logistics and industrial market overview · 2020. 8. 7. · logistics and industrial market...

Logistics and Industrial Market Overview

Germany | 3rd quarter 2020November 2020

Logistics and Industrial Market Overview | 3rd quarter 2020 2

German market for logistics space picks up considerable speed in the third quarter

In the fi rst three quarters of 2020, the German market for warehousing and logistics space recorded take-up of ap-proximately 5.2 million sqm (owner-occupiers and let-tings), slightly above the corresponding fi gure for 2019 (Q1-3: 5.1 million sqm). This result was also 3% and 17% above the fi ve- and ten-year averages, respectively. The third quarter contributed to this good result: at 2.16 million sqm, the 2 million sqm mark was exceeded in a single quarter for the fi rst time and was 30% higher than the ave-rage quarterly take-up result of the past fi ve years. The re-luctance of many companies to conclude deals in the se-cond quarter due to the economic uncertainties caused by the Coronavirus pandemic was more than compensated for in the third quarter. Several larger deals are also expec-ted in the fourth quarter, which suggests that the year could end with a total take-up of 6.5 - 7 million sqm.

The Hamburg region records the highest take-up in the Big 5 1.4 million sqm of space was taken up in the fi rst nine months in the Big 5 conurbations (Berlin, Düsseldorf, Frankfurt, Hamburg and Munich), 8% more than was ta-ken up during the corresponding period in 2019, but 5% less than the average result of the past fi ve years. At just under 540,000 sqm, the third quarter was the strongest quarter of the year to-date.

The individual regions have developed very diff erently. While the Berlin and Düsseldorf regions recorded declines of 16% and 24%, the Munich and Hamburg regions posted above-average increases of 41% and 51%, respectively. Take-up in the Frankfurt region was roughly on a par with 2019. The lar-

gest owner-occupier deal of the third quarter was the start of construction of the 86,500 sqm REWE distribution centre in Henstedt-Ulzburg in the Hamburg region. The Berlin region accounted for the largest letting; here, CEVA Logistics signed a contract for around 54,000 sqm in a development project in Königs Wusterhausen.

In the fi rst nine months, the strongest demand in the Big 5 came from retailers which accounted for approximately 36% of take-up. Manufacturers and distribution/logistics companies accounted for a further 27% and 25% of take-up, respectively.

60 deals were concluded for units in the ≥ 5,000 sqm size category and therefore ten less than in the corresponding period of 2019, but the volume of take-up was roughly 30% higher at around 946,000 sqm.

Between January and September, around 425,000 sqm of new shed space was built in the Big 5, 19% of which was still unlet at the time of completion. A further approximately 1.06 million sqm is currently under construction, twice the volu-me of a year ago, with a third of this space still available to the market. Construction activity is concentrated in the Hamburg and Berlin regions where 65% of new space is being constructed.

Prime rents still stable in the Big 5Prime rents for warehousing space in the ≥ 5,000 sqm size category remained stable in all regions during the fi rst nine months and are not expected to change by the end of the year. Companies in the Munich region pay the highest rents of €7.10/sqm/month for premium space. Hamburg and Frankfurt follow with €6.40/sqm/month and €6.20/sqm/month respectively, and space is less expensive in Berlin and Düsseldorf at €5.50/sqm/month.


Outside the Big 5, the Ruhr area has the highest take-up result

Approximately 3.76 million sqm was taken up outside the Big 5 conurbations* in the fi rst nine months of this year, the second-best result for any three-quarter period. The re-sult was roughly similar to the corresponding period last year (3.8 million sqm) and 6% above the fi ve-year average. While take-up by owner-occupiers was 16% lower than in 2019, take-up from lettings increased by 10%.

The Ruhr area recorded the highest take-up volume with approximately 609,000 sqm, an increase of 24% year-on-year. The largest letting in this region was concluded in Kamen; here, the non-food retailer Tedi signed a contract for around 80,000 sqm of logistics space in a development project. The Leipzig/Halle and Bremen regions followed at a considerable distance behind with 211,000 sqm and 194,000 sqm, respectively.

The strongest demand for space came from retailers and eCommerce companies (39%) and from the distribution/logistics segment (37%), while manufacturers accounted for just 21% of take-up. The largest deal outside the Big 5 was registered in the third quarter: the online retailer Amazon commenced construction on a 153,000 sqm dis-tribution centre in Gera. The second-largest deal of the quarter was also concluded by an owner-occupier: the grocery retailer Tegut broke ground for its approximately 90,000 sqm distribution centre in Hünfeld near Fulda.

