This is your chance to get together with SPIRE members in Seattle, Washington for Prologis Georgetown Crossroads: The Future of Urban Industrial Real Estate. Leading a tour and sharing the story of this modern, multistory warehouse, which is setting the standard for the future of urban industrial real estate will be a team of Prologis experts including: Ali Harandi ('12) - Investment Director, Capital Deployment, Dan Letter - Managing Director, Capital Deployment NW Region, Darren Kenney - Vice President, Capital Deployment and Rick Kolpa - Vice President, Market Officer, Seattle.
More about the project:
Located at the nexus of the Puget Sound region’s transportation network, Prologis Georgetown Crossroads is an innovative industrial development project unlike any other. Prologis has designed the future of urban industrial facilities with a revolutionary 589,615 square feet, three-story fulfillment center, the first of its kind to be built in the United States. Recognizing the needs for logistics companies to be ever closer to their customers without compromising the functional attributes of a traditional distribution center, Prologis has taken the utmost care in the pioneering design of what will become a model of modern industrial facility solutions.
With e-commerce growing and consumers increasingly expecting same-day and next-day order delivery, manufacturers and retailers are on the hunt for warehouse space in urban areas closer to end consumers. This trend is creating a shift in supply chain dynamics. Now more than ever, land in densely populated areas is targeted for industrial warehouse development. Demand for infill properties is on the rise. Developers who want to offer their customers facilities in the markets that matter most need to rethink the box. In cities with extremely limited development options, sometimes, the only way is up.
On April 10, 2017, Prologis broke ground on Georgetown Crossroads. The project is highly visible at the north end of the First Avenue South Bridge. The multistory facility will have ramps for truck access to second-floor loading docks. A freight elevator will link the third floor to ground floor loading docks.
Market conditions are right for construction. Vacancy rates in Seattle are at historic lows. Consumers increasingly expect rapid delivery of online orders. Transportation costs are rising. These factors contribute to retailers and manufacturers choosing to place their e-fulfilment operations in urban locations, in turn reducing truck trips. Seattle’s Class-A multistory development is the first of its kind in the U.S. However, Prologis is an experienced multistory developer with projects in populous markets where land supply is limited, such as Japan and China. Prologis urban properties outside the U.S., such as Tokyo’s Zama 2, have garnered recognition for their sustainable features.
Dinner at Heartwood Provisions in Downtown Seattle will follow the tour.
This event is open to all SPIRE members. Tickets are on sale now.