Prologis, Inc. (PLD): PESTLE Analysis [Nov-2025 Updated]

You're looking for a clear, actionable breakdown of the external forces shaping Prologis, Inc. (PLD) right now. Honestly, the logistics real estate market is navigating a 'polycrisis'-a convergence of geopolitical, economic, and climate pressures-but Prologis is positioned to capture value from the resulting supply chain modernization. Here's the PESTLE analysis, grounded in late 2025 data, to show you where the risks and opportunities lie.

Political instability is defintely pushing companies to rethink where they put their facilities. We see this in the data: 86% of executives are re-evaluating facility location decisions because of geopolitical risk. This is a tailwind for Prologis, Inc.'s high-barrier U.S. and European hubs as nearshoring and reshoring policies accelerate demand. Trade policy volatility, like tariff uncertainty, isn't going away, so customers need supply chain resilience, which Prologis can sell. Freight industry consolidation is expected to accelerate, favoring large, integrated logistics partners like them.

Geopolitics is driving real estate demand, not just economics.

The core financial picture for Prologis, Inc. in 2025 is strong, despite persistent high interest expenses. They raised their Core Funds From Operations (FFO)-a key metric for real estate investment trusts (REITs)-guidance for the full year to $5.75-$5.85 per share. That's a clear signal of confidence. While the industrial market vacancy rate is stabilizing near its peak, we expect a recovery in late 2025, which will tighten rents again.

Here's the quick math: Same-store Net Operating Income (NOI) cash growth is projected to be robust at 4.25%-4.75% for the year, showing their existing portfolio is performing well. Plus, they increased development starts guidance to $2.25-$2.75 billion, meaning they are investing heavily in future growth, even with the cost of debt being a headwind.

Sociological shifts are fundamentally changing the warehouse floor. Labor shortages are a major concern, affecting 77% of executives, and that's driving the push toward warehouse automation-a direct opportunity for Prologis, Inc.'s tech offerings. E-commerce still matters, accounting for roughly 20% of their new leases, but demand is also diversifying into essential, less cyclical sectors like food, beverage, and healthcare.

Customers want a resilient, automated supply chain, not just a box.

It's worth noting the company's internal culture: employee volunteerism is strong, with over 16,400 hours dedicated to community organizations in 2023. This helps with local community relations and talent retention.

Technology is a massive lever for Prologis, Inc., not just an expense. Automation and Artificial Intelligence (AI) are viewed as essential by 81% of executives for revolutionizing the supply chain. This is why Prologis is actively expanding its data center business, with $300 million in starts for a Texas project alone. This diversification is smart.

Warehouse automation demands more power, which incentivizes doubling their solar capacity on facilities. Their Prologis Essentials platform is the action item here-it offers customers integrated solutions from robotics to EV charging systems, making their properties stickier. They're selling the whole solution, not just the space.

Regulatory barriers are limiting new supply in key markets, which is a net positive for Prologis, Inc.'s existing, well-located portfolio. For instance, new legislation like California's AB98 creates regulatory hurdles that make new logistics development tough. This is a moat. Still, regulatory changes are a top concern for 40% of executives, so compliance is constant.

The company must navigate complex international trade policies across the 19 countries it operates in, plus new EU regulations, including Environmental, Social, and Governance (ESG) reporting rules, which mandate investment in sustainable building technologies. This isn't just a cost; it's a barrier to entry for smaller players.

Environmental commitments are now a competitive edge, not just a cost center. Prologis, Inc. is nearly there on its goal of 100% carbon-neutral construction by the end of 2025. Plus, they are nearing their goal of achieving 1 gigawatt of solar and energy storage capacity. This matters because 85% of managers see investment in sustainability as a clear opportunity to gain an advantage.

This isn't just talk; all new warehouses in Poland, for example, are certified to BREEAM Excellent standards. They are building the product that the new regulations and customer demand require.

Your Next Step: Have your Strategy team map the expected 2026 demand shift for Prologis, Inc. properties based on the accelerated nearshoring and automation trends, focusing specifically on the top five U.S. and European high-barrier markets. Owner: Strategy Lead.

Prologis, Inc. (PLD) - PESTLE Analysis: Political factors

Geopolitical instability compels 86% of executives to re-evaluate facility location decisions.

