Warehouses have been among the hottest properties in the real estate sector in recent years. Companies have had a voracious appetite for warehouse space, fueled by growing e-commerce sales and supply chain challenges. That has driven vacancies down to record lows while powering prodigious rent growth.
Prologis (NYSE: PLD) has been a key beneficiary of this upswing. The industrial REIT has grown at a torrid pace by capturing higher rents and expanding its portfolio. The company sees more growth ahead despite its expectations that we'll experience a modest recession this year.
Prologis CFO Tim Arndt laid out the company's outlook for 2023 on its fourth-quarter conference call . He noted that the company "had outstanding results " (in that period) despite challenging headwinds from the capital markets and the overall economic backdrop. After discussing those numbers, he turned his attention to what was ahead.
For further details see:
Why the Company Behind This Top Growth Stock Isn't Worried About a Recession