NAGOYA, JAPAN-Ricoh Logistics System Co. Ltd. has leased 114,000 square feet at the ProLogis Parc Kitanagoya, located here. This is the company’s fifth lease in a ProLogis property, taking up more than 860,000 square feet in the country and three other continents.

“The lease represents ProLogis’ unique ability to serve our customers across three continents, offering premium locations and high-quality, sustainable distribution space,” says Mike Yamada, president of Japan for ProLogis. “We look forward to serving Ricoh Logistics’ distribution space needs in Nagoya.”

Ricoh’s newest location is a four-story, 460,000-square-foot mulit-tenant building. The property is currently completing construction with delivery expected for July 2009. The ProLogis Parc Kitanagoya is situated just five miles from the central business district of Nagoya.

In an industrial environment that seems to be adding vacant space to the market almost daily, a new building coming to market can be a difficult situation. But ProLogis has had a significant amount of companies looking to locate in the facility. “We have seen steady interest in our properties throughout Japan and consider the fact that we have filled approximately a quarter of this facility before its completion this summer to be a barometer of the market’s relative health,” Yamada says.

ProLogis owns about 8.2 million square feet of industrial property in the Japanese market, including the properties currently under construction.