Three-quarters of space was taken up in new buildings or development projects; this rises to 100% when only consi-dering units larger than 50,000 sqm.

Warehousing Take-up Germany*

* Note: in these regions, we only account for take-up of space greater than 5,000 sqm.

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3Q2

2015 2016 2017 2018 2019 2020

1.79

1.46

1.82

1.59

1.31

1.66

1.60

1.63

1.57

1.65

1.59

1.69

1.95

1.66

1.70

1.90

1.75

1.74

1.51

1.55

2.16

1.48

1.63

mn. sqm 2.2

2.0

1.6

1.8

0.8

1.0

1.2

1.4

0.0

0.2

0.4

0.6

Warehousing Take-up in mn. sqm

Average (Q1 2015 - Q2 2020):

1.65 mn. sqm

* Outside the Big 5 only deals ≥ 5,000 sqm, in the Big 5 (Berlin, Düsseldorf, Hamburg, Frankfurt and Munich) deals ≥ and < 5,000 sqmStatus: October 2020, Source: JLL


1) The Berlin city area and surrounding communities are included in the study. 2) The following towns are covered: Düsseldorf, Erkrath, Hilden, Ratingen, Neuss, Krefeld, Kaarst, Korschenbroich, Haan, Grevenbroich, Langenfeld, Meerbusch, Monheim, Rommerskirchen, Dormagen, Willich. 3) Coverage includes in the entire Frankfurt region, bounded by Butz-bach (Wetterau-Kreis) in the north, by Aschaffenburg in the east, by Bensheim/Heppenheim (Kreis Bergstraße) in the South and by Wiesbaden and Mainz in the West. 4) Coverage includes Hamburg and four surrounding submarkets: North limited by Norderstedt, Quickborn, Kaltenkirchen, Henstedt-Ulzburg; East limited by Bargteheide, Ahrensburg, Trittau, Schwarzenbek, Geesthacht; South limited by Lüneburg, Winsen (Luhe), Buchholz, Buxtehude; West limited by Wedel, Uetersen-Tornesch. 5) The considered market area comprises the cities and communities Cologne, Leverkusen, Bergisch Gladbach, Rösrath, Troisdorf, Niederkassel, Wesseling, Brühl, Hürth, Frechen, Pulheim, Bedburg, Bergheim, Elsdorf, Ker-pen, Erftstadt, Weilerswist, Leichlingen, Burscheid and Odenthal. 6) Coverage includes the entire Munich region. In addition to the City of Munich itself, the region surveyed comprises the most important towns and local authorities in the immediate vicinity of the administrative districts of Dachau, Ebersberg, Erding, Freising, Fürstenfeldbruck and Munich as well as Starnberg. 7) The considered market area comprises the cities Stuttgart and Heilbronn as well as the administrative districts Ludwigsburg, Böblingen, Esslingen, Göppingen, Heil-bronn and Rems-Murr-Kreis. 8) The considered market area comprises the cities Bochum, Bottrop, Dortmund, Duisburg, Essen, Gelsenkirchen, Hagen, Hamm, Herne, Mülheim and Oberhausen as well as the administrative districts Recklinghausen, Wesel, Unna and Ennepe-Ruhr-Kreis. 9) 2020 compared to prior year.

Warehousing Take-up total (sqm) 2019 Q1-3 2019 Q1-3 2020 % 9)

Berlin 1) 493,300 388,900 328,200 -15.6

Düsseldorf 2) 177,100 145,200 109,700 -24.4

Frankfurt 3) 413,000 345,500 333,300 -3.5

Hamburg 4) 364,000 260,000 392,900 51.1

Cologne 5) only space ≥ 5,000 sqm 89,300 76,600 72,100 -5.9

Munich 6) 219,000 186,000 261,600 40.6

Stuttgart 7) only space ≥ 5,000 sqm 52,800 35,100 68,900 96.3

Ruhr Area 8) only space ≥ 5,000 sqm 683,300 491,500 608,500 23.8

Warehousing Take-up (≥ 5,000 sqm) 2019 Q1-3 2019 Q1-3 2020 % 9)

