ProLogis (PLD.N) and AMB (AMB.N), which will merge later this quarter, said the rebound in demand for warehouse and distribution space globally propelled leasing in the first quarter, although both incurred costs from damage to their properties in Japan following last month's earthquake and tsunami. The sector is recovering from a sharp downturn in the global economies three years ago. Rents are bottoming and demand is rising, driven by the need for more modern space to hold and ship products ranging from diapers to drugs as global economies heal. Both companies, which are owners and developers, incurred costs to cover damage to their buildings in Japan during the first quarter. Still, Japan could provide opportunities for them to help rebuild.
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