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industrial industrial building

European Logistics & Industrial Market Update and Forecast

H1 2023 

As economic uncertainty continues to dog business and consumer confidence, we anticipate that occupier activity will remain subdued over the remainder of 2023 and into early 2024 before rallying as businesses feel more optimistic. Availability will remain constrained as developers slow their speculative deliveries. Rental growth is expected to slow in 2024 and beyond but will remain in positive territory across European markets.

 

As business confidence remains under pressure, occupier take-up will continue to be subdued relative to the volumes seen during the pandemic. We anticipate that occupier take-up will start to stabilise towards the end of 2023 or the start of 2024 at levels more akin to pre-pandemic volumes. 

Whilst developers are actively seeking opportunities to deliver new space, we have started to see a slowdown in speculative development plans. This will mean that availability will remain constrained, albeit rates are likely to continue moving out from recent lows.

This continuing constraint as well as ongoing upgrading of real estate stock mean that we expect all markets we forecast to see upward rental growth albeit at more modest growth rates beyond 2024. The strongest rental growth is expected in Slovakia, Poland, Hungary, France and the UK.

We anticipate that investment activity will start to rally towards year-end as pricing levels stabilise and new product is brought to market.

 



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EUROPEAN LOGISTICS & INDUSTRIAL UPDATE
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Contacts

Brendan Smyth
Brendan Smyth

Director, Head of Industry & Development Land
Dublin, Ireland


+353 1 6399383

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Sally Bruer
Sally Bruer

Head of EMEA Logistics & Industrial and Retail Research
London, United Kingdom


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Timothy Stuart Crighton - London
Tim Crighton

International Partner
London, United Kingdom


+44 (0) 7740 424 792

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Rob Hall - London
Rob Hall

Executive Account Director
London, United Kingdom


+44 203 296 2076

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Michael Carson
Michael Carson

Partner
Edinburgh, United Kingdom


+442032962321

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James Chapman
James Chapman

International Partner
London, United Kingdom


+44 (7775) 777342

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Pierre Buchet
Pierre Buchet

International Partner
Neuilly-sur-Seine, France


+44 207 152 5494

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