Logistics- and Industrial Market Overview

H2 2022

Logistics take-up falls just short of last year's record

February 15, 2023

Demand for space remains high

The German market for warehousing and logistics space recorded a total take-up result of around 8.5 million sqm in 2022. However, despite falling just short of the previous year’s record result (8.67 million sqm), it still exceeded the five-year average by 19%.

Most demand for space came from distribution / logistics companies with 34%, followed by retailers with 29%. Manufacturers assumed third place, increasing their share of total take-up from 19% in 2021 to 27% in 2022, with two transactions of more than 100,000 sqm contributing to this result: the securing of planning permission by Tesla for the construction of its new 327,000 sqm plant in Grünheide (registered in the first quarter); and the start of construction of a factory by NOKERA AG for the production of timber construction residential buildings in Möckern, Saxony-Anhalt.

Demand for space remains high with many companies expanding their production, storage and distribution capacities in Germany to achieve greater independence from global developments. However, the shortage of space is still a major challenge, with a distinct lack of modern logistics space and land available at short notice in many regions.

Take-up in the Big 5 exceeds the five-year average by 16%

Around 2.36 million sqm of space was taken up in the Big 5 regions (Berlin, Düsseldorf, Frankfurt, Hamburg and Munich) in 2022, just 3% below the previous year’s record result and yet 16% above the five-year average. This can be attributed mainly to the exceptional performance of the Berlin region which recorded the highest take-up, almost doubling the record result of the previous year (616,000 sqm). The year-end figure of 1.12 million sqm in the take-up statistics has never been achieved in any of the major regions. In fact, take-up has only exceeded one million sqm once before when 1.05 million sqm of take-up was registered in 2016 in the Ruhr region.

After Berlin, the regions with the highest take-up in 2022 were Hamburg and Frankfurt which followed at a considerable distance with 475,000 sqm and 322,000 sqm (respectively), both with a significant year-on-year decline. Only Düsseldorf, which ranks fourth ahead of Munich in the ranking of the Big 5 regions, joined Berlin in surpassing its previous year's result.

After registering a high completion volume of 835,000 sqm in the first six months of 2022, a further 530,000 sqm was added to the market in the second half of the year. The volume of new construction has therefore more than doubled year-on-year. The largest number of completions was in the Berlin region, followed by Hamburg. Almost another million square metres of space is currently under construction in the Big 5, with 60% of this space already let or being built for owner-occupiers. Here too, most of the cranes are turning in Berlin and Hamburg, each with around 300,000 sqm under construction.

Besides the shortage of space, increased construction costs have been a major factor behind the rise in prime rents for warehousing space larger than 5,000 sqm in all Big 5 regions over the last twelve months. The prime rent has now exceeded €7.00/sqm p.m. in all Big 5 markets, with the strongest rises recorded in Munich (by 40% to €10.50/sqm p.m.), Berlin (by 36% to €7.50/sqm p.m.) and Düsseldorf (by 29% to €7.75/sqm p.m.). In Hamburg, it has risen by 23% to €8.00/sqm p.m. over the past twelve months and in Frankfurt, by 12% to €7.30/sqm p.m. We also expect prime rents to continue to rise in 2023.

The largest transactions outside the Big 5 are concluded by eCommerce companies

In 2022, around 6.18 million sqm was leased or secured by owner-occupiers outside the Big 5 regions*. This means that the 6 million sqm mark was exceeded for the second successive year and the final figure almost matched the previous year's result of 6.25 million sqm. The five-year average was also exceeded by 20%.

The analysis of take-up by sector shows a relatively balanced picture, with logistics / distribution companies responsible for almost 38% of the take-up result, followed by retailers with 28% and manufacturers with 26%.

The four largest transactions of 2022 took place in the first six months and included the two largest deals of the year, in which the online retailer Amazon leased around 225,000 sqm for a new fulfilment centre in Erfurt and commenced construction on an around 189,000 sqm fulfilment centre in Kaiserslautern. The largest deal in the second half of the year, the letting by a retailer of 76,000 sqm in a logistics park in Hainichen, Saxony, ranks fifth in the annual review.

72% of the space was secured in new buildings or development projects. This figure has not changed significantly over the last few years (five-year average: 74%).

Contact us

Our Industrial and Logistics contacts:

Industrial Leasing:
Sarina Schekahn, Head of Industrial Leasing Germany

Industrial Investment:
Diana Schumann, Co Head Industrial Investment Germany
Dominik Thoma, Co Head Industrial Investment Germany

Helge Scheunemann, Head of Research Germany


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