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Prologis to grant rent relief to some tenants amid pandemic from SNL Real Estate Daily Prologis to grant rent relief to some tenants amid pandemicByline: Maryam Merchant About 24% of Prologis Inc.'s tenants are requesting rent relief amid the coronavirus pandemic, The Real Deal reported, citing Gene Reilly, chief investment officer at Prologis. The tenants are seeking 69 days of rent relief on average, of which the industrial real estate investment trust will grant only about a quarter of requests, the news outlet added. "We have received several opportunistic relief requests from large, financially sound customers," Reilly said. Prologis has received more than 94% of March's rent, The Real Deal added, citing the company. The company saw a roughly 40% increase in lease signings due to the growing e-commerce demand, noting a 16% year-over-year increase in March, with two-thirds of activity occurring in the second half of the month, Reilly said. Prologis CEO Hamid Moghadam said the pandemic could boost the logistics real estate market, as companies are likely to increase inventories to about 5%-10% to prevent future shortages, the publication noted. The company has suspended all new speculative development and has halted construction on new speculative projects, Reilly mentioned. |
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