You are seeing, in real-time, how global politics directly influences industrial real estate demand. The era of predictable, purely cost-driven supply chains is over. Geopolitical volatility, including conflicts in the Middle East and Europe, has pushed this risk into the global top ten business risks for the first time in 2025.

The core of the issue is risk mitigation. Prologis's own 2025 Supply Chain Outlook Report, which surveyed over 1,000 executives, found that a staggering 86% of respondents confirmed that economic and geopolitical pressures are now shaping their decisions on where to place production and storage facilities. That's a massive mandate for change. This instability means companies are willing to pay a premium for stability and security, favoring high-barrier, politically secure markets where Prologis has a dominant presence.

Here's the quick math: if 86% of your customers are rethinking their footprint, you have a massive opportunity to provide the solution: modern, well-located, resilient facilities.

Nearshoring and reshoring policies accelerate demand for high-barrier U.S. and European hubs.

Government policies promoting domestic and regional manufacturing-nearshoring and reshoring-are not just buzzwords; they are a structural shift driving real estate demand. In the U.S., 71% of CEOs plan to alter their supply chains over the next 3-5 years, a significant jump from 54% in 2024. This shift is moving from planning to execution, with 77% of organizations now implementing regional supply chains.

This is a clear tailwind for Prologis's core markets. The move to bring production closer to the end consumer, often from Asia to North America (Mexico being a major nearshoring hub) and Central/Southern Europe, increases the need for distribution centers in high-population, high-consumption areas.

• US-Mexico border logistics demand is surging.
• Central and Eastern Europe (e.g., Poland) benefits from European nearshoring.
• Demand focuses on Class-A facilities that support automation and speed.

Trade policy volatility, like tariff uncertainty, drives customer need for supply chain resilience.

Trade policy is in constant flux, creating real-time challenges. Intensified trade wars are ranked as the top conflict-related geopolitical risk for CEOs in 2025. This uncertainty has a direct, measurable impact: Prologis noted that trade uncertainty caused a temporary pause in raising its guidance in Q1 2025.

Still, the underlying demand for space remains strong because customers are focused on resilience. They are building inventory buffers, a move away from the old 'just-in-time' model. This translates directly to a need for more warehouse square footage. Customers are seeking specific, politically-advantaged space options to manage risk:

• Overflow space and flexible Third-Party Logistics (3PL) support.
• Foreign Trade Zones (FTZs) to defer or eliminate duties.
• Bonded warehouse options for tariff management.

The company's Q1 2025 financial results show resilience despite this political headwind. Prologis reported a Q1 2025 core Funds From Operations (FFO) of $1.42 per share and total revenue of $2.14 billion. New leases commencing were up 35% to 65.1 million square feet, showing that while decisions may be delayed, the need for space is defintely not going away.

Freight industry consolidation is expected to accelerate, favoring large, integrated logistics partners.

Political and economic volatility is accelerating mergers and acquisitions (M&A) in the freight and logistics industry. Prologis Research projects that global deal volume in the freight industry will eclipse $13.1 billion in 2025, surpassing the 2023 number.

This consolidation favors Prologis because the newly merged, larger entities-often integrated logistics partners-require massive, modern, globally-consistent real estate portfolios. They are looking for a single, reliable partner to manage their expanded, de-risked footprint. The M&A activity is focused on strategic acquisitions to enhance technological capabilities and expand geographic reach, especially in the 3PL and supply chain technology segments.

This trend creates a stronger, more sophisticated customer base for Prologis, which operates at the necessary global scale.

Prologis, Inc. (PLD) - PESTLE Analysis: Economic factors

You're looking at Prologis, Inc. (PLD) and wondering if the macro-economy is helping or hurting, especially with all the noise about interest rates. The short answer is that the company is a powerhouse, but it's defintely not immune to the cost of money. The economic picture for 2025 shows Prologis is leveraging its prime assets to deliver strong internal growth, even as the broader industrial market works through a soft patch.

Core FFO guidance for FY2025 was raised to $5.78-$5.81 per share, reflecting strong performance.

The most telling sign of Prologis's economic resilience is the upward revision of its core Funds From Operations (FFO) guidance. FFO, which is essentially the cash flow for a real estate investment trust (REIT), is projected to be between $5.78 and $5.81 per share for the full fiscal year 2025 (including net promote expense), a clear increase over earlier forecasts. This confidence comes from superior rent growth and strategic capital revenues, proving that quality, well-located logistics assets command a premium, even in a slower economy. The company's ability to consistently beat expectations shows their operational discipline is top-tier.

