ProLogis is expanding its platform at one of its largest industrial parks in China, ProLogis Park Suzhou, with new facilities comprising more than 613,000 square feet.
ProLogis recently acquired land at the park to support the development of five additional facilities comprising more than one million square feet, and has started construction on three of the buildings following strong leasing activity during the fourth quarter.
ProLogis Park Suzhou is not far from Shanghai near the intersection of the Shanghai-Nanjing Expressway, leading from Shanghai to other northern cities, and the Suzhou-Hangzhou Expressway, leading from Suzhou to other southern cites
Currently, the 27-building, 3.6 million-square-foot park is 100 per cent leased. ProLogis expects to complete the five-building expansion in the first half of 2009.
ProLogis Park Suzhou is located within Suzhou Industrial Park, one of the fastest growing industrial parks in China. The park is home to more than 2,700 foreign manufacturers, offering customers secure, duty-free processing of goods as well as other Free Trade Zone benefits.
“Economic expansion in China has led to higher levels of domestic consumption and as a result, greater demand for regional distribution space,” said Ming Mei, ProLogis’ president of China operations.
ProLogis had more than 15.5 million square feet in operation and under development in China as of 30 September 2007.