies money by making their operations more efficient. Distribution of goods in Europe and Asia is far more inefficient than it is in the US, he noted.

China, with more than one billion people, is a country where ProLogis also is a growing presence. “China is going to be a long-term play for us,” Schwartz told GlobeSt.com.

Also, he said, Japan is an important country for ProLogis. By building new warehouses that save companies the equivalent of millions of dollars annually, ProLogis is helping that country come out of its 15-year slump.

When asked by GlobeSt.com, Schwartz said that the company has no plans at this time to expand into South America or the Middle East, even those regions have extremely inefficient distribution centers. “We don’t have any immediate plans today,” Schwartz said. “Our plate is pretty full with Europe and Asia. That will keep us busy and there’s still plenty of opportunities for us in those regions.”

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?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.