Berlin 1) 282,100 219,500 193,300 -11.9

Düsseldorf 2) 102,100 79,500 60,300 -24.2

Frankfurt 3) 268,800 237,200 222,900 -6.0

Hamburg 4) 200,800 126,700 287,900 127.2

Cologne 5) 89,300 76,600 72,100 -5.9

Munich 6) 76,500 76,500 180,900 136.5

Stuttgart 7) 52,800 35,100 68,900 96.3

Ruhr Area 8) 683,300 491,500 608,500 23.8

Prime Rents for Warehousing Space (≥ 5,000 sqm) (€/sqm/month) 2019 Q3 2019 Q3 2020 % 9)

Berlin 1) 5.50 5.50 5.50 0.0

Düsseldorf 2) 5.50 5.40 5.50 1.9

Frankfurt 3) 6.20 6.20 6.20 0.0

Hamburg 4) 6.40 6.40 6.40 0.0

Cologne 5) 5.10 5.10 5.80 13.7

Munich 6) 7.10 7.10 7.10 0.0

Stuttgart 7) 6.80 6.80 6.80 0.0

Ruhr Area 8) 5.25 5.20 5.25 1.0

Completions (sqm) 2019 Q1-3 2019 Q1-3 2020 % 9)

Berlin 1) 126,000 51,000 170,100 233.5

Düsseldorf 2) 92,500 77,100 139,100 80.4

Frankfurt 3) 301,900 265,000 102,400 -61.4

Hamburg 4) 89,300 45,500 300 -99.3

Cologne 5) only space ≥ 5,000 sqm 52,500 0 0 0.0

Munich 6) 46,400 46,400 13,000 -72.0

Stuttgart 7) only space ≥ 5,000 sqm 85,300 85,300 109,500 28.4

Ruhr Area 8) only space ≥ 5,000 sqm 291,300 230,000 152,600 -33.7

Berlin

BerlinLogistics and Industrial Market Overview | 3rd quarter 2020

Major letting dominates the third quarterIn the fi rst nine months of the year, the Berlin region* re-gistered take-up of around 328,000 sqm of warehousing and logistics space (owner-occupiers and lettings), ap-proximately 16% less space than in 2019, but 13% above the long-term average. A below-average second quarter was followed by an exceptionally strong third quarter with take-up of 163,000 sqm, which accounted for 50% of total take-up. The largest deal of the past fi ve years was concluded in this quarter by CEVA Logistics which leased approximately 54,000 sqm of space in Königs Wusterhausen, in the southern periphery. The south of Berlin (Berlin South, Periphery South, Berlin-Branden-burg Airport) was also particularly popular with other companies, accounting for 58% of the region’s total take-

Warehousing Take-up

Prime Rent ≥ 5,000 sqm

up. Most demand for space came from distribution/logi-stics companies (32%), followed by retailers (30%). Ma-nufacturers accounted for 21% of the result. Positive impetus can be expected to come from the opening of the Tesla plant in Grünheide. While the space taken up by the company itself will be included in the statistics in the coming months, suppliers will want to locate nearby.

170,000 sqm of new shed space was built over the fi rst three quarters, with just a fi ft h of this space still available to the market at the time of completion. A further 210,000 sqm will be added by the end of the year, with around three-quarters of this space being built in the southern periphery.

The prime rent for warehousing space in the ≥ 5,000 sqm size category has remained stable since 2018 at €5.50/sqm/month.

* The Berlin city area and surrounding communities are included in the study.

,000 sqm

Take-up Average Annual Take-up (2015-2019): 439,000 sqm

0

100

200

300

400

500

2015 2016 2017 2018 2019 Q1-3 2020

4.00

4.50

5.00

6.00

5.50

Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20

€/sqm/month

BerlinLogistics and Industrial Market Overview | 3rd quarter 2020

A 103

A 100

A 104

A 12

A 114

A 9

A 13

A 111

A 113

A 11

A 115

A 24

A 10

Airport Berlin Brandenburg€ 4.40 - 6.50

Berlin-North€ 4.00 - 6.00

Berlin-East€ 4.20 - 6.20

Berlin-South€ 5.00 - 10.00

Berlin-West€ 4.00 - 7.10

Periphery North€ 2.50 - 3.80

Periphery East€ 3.00 - 4.20

Periphery South€ 3.70 - 4.70

Periphery West€ 3.20 - 4.20 Berlin

Potsdam

Bernau

KönigsWusterhausen

Falkensee

PetershagenStrausberg

Hennigsdorf

HohenNeuendorf

Oranienburg

Werder/ Havel

Ludwigsfelde

JLL Research 2020 Q3

AirportMain Station

Switch YardFreight Village

Harbour

Rental Band(Euro/sqm/month)for warehousing space of all unit sizes (incl. business parks)