The industrial market vacancy rate is stabilizing near its peak, with a recovery expected in late 2025.

While Prologis is performing well, the overall industrial market is experiencing a cyclical trough. The U.S. market vacancy rate is hovering near its peak, expected to remain in the mid-7% range through the near term. This stabilization is a necessary step before the next upswing. Prologis management forecasts a recovery in the vacancy rate emerging late in 2025, which should then accelerate. To be fair, the company's own portfolio is significantly tighter, with occupancy at 95.3% as of Q3 2025, which is roughly 300 basis points ahead of the industry average. The market is bottoming out, and Prologis is positioned to capture the rebound.

Same-store NOI cash growth is projected to be robust at 4.75%-5.25% for the year.

The core of a REIT's health is its Same-Store Net Operating Income (NOI) growth, which strips out the impact of new acquisitions and dispositions. For 2025, Prologis raised its cash same-store NOI growth forecast to a range of 4.75% to 5.25%. This is a powerful number, driven by the significant mark-to-market opportunity-the gap between in-place rents and current market rents. The company's lease mark-to-market was still around 19% as of Q3 2025, meaning as older, lower-rate leases expire, they are being renewed at substantially higher rates, locking in future cash flow.

Development starts guidance was increased to $2.75-$3.25 billion, signaling confidence in future demand.

Prologis is putting its money where its mouth is regarding future demand. The development starts guidance was increased to a new range of $2.75 billion to $3.25 billion for the full year 2025. This is a massive capital commitment, reflecting confidence not just in logistics, but also in new avenues like data centers. The first half of 2025 saw $1.1 billion in build-to-suit starts alone, highlighting the strong, specific demand from their largest customers. Development is a key lever for value creation, especially with a spread of over 20% between market rents and replacement costs.

High interest expenses remain a persistent headwind despite strong rental revenue growth.

The biggest economic headwind is the higher cost of debt. While Prologis has a very strong balance sheet-its weighted average interest rate on total debt is low at 3.2% with a long average term of 8.3 years-the absolute dollar amount of interest expense is rising. For the nine months ended September 30, 2025, the company's gross interest expense was $752.8 million, up from $656.3 million in the same period in 2024. This increase eats into net earnings, even with rental revenues climbing. Plus, new debt is more expensive; in Q3 2025, Prologis issued $2.3 billion of debt at a weighted average interest rate of 4.2%. The rising cost of capital will continue to pressure development margins and acquisition cap rates.

Here's the quick math on the debt pressure:

• Q3 2025 Gross Interest Expense: $262.3 million.
• Q3 2024 Gross Interest Expense: $233.7 million.
• Increase: $28.6 million in one quarter, year-over-year.

The strong rental revenue growth is offsetting this, but you can't ignore the drag of higher rates on future financing. Finance: monitor the weighted average cost of debt quarterly and model the impact of a 50 basis point rate rise on the 2026 Core FFO guidance by year-end.

Prologis, Inc. (PLD) - PESTLE Analysis: Social factors

Labor shortages are a concern for 77% of executives, driving the push toward warehouse automation.

You're watching the logistics labor market tighten, and that pressure is real for Prologis, Inc. and its customers. Honestly, the biggest social headwind right now isn't just wages; it's availability. A significant 77% of executives in the logistics sector report labor shortages as a major concern, according to recent industry surveys. This isn't just a cost problem; it's a capacity problem.

So, this scarcity is forcing a clear strategic action: rapid automation (using technology to replace human labor). Prologis is responding by building facilities that are automation-ready, featuring higher clear heights and stronger floor slabs to accommodate robotics and advanced material handling systems. This trend is defintely reshaping the physical requirements of new industrial space, making older, less adaptable buildings obsolete faster.

E-commerce remains a core driver, accounting for roughly 20% of Prologis's new leases.

The structural shift to online shopping, accelerated during the pandemic, continues to be a powerful tailwind. While the growth rate has normalized, e-commerce remains a foundational demand driver for Prologis's properties. Here's the quick math: roughly 20% of Prologis's new leases are still directly attributable to e-commerce fulfillment and distribution needs. This is a massive, sticky demand base.

