In December 2003, industrial REIT ProLogis (NYSE: PLD) published its first market research report reviewing the top 30 distribution and warehouse markets in the U.S. “The U.S. Property Market Review,” which will be updated every six months, contains fundamental market information concerning total stock in-place, new facility starts and deliveries, asking rents, vacancy rates and additional information pertinent to the warehouse/distribution property markets.

The report projects that the U.S. vacancy rate for warehouse/distribution space will recede by 75 to 125 basis points during 2004. The healthiest and fastest-recovering markets are Los Angeles (specifically the L.A. Basin submarket), Reno, Las Vegas and New Jersey. Meanwhile, Louisville and San Francisco’s South Bay are seen as the weakest markets and projected by ProLogis to be the last markets to recover. A copy of the report is available at http://ir.prologis.com/downloads/marketreview1203.pdf.

Warehouse/Distribution Market Recovery
First-to-Recover	Last-to-Recover
Reno	Tampa
L.A. Basin	Cincinnati
Las Vegas	St. Louis
New Jersey	Baltimore
	Dallas
	Louisville
	San Francisco’s South Bay
Source: ProLogis' "U.S. Property Market Review."