MEXICO CITY, June 12, 2019 /PRNewswire/ -- The underlying forces that support Mexico's logistic markets remained intact. The manufacturing sector, which is largely tied to the U.S. economy continued to expand. Private consumption, the largest driver of the Mexican economy, and demand for logistics services, especially in Mexico City, continued to grow. Our operating performance is healthy. The strength of our portfolio and the expertise of our team allowed us to power through the volatility. As a result, the company succeeded in creating value for the long term—for all stakeholders.
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2018 was a year of operational accomplishments that prove our approach and strategy are working. At year-end, FIBRA Prologis had 200 facilities totaling approximately 36 million square feet. Our well-located portfolio comprises state-of-the-art buildings, most of which were developed by our sponsor, Prologis. At the end of 2018, occupancy was 97.4 percent—the fourth straight year above 95 percent.
ESG: Woven into our Business
Environmental stewardship, social responsibility and governance (ESG) are key tenets of FIBRA Prologis' business practices. Focusing on ESG strengthens our relationships with customers, investors, employees and the communities in which we do business.
Our outlook is positive. While we have not seen any evidence of a slowdown from our customers in these uncertain times, we take a conservative, though optimistic, perspective. We expect market rents to continue to rise in 2019 amid a strong operating environment, driving growth in our cash flow. We continue to maintain a strategic and cautious approach to new acquisitions. We will assess the financial environment for new opportunities. FIBRA Prologis has the exclusive right to acquire properties from the Prologis development pipeline, which contains approximately 4.3 million square feet of logistics property.
SOURCE FIBRA Prologis