Global leader in industrial real estate Prologis has announced the release of its first annual Prologis Logistics Rental Index. This will track trends in net effective rents in the 57 major markets globally that the company has a presence in. It will offer a year over year comparison of trends in logistics property rents globally.

“The Prologis Logistics Rent Index provides much-needed trending information to our customers, investors and the broader logistics real estate community,” said Chris Caton, Prologis’ Global Head of Research.

“It is unique in that it considers only modern logistics real estate and focuses on net effective rental rates, adjusting for concessions, and brings transparency to the industry.”

Some highlights from the 2015 index include:

Since 2012 global rental rates have grown 20% and grew by 6% in 2015 alone. Vacancies are likely to remain low in the short term, and this will impact the cost of rents that are likely to see further steep increases.

Improving customer sentiment and limited supply have combined to bring vacancies to their lowest level on record in most markets.

In 2015, the top five growth markets in terms of rent were all in the US. These include the San Francisco Bay Area, Chicago, Nashville, Las Vegas and Cincinnati.

The most expensive rental market was London and the Southeast of the UK, followed by Tokyo, Singapore, Osaka and the Midlands, also in the U.K.

Prologis is the global leader in industrial real estate. As of December 31, 2015, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 669 million square feet (62 million square meters) in 20 countries.

The company leases modern distribution facilities to more than 5,200 customers, including third-party logistics providers, transportation companies, retailers and manufacturers.