Market Area€ min - max

Industrial Market Areas

Berlin: Industrial Market Areas with Rental BandsBerlin: Industrial Market Areas

Logistics and Industrial Market Overview | 3rd quarter 2020 Düss eldorf

Düss eldorf

Weak construction activityAround 110,000 sqm was taken up in the market for warehousing and logistics space (owner occupiers and lettings) in the Düsseldorf region* in the fi rst three quar-ters of the year. This result is signifi cantly below the corre-sponding 2019 fi gure (-24%) and the fi ve-year average (-45%), and is attributed primarily to the low supply of modern logistics space available at short notice in the re-gion. But the eff ects of the Coronavirus pandemic are also causing uncertainty, with some companies choosing to postpone their letting decisions. The largest deal to-date for approximately 11,000 sqm was registered in Krefeld and was concluded by WISAG Logistics Solutions in the third quarter. This was followed by two deals concluded in the

Warehousing Take-up


fi rst quarter when 10,900 sqm was taken up by fl aschen-post GmbH and 10,300 sqm by Yusen Logistics GmbH, both in Langenfeld. Most demand for space came from retailers (46%), followed by companies from the distribution/logis-tics segment (40%). Manufacturers accounted for 11% of the take-up result.

139,000 sqm of new shed space was constructed in the fi rst nine months of the year, with just 28% of this space still available at the time of completion. There is no speculative construction at present and occupiers have already secured all space currently under construction (around 19,000 sqm).

The prime rent for warehousing space in the ≥ 5,000 sqm size category remained stable in the third quarter at €5.50/sqm/month and is achieved in the Düsseldorf ur-ban area in the vicinity of the airport.

* The following towns are covered: Düsseldorf, Erkrath, Hilden, Ratingen, Neuss, Krefeld, Kaarst, Korschenbroich, Haan, Grevenbroich, Langenfeld, Meerbusch, Monheim, Rommerskirchen, Dormagen, Willich.

,000 sqm

Take-upAverage Annual Take-up (2015-2019): 252,900 sqm

0

50

100

150

200

250

300

350

2015 2016 2017 2018 2019 Q1-3 2020

Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20

€/sqm/month

4.50

5.00

5.50

6.00

Logistics and Industrial Market Overview | 3rd quarter 2020 Düsseldorf

Rhein

Rhein

A 542

A 61

A 1

A 524

A 540

A 57

A 44

A 3

A 59A 46 A57

A 52

Dormagen€ 3.50 - 4.50

Düsseldorf€ 4.50 - 6.20

Erkrath€ 3.50 - 4.90

Grevenbroich€ 3.50 - 4.80

Haan€ 3.50 - 4.50

Hilden€ 3.50 - 5.20

Kaarst€ 4.00 - 4.60

Korschenbroich€ 3.25 - 4.50

Krefeld€ 3.75 - 5.10

Langenfeld€ 3.75 - 5.20

Meerbusch€ 4.00 - 5.00

Monheim€ 3.50 - 4.75

Neuss€ 4.20 - 5.40

Ratingen€ 4.00 - 5.40

Rommerskirchen€ 3.50 - 4.25

Willich€ 3.50 - 5.20

Düsseldorf

DuisburgEssen

Krefeld

Mönchengladbach

Mülheim ander Ruhr

Solingen

WuppertalNeuss

Köln

Leverkusen

Erkrath

Haan

Heiligenhaus

Hilden

Langenfeld (Rhld.)