But what this estimate hides is the ripple effect. E-commerce doesn't just need warehouses; it needs specialized last-mile facilities and urban logistics hubs. Prologis's strategy of owning properties in high-barrier-to-entry urban markets directly capitalizes on this need, ensuring their portfolio benefits from the ongoing consumer preference for rapid delivery.

Demand is diversifying beyond retail into essential sectors like food, beverage, and healthcare.

The portfolio is becoming more resilient because demand is spreading out. While e-commerce is key, the biggest opportunity for stability comes from sectors that are less cyclical than traditional retail. We are seeing a significant increase in leasing activity from essential services. This diversification acts as a natural hedge against any slowdown in general consumer spending.

For you, this means Prologis's income stream is becoming more defensive. The demand is shifting toward non-discretionary goods, which are less sensitive to economic downturns. This trend is a clear sign of a maturing and more stable industrial real estate market.

• Food & Beverage: Requires specialized cold storage and distribution.
• Healthcare: Needs climate-controlled facilities for pharmaceuticals and medical supplies.
• Third-Party Logistics (3PLs): Expanding to manage complex supply chains for these diverse sectors.

Employee volunteerism is strong, with over 16,400 hours dedicated to community organizations in 2023.

Beyond the operational and market factors, the company's social license to operate (SLO) is strengthened by its commitment to community engagement. This is critical for maintaining good relationships in the local markets where they build and operate. Strong employee volunteerism is a tangible way they demonstrate this commitment.

For example, in 2023, Prologis employees dedicated over 16,400 hours to community organizations globally. This commitment is part of a broader ESG (Environmental, Social, and Governance) strategy that investors are increasingly scrutinizing. A strong 'S' factor reduces regulatory and community opposition risk, which can delay or even halt new development projects.

Here is a snapshot of the social and community impact metrics:

Prologis, Inc. (PLD) - PESTLE Analysis: Technological factors

Automation and AI are viewed as essential by 81% of executives for revolutionizing the supply chain.

You're seeing the industrial real estate game change faster than ever, and it's all about bits, not just bricks. Honestly, the biggest technological factor for Prologis isn't just what happens inside the warehouse, but the data and power that drives it. Prologis's own 2025 Global Supply Chain Outlook Report confirms this shift: a staggering 81% of senior executives believe both Artificial Intelligence (AI) and automation are essential to revolutionize their supply chain management. This isn't a future trend; it's a current mandate, and it means our customers need more than a box; they need a high-tech platform.

This massive push for intelligent automation-from autonomous guided vehicles (AGVs) to predictive analytics-directly increases the power density requirements of our buildings. A modern, automated fulfillment center can demand significantly more electricity than a traditional one. So, Prologis is now in the energy and infrastructure business as much as the real estate business. That's the quick math on why a logistics company is making a multibillion-dollar pivot.

Prologis is actively expanding its data center business, with $300 million in starts for a Texas project.

Forget the old figure; the scale of Prologis's digital infrastructure play is far bigger than a single project. The company is making a bold, multi-year pivot, planning to invest a colossal $8 billion in total enterprise investment (TEI) over the next four years to develop a new data center segment. This initial wave targets 20 data centers, with a long-term goal of scaling up to 100 projects globally.

The first major projects are already underway, like the Prologis Power Campus, a 160-acre master-planned data center campus outside Austin, Texas, which is being built to support up to 600 megawatts (MW) of power capacity. This isn't a side hustle; it's a core strategy to leverage our existing land bank and utility relationships, positioning us as a critical infrastructure partner for hyperscalers (large cloud providers like Amazon and Google). We are now sitting on a total power bank of 5.2 gigawatts (GW), with 1.4 GW already secured. That's a huge competitive advantage.

Increased power demand from warehouse automation incentivizes doubling solar capacity on facilities.

The energy demands of AI and automation are immense, and they require a dual approach: securing utility-scale power for data centers, and generating distributed power on the logistics portfolio. That's why the company set an interim goal to achieve 1 GW of installed solar and storage capacity globally by the end of 2025. This target effectively incentivizes the use of our 1.3 billion square feet of rooftop space for energy generation.

As of August 2025, Prologis was nearing this goal with nearly 800 MWs of rooftop solar and energy storage deployed. This isn't just an environmental play; it's a resilience strategy. Distributed energy resources (DERs) like rooftop solar and battery storage help offset the grid strain from high-powered automation and EV charging, which is defintely a risk for any company relying on an aging power grid.

