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European Logistics Market Update May 2022

The first three months of 2022 marked the highest occupier activity for any first quarter on record, and the third highest overall. Take-up of logistics space across Europe in Q1 exceeded 7.6 million sq. m, up 22% on Q1 2021, and 50% if compared to the 5-year Q1 average.

Driven by tightening supply, rising land values, increasing property costs and higher construction costs, upward pressure on rents remains widespread while development activity remains on robust levels.

On the investor side, the European industrial investment market started 2022 with an unprecedented level of activity, despite uncertain economic conditions and a market characterized by a growing shortage of institutional grade product.

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Continued robust occupier demand is still mostly driven by structural change. With more than two years of the global pandemic and the Russian war in the Ukraine,

companies are under severe pressure to improve supply chain resilience. Compared to Q1 last year, logistics space taken up in Q1 2022 by manufacturing companies rose

by 77% YoY. With 20% of total take-up, they represent the second strongest occupier group after 3PLs, who took nearly half of the total. Space taken for e-fulfilment activity

in Q1 fell below the 1 million sq.m. mark for the first time in two years, albeit it was still 11% over the 5-year Q1 average (2017-2021).

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