Mettmann

Monheim

Ratingen

Velbert

Wülfrath

Dormagen

GrevenbroichJüchen

Kaarst

Korschenbroich

Meerbusch

Kempen

Tönisvorst

Viersen

Willich


AirportMain Station

Harbour




Düsseldorf: Industrial Market Areas with Rental BandsDüsseldorf: Industrial Market Areas

Logistics and Industrial Market Overview | 3rd quarter 2020 Frankfurt

Frankfurt

New construction activity declines sharplyApproximately 333,000 sqm of owner-occupier deals and lettings were concluded in the market for warehousing and logistics space in the Frankfurt region* in the fi rst nine months of 2020. Although roughly similar to the result for the corresponding period in 2019 (-4%), the result was 24% below the fi ve-year average. At around 70,000 sqm, the third quarter was the weakest quarter of the year to-date, with the largest deal (a letting by a logistics company) con-cluded for 15,700 sqm in Ginsheim-Gustavsburg in the wes-tern periphery. The top deals of the fi rst two quarters were signifi cantly larger (Q1: 42,000 sqm by an eCommerce com-pany in Hammersbach; Q2: 50,000 sqm by Lidl as an ow-ner-occupier in Erlensee). These two major deals propelled retailers to the top of the industrial statistics, accounting for around 51% of take-up. Companies in the distribution/logistics segment, which accounted for around 19% and manufacturers for 18%, followed at some distance behind.

Warehousing Take-up


Approximately 100,000 sqm of new warehousing space was built between January and September, none of which is still available to the market. New construction activity has fallen sharply compared to previous years, with 50% less space completed in 2020 compared to the fi ve-year ave-rage. The main reason is the increasing scarcity of land.

At €6.20/sqm/month, there has been no change in the pri-me rent for warehousing space in the ≥ 5,000 sqm size cate-gory since the second quarter of 2019, and this is not ex-pected to change over the next few months.

* Coverage includes in the entire Frankfurt region, bounded by Butzbach (Wetter-au-Kreis) in the north, by Aschaff enburg in the east, by Bensheim/Heppenheim (Kreis Bergstraße) in the South and by Wiesbaden and Mainz in the West.

,000 sqm

Take-upAverage Annual Take-up (2015-2019): 553,300 sqm

0

100

200

300

400

500

600

700

2015 2016 2017 2018 2019 Q1-3 2020

€/sqm/month

5.00

5.50

6.00

6.50

Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20

Logistics and Industrial Market Overview | 3rd quarter 2020

Rhein

Main

Main

Rhein

MainA 672

A 671

A 643

A 485

A 661 A 66

A 60

A 45

A 63

A 67A 5

A 61

A 3

Frankfurt€ 4.80 - 7.00

Mainz€ 4.20 - 5.50




Periphery West€ 4.60 - 6.35

Wiesbaden€ 4.20 - 5.50

Rüsselsheim

Bad Homburgv. d. Höhe

Hanau

Worms

Aschaffenburg

Darmstadt

Offenbacham Main

Mainz

Wiesbaden

Frankfurt amMain


AirportMain Station

Harbour




Frankfurt: Industrial Market Areas with Rental BandsFrankfurt: Industrial Market Areas

Frankfurt

Logistics and Industrial Market Overview | 3rd quarter 2020 Hamburg

Hamburg

Previous year's result already exceeded in the third quarterIn the Hamburg region*, approximately 393,000sqm of warehousing and logistics space was taken up in the fi rst nine months of the year (owner-occupiers and lettings), 8% more than in the entire previous year. The fi ve-year average for the fi rst nine months was also exceeded by 9%. Following a weak second quarter with just 50,000 sqm, there was a clear catch-up trend observed in the third quarter, with 222,000 sqm taken up between July and September. This positive result was due mainly to several large owner-occup-ier deals and included the start of construction of the new 86,500 sqm REWE distribution centre in Henstedt-Ulzburg which is scheduled for completion in 2022. At 55%, owner-occupiers accounted for a higher share in the total take-up result than at any time in the last ten years. As a result of the above-mentioned deal, the strongest demand came from re-tailers who accounted for 45% of the take-up. Distribution/logistics companies followed with 27% and manufacturers

Warehousing Take-up


with 19%. Demand from express delivery services and online retailers for space close to city centres also remains strong. The fact that three-quarters of all deals for units in the ≥ 5,000 sqm size category were concluded in development projects shows the continued low availability of vacant space in this category. Around 410,000 sqm of shed space is currently under construction, more than half of which is being built for owner-occupiers and around 40% is still freely available to the market.

The prime rent for warehousing space in the ≥ 5,000 sqm size category has not changed over the past 12 months and re-mains at €6.40/sqm/month. It is expected to remain stable over the next few months.

