European Logistics take-up increases 19% in Q3 2020
Take-up of European logistics space reached 6.9m sqm in Q3 2020, an increase of 19% compared to the same period last year, which saw total take-up of 5.8m sqm, according to the latest research from global real estate advisor, CBRE.
The continued robust sector performance during Q3 2020 takes the total space occupied across Europe in the first three quarters of the year 2% higher to 18.1m sqm. Poland and the UK saw the largest increases compared to the same nine-month period last year, with gains of 39% and 67% respectively.
A number of countries achieved record levels of take-up in Q3 2020. The UK saw take-up more than double to 1.24m sqm and Italy reached 717,000 sqm, a 53% increase on Q3 2019. In Spain, take-up climbed to 550,000 sqm, representing an increase of 37% on the same period last year.
Germany saw its second-best quarter on record in Q3 2020 reaching 2.02m sqm, an increase of 15% on the same period last year.
Other markets across Europe have been slower to benefit from the recovery following the slowdown in Q1 2020. Take up in France reached 1.95m sqm for the first three quarters of the year, 36% lower than the same nine-month period last year. Lower take-up in the Paris region, with fewer deliveries of larger units during the pandemic, was a contributing factor.
There were an abundance of countries reporting record logistics take-up this quarter across Europe, which is remarkable given the economic backdrop. These numbers demonstrate just how strongly this sector is performing and our expectation is that this will continue into 2021 and beyond.