The Prologis Essentials platform offers customers solutions from robotics to EV charging systems.

The Prologis Essentials platform is the technology layer that makes our physical real estate a more productive asset for customers. It's the direct answer to the 81% of executives demanding automation. This platform moves us beyond being a landlord and into a solutions provider, helping customers with everything from initial move-in to daily operations.

The platform is segmented to address the full spectrum of modern logistics needs:

• Operations Essentials: Provides turnkey solutions like customizable racking, material handling equipment, and robotics.
• Energy and Sustainability Essentials: Offers solar capture programs (SolarSmart) and battery storage (StorageSmart) to improve energy efficiency.
• Mobility Essentials: Focuses on fleet electrification, including the installation of EV charging systems for both forklifts and fleet vehicles.
• Workforce Essentials: Helps customers with labor and training, a critical need given the skills gap in automation.

What this platform does is reduce the friction for our customers to adopt complex technologies, making our warehouses sticky and increasing the value-add revenue streams for Prologis.

Prologis, Inc. (PLD) - PESTLE Analysis: Legal factors

You need to understand that legal and regulatory shifts are no longer a slow-moving background risk; they are now a primary driver of logistics real estate supply and cost, especially in 2025. For Prologis, the challenge is managing a fragmented, fast-changing compliance landscape across two major fronts: local land-use restrictions in the US and sweeping Environmental, Social, and Governance (ESG) mandates in Europe.

Frankly, the cost of non-compliance-or just being slow to react-will hit your bottom line directly, either through delayed development or mandatory capital expenditure.

New legislation, like California's AB98, creates regulatory barriers that limit new logistics supply in key markets

The biggest near-term legal risk in the US is the rise of local land-use restrictions, often disguised as environmental or community-impact laws. California's State Bill AB98, which seeks to limit new logistics supply, is the blueprint for this trend. What this means is that in core, high-demand markets, the regulatory barriers to entry are getting higher, which is defintely a headwind for new development.

Here's the quick math: when new supply is constrained, existing assets become more valuable. This regulatory friction is a key reason why Prologis's Cash Same Store Net Operating Income (NOI) growth was still robust, reporting a 5.2% increase for the third quarter of 2025, despite a broader economic slowdown. The limited new construction starts-projected to remain 15% below normal globally in 2025-is partly a function of these rising local barriers.

EU regulations, including new ESG reporting rules, mandate investment in sustainable building technologies

In Europe, the legal focus is on sustainability, which is rapidly moving from voluntary reporting to mandatory compliance. The European Union's Corporate Sustainability Reporting Directive (CSRD), which applies to large companies from the turn of the year 2025, forces comprehensive disclosure on environmental and social performance, requiring a massive data collection and auditing effort.

This isn't just paperwork; it mandates investment. For example, the EU Emissions Trading System (EU ETS) is increasing costs for the shipping industry, which in turn pressures Prologis's customers to demand more sustainable facilities. To stay ahead, Prologis has proactively ensured that all new warehouses in markets like Poland are certified to the BREEAM requirements of at least Excellent. This commitment is capital-intensive, but it's the cost of doing business and maintaining a competitive edge in the European market.

Regulatory changes are a top concern for executives, necessitating constant compliance adaptation

The sheer velocity and complexity of regulatory change-from tariffs to environmental standards-is a major strategic headache for your customers, and by extension, for Prologis. The 'Prologis 2025 Supply Chain Outlook Report' confirms this anxiety: 86% of senior executives surveyed indicated that economic and geopolitical pressures are influencing their decisions on the location of warehouses and factories. That's a huge number.

This table shows the scale of Prologis's global footprint, which amplifies the compliance challenge:

Prologis must navigate complex international trade policies across the 20 countries it operates in

Prologis's business is the backbone of global commerce, which means it is directly exposed to shifting trade policies. The company operates in 20 countries as of early 2025, and every tariff, sanction, or trade agreement change immediately impacts customer demand for space.

For example, the tightening of the US de minimis rule for imports from certain countries in April 2025 is a direct legal change that forces Prologis's e-commerce customers to rethink their fulfillment models. This volatility in trade policy, coupled with geopolitical tensions, has led to a moderate rise in space utilization, with the Industrial Business Indicator (IBI) Utilization Rate rising to 85.1% in April 2025, as companies hold more inventory to mitigate supply chain risk. This inventory strategy is a direct response to legal and political uncertainty.

