Investor Presentaiton
INVESTOR RELATIONS
PROLOGIS
Current supply and demand dynamics support rent growth
U.S. TRUE MONTHS OF SUPPLY (TMOS)¹
Months
100
75
50
50
25
25
Rent Growth (RHS)
True Months of Supply (LHS)
Rent Growth (%)
40
0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023F
Existing vacant stock
+
True Months of
Supply
Unleased development pipeline
Trailing 4-quarter net absorption per month
Source: CBRE, JLL, Cushman & Wakefield, Colliers, CoStar, CBRE-EA, Prologis Research as of March 31, 2023.
1. See Prologis Research Paper for additional details on True Months of Supply (TMOS).
Current TMOS is 30 months. Historical average
TMOS in our 31 U.S. markets in expansionary
periods is 36 months - anything less than 50
months is consistent with real rent growth
30
20
10
10
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