ProLogis Expands ProLogis Park Suzhou in China

ProLogis is expanding its platform at one of its largest industrial parks in China, ProLogis Park Suzhou, with new inventory facilities of more than 613,000 square feet, the company has reported. The industrial powerhouse recently bought land at the park to enable development of five additional facilities–more than 1 million square feet. Construction as begun on three. Strong leasing activity during the fourth quarter has contributed to the development pace. Currently, the 27-building, 3.6 million-square-foot park is 100 percent leased. The five-building expansion is due for completion in the first half of 2009, at a cost above $34 million. All five buildings planned for development at ProLogis Park Suzhou will be bonded.ProLogis Park Suzhou is located within Suzhou Industrial Park. The park is home to more than 2,700 foreign manufacturers. “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 in a statement. ProLogis now has 15.5 million square feet of industrial distribution space in China, either completed or under development.