The key areas of legal compliance Prologis must constantly monitor include:

• Monitor US state and local land-use restrictions, like California's AB98, which limit new logistics development.
• Implement new EU ESG reporting requirements, such as the CSRD, to maintain access to European capital and customer demand.
• Adapt to shifting global tariffs and trade policies, like the 2025 changes to the US de minimis rule, which affect customer supply chain design.
• Ensure compliance with financial debt covenants across its global facilities, which at September 30, 2025, totaled $35.3 billion in debt.

The legal environment is now a core operational variable, not an afterthought.

Prologis, Inc. (PLD) - PESTLE Analysis: Environmental factors

You're looking at Prologis, Inc.'s (PLD) environmental strategy, and the takeaway is clear: their aggressive, quantifiable goals for 2025 are driving a competitive edge in logistics real estate. They are not just meeting regulations; they are using sustainability as a core business lever to attract tenants.

Frankly, the market demands it. The Prologis 2025 Global Supply Chain Outlook report found that 85% of surveyed executives view investment in sustainability as a clear opportunity to gain a competitive edge. That's a huge signal that green properties are now a premium product, not just a nice-to-have feature.

Prologis is on track to meet its goal of 100% carbon-neutral construction by the end of 2025.

Prologis is on track to achieve 100% carbon-neutral construction globally by the end of 2025. This commitment targets the embodied carbon (emissions related to materials and construction) for all new developments. To be fair, this is a massive undertaking, and it requires a focus on low-carbon materials and strategic carbon offsets to neutralize the remaining emissions.

The company has already achieved carbon neutrality for its direct operations (Scope 1 and 2 emissions) since 2019. The real challenge lies in Scope 3 emissions-the indirect ones, primarily from customer energy use. Still, Prologis has already surpassed its original 2025 goal for Scope 3 emissions reduction, achieving a 37% reduction between 2016 and 2020 against a target of 15%.

The company is nearing its goal of achieving 1 gigawatt of solar and energy storage capacity.

The push to build energy resilience is a major theme for 2025, and Prologis is closing in on its goal of 1 gigawatt (GW) of solar and energy storage capacity by year-end 2025. As of the end of 2024, the company had already expanded its solar and storage capacity to 626 megawatts (MW). More recently, by early August 2025, they had nearly 800 MW of rooftop solar and energy storage deployed. That's a powerful move toward self-sufficiency and a key value-add for tenants.

Here's the quick math on their progress toward this ambitious 1 GW target:

This focus on on-site power is defintely a strategic play, especially since a separate Prologis survey found that 90% of supply chain managers are willing to pay a premium for dependable power.

85% of managers see investment in sustainability as a clear opportunity to gain a competitive edge.

The shift from compliance to competitive advantage is the most significant environmental factor. The logistics industry is under pressure, and the Prologis 2025 Supply Chain Outlook Report confirms that sustainability is now a core business objective.

This executive mindset translates into clear demand for green real estate solutions, which Prologis provides through its Essentials platform. Specifically, 87% of executives recognize that adopting green real estate solutions is essential for sustainable supply chain operations.

Key areas of focus for customers, and thus for Prologis, include:

• Transitioning to alternative energy sources, which 79% of managers believe needs to accelerate within the next 24 months.
• Implementing LED lighting, with the goal of 100% LED lighting across Prologis's portfolio by 2025.
• Installing electric vehicle (EV) charging infrastructure, which directly supports customer emission reductions in transportation.

All new warehouses in Poland, for example, are certified to BREEAM Excellent standards.

Prologis has a firm policy that all new buildings in Poland are designed to meet the BREEAM Excellent certification requirements. This is a concrete example of their global commitment to sustainable building certifications, which include LEED, BREEAM, and CASBEE.

A recent example is the 50,000 square meter DC4 building at Prologis Park Wrocław III, which achieved a BREEAM Excellent rating of 77.3% in early 2024. This high standard of construction translates into tangible benefits for the customer, including utility cost savings of up to 30% compared to other facilities in the region. Another new 37,000 m² facility at Prologis Park Ruda Śląska, delivered in early 2025, was also designed to achieve this BREEAM Excellent standard.

Finance: Track the CapEx allocated to solar and energy storage expansion against the $1.17 billion dual-tranche notes offering in late 2025 to gauge the funding for energy resilience.