* Coverage includes Hamburg and four surrounding submarkets: North limited by Norderstedt, Quickborn, Kaltenkirchen, Henstedt-Ulzburg; East limited by Bargte-heide, Ahrensburg, Trittau, Schwarzenbek, Geesthacht; South limited by Lüneburg, Winsen (Luhe), Buchholz, Buxtehude; West limited by Wedel, Uetersen-Tornesch.

,000 sqm


0

100

200

300

400

500

600

700

2015 2016 2017 2018 2019 Q1-3 2020

€/sqm/month

4.50

5.00

5.50

6.50

6.00

Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20


Elbe

Elbe

A 253

A 20

A 261

A 26A 24

A 21

A 7

A 23

A 250

A 1

Allermöhe€ 4.20 - 5.90

Billbrook-Billwerder-Billstedt€ 4.20 - 6.00

Airport / Groß Borstel€ 4.10 - 5.80

Hamburg-North-East€ 4.20 - 5.30

Hamburg-West€ 4.20 - 5.20

Harburg-Hausbruch€ 4.00 - 5.60

Industrial Port€ 4.60 - 6.40

Norderstedt€ 4.30 - 5.80

Peute-Obergeorgswerder€ 4.10 - 5.60





Wilhelmsburg€ 4.10 - 5.30

Hamburg

Geesthacht

Elmshorn

Pinneberg

Quickborn

Wedel(Holstein)

Henstedt-Ulzburg

NorderstedtAhrensburg

Bad Oldesloe

Reinbek

Buchholz inder Nordheide

Neu Wulmstorf

Hittfeld

Winsen(Luhe)

Lüneburg

Buxtehude

Stade


AirportMain Station


Harbour




Hamburg: Industrial Market Areas with Rental BandsHamburg: Industrial Market Areas

Hamburg

Logistics and Industrial Market Overview | 3rd quarter 2020 Cologne

Cologne

Signifi cant rise in the prime rent in the third quarterApproximately 72,000 sqm of space in the ≥ 5,000 sqm size category was taken up in the market for warehousing and logistics space in the Cologne region* in the fi rst nine months of 2020, 50% below the fi ve-year average. This below-average result is due mainly to the low supply of existing modern space available at short notice and the change in occupier behaviour triggered by the Coronavirus pandemic. The third quarter was the strongest quarter of the year to-date, registering the two largest deals: an online retailer signed a contract for 12,000sqm in a development project in Troisdorf and a wholesale company leased around 10,000 sqm in Frechen - also in a development pro-ject. In the fi rst nine months, the strongest demand came

Warehousing Take-up


from retailers and manufacturers with each accounting for a third of total take-up. Tenants in the distribution/logistics segment accounted for around 12% of take-up.

Construction activity remains low throughout the region, with no new shed space being completed in the fi rst three quarters. Although the prime rent for warehousing space in the ≥ 5,000 sqm size category had remained stable since 2018 at €5.10/sqm/month, it rose to €5.80/sqm/month in the third quarter of 2020 due to the lack of space. This is achieved in the Cologne urban area.

* The considered market area comprises the cities and communities Cologne, Leverkusen, Bergisch Gladbach, Rösrath, Troisdorf, Niederkassel, Wesseling, Brühl, Hürth, Frechen, Pulheim, Bedburg, Bergheim, Elsdorf, Kerpen, Erfstadt, Weilerswist, Leichlingen, Burscheid and Odenthal.

,000 sqm

Take-up ≥ 5,000 sqmAverage Annual Take-up (2015-2019): 159,900 sqm

0

50

100

150

200

250

2015 2016 2017 2018 2019 Q1-3 2020

€/sqm/month

4.00

4.50

5.00

6.00

5.50

Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20


Rhein

Rhein

A 542

A 562

A 559

A 565

A 540

A 46

A 59

A 57

A 3

A 553

A57

A 4

A 61

A 1

A 555

Bedburg€ 3.00 - 4.35

Bergheim€ 3.00 - 4.30

Bergisch Gladbach€ 3.10 - 4.40

Brühl€ 3.20 - 4.50

Burscheid€ 3.00 - 4.30

Elsdorf€ 3.00 - 4.30

Erftstadt€ 3.00 - 4.00

Frechen€ 3.50 - 4.85

Hürth€ 3.50 - 4.95

Kerpen€ 3.00 - 4.50

Cologne€ 3.90 - 5.80

Leichlingen€ 3.00 - 4.30

Leverkusen€ 3.00 - 4.40

Niederkassel€