Prologis’s Jesse Harty Previews CAPRE’s Industrial Real Estate Revolution: Urban, Infill and Last-Touch Logistics Driving Rising Demand

CAPRE: Good to connect with you, Jesse. Please describe your current role at Prologis and your day-to-day focus. Harty: I joined Prologis in 2018 to lead operations for Prologis in New Jersey and New York. This includes overseeing leasing and property management on approximately 37 million square feet, 300 customers and 150 buildings. My daily focus is on servicing local customers by taking the time to learn about their needs and deliver meaningful solutions. CAPRE: Jesse, how would you describe Prologis's appetite for investment and development in 2019? Harty: Driven by the growth of e-commerce, Prologis is investing heavily in urban,f infill and last-touch logistics real estate. In our Q319 earnings results we revealed we’re raising the midpoint for development starts by $250 million – expecting starts to range between $2.2 Billion USD and $2.5 Billion USD. And while the bar on spec development continues to be high, build-to-suits will comprise more than 40% of total starts. When it comes to land investments, our biggest needs are in the Southern California, Chicago and New Jersey markets, but we’re constantly looking for opportunities to expand our footprint across all densely populated regions. CAPRE: In 2019, Is Prologis a net buyer or net seller of assets? Harty: We are a net buyer as we continue to see demand for logistics facilities.  We will dispose of non-strategic assets where warranted. For additional information, please refer to the latest Prologis earnings results. CAPRE: Describe…