EMEA Industrial & Logistics Leasing Market Snapshot Q1 2022

26 May 2022

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European logistics take-up increased 20% in Q1 2022 and average vacancy fell to just 2.8%

- European logistics take-up increased 20% YoY during Q1 2022, to reach a new Q1 record of 8.5m sqm

- Within the regional total, take-up doubled in the UK, increased 21% in Italy, 23% in France and 15% in Germany, as momentum continued from 2021

- Net absorption was down slightly in Q1, but 30% higher over the last 12 months at 26.8m sqm

- New completions continued to struggle to keep pace, despite rising 21% YoY in Q1 2022 to 4.9m sqm

- As a consequence, average vacancy for the top ten countries fell further to just 2.8%, with rates of 1.3% in Belgium, 1.5% in the UK and 2.1% in Germany

- Average prime rents increased 7.7% YoY in Europe as a result, with rises of 35% YoY in London, 28% in Prague, 15% in Warsaw and 15% in Stockholm