AMB Property Corporation® (NYSE: AMB), a leading owner, operator and developer of global industrial real estate, announced on March 29th, 2011,it has leased approximately 361,200 square feet (33,570 square meters) in its Asia development portfolio.
“The supply of modern logistics space in China is limited and demand is strong as the industry tries to keep up with an expanding economy and growing consumer class,” said Michael A. Evans, managing director, Asia. “We also continue to see strong interest for our properties in Japan as the recent tragic events underscore the advantages of modern Class A facilities; the rapid response of our property management team and service firms helped get all of our customers back in operations with limited downtime.”
Leasing activity within AMB’s Asia development portfolio included:
- 151,100 square feet (14,040 square meters) in China with three leases for key development projects located in Shanghai and Dalian.
- 210,100 square feet (19,530 square meters) in Japan with four leases for facilities serving the distribution needs of AMB’s customers in Tokyo. The company reaffirmed that there has been no structural damage to its buildings in Japan due to the earthquake and tsunami.
As of December 31, 2010, AMB’s Asia portfolio totaled approximately 17 million square feet (1.6 million square meters) of operating and development properties. As of March 29, 2011, the operating portfolio was 95% occupied and the development portfolio was 60% pre-leased.