Logistics real estate operator Link Logistics announced Wednesday solid demand for its portfolio of final-mile logistics terminals.

During the first quarter, the company signed new leases and renewals on 17.4 million square feet of space, which was an increase of 2.1 million square feet from the fourth quarter. Blended cash leasing spreads — a comparison of new rents to expiring rents — were 47.7% in the period, a 27% increase year over year.

The company’s operating portfolio was 97% leased on a same-store comparison, 30 basis points lower than in the prior quarter.

“We are seeing strong demand for space within our infill-focused portfolio coupled with positive fundamentals across our industry, resulting from a number of tailwinds that include an increase in nearshoring and onshoring in manufacturing,” stated CEO Luke Petherbridge in a news release.

The company holds the largest U.S.-only portfolio of logistics properties with 545 million square feet of space, including developments. It currently has 18.5 million square feet under construction at a total cost of $3.4 billion.

Link Logistics stabilized eight locations in the period, representing 2.8 million square feet.

“I am pleased with our solid momentum in the first quarter, marked by strong leasing activity and low vacancy rates,” said Nicholas Pell, president and chief investment officer. “We continue to benefit from our proprietary data and local insights as we develop our portfolio in the highest-growth U.S. markets to meet the needs of our customers.”

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