Prologis: Data‑center Leasing Up
- Prologis reports AI‑driven data centers now account for roughly 10% of its new leasing, up from under 5% year‑over‑year. (x.com) - The company also raised capital plans for 2026 expansion, signaling heavy capital allocation to logistics and data center assets. (x.com) - That trend makes data‑center adjacency a growing structural driver for logistics real estate strategy. ( )
Prologis said data centers tied to artificial intelligence now make up about 10% of its new leasing, up from less than 5% a year earlier. (ir.prologis.com, fool.com) The warehouse landlord reported the shift with first-quarter results on April 16, 2026, after signing 64 million square feet of logistics leases and ending the quarter with 95.3% occupancy. (ir.prologis.com, fool.com) Prologis also started $2.1 billion of new development in the quarter, including $1.3 billion of build-to-suit data center projects and about $850 million of logistics projects. (fool.com, bisnow.com) Management raised its 2026 development-starts outlook to $4.5 billion to $5.5 billion, with data centers expected to account for about 40% of that total. (fool.com, bisnow.com) A data center is a power-heavy building full of servers, and Prologis is pitching its land near ports, highways and dense population centers as a place where customers can pair computing demand with logistics networks. (ir.prologis.com, commercialobserver.com) That changes the usual warehouse story. Prologis has spent years leasing big boxes for storage and distribution, but it now says access to land, power and development expertise can win business from cloud and artificial-intelligence tenants too. (fool.com, ir.prologis.com) The company said its data center pipeline reached 1.3 gigawatts under letters of intent and 5.6 gigawatts either secured or in advanced discussions. It also said it has completed 42 solar-and-storage projects with 1.3 gigawatts of installed capacity. (fool.com) Prologis paired that buildout with new capital. In the quarter it and its co-investment ventures closed $5.5 billion of debt, and management said new partnerships with GIC and La Caisse would expand its access to outside money. (ir.prologis.com, fool.com) For industrial real estate, the result is that land next to substations and transmission lines is becoming more valuable alongside land next to freeways and ports. Prologis is still a warehouse company by square footage, but its April guidance showed more of next year’s capital is being aimed at digital infrastructure. (bisnow.com, ir.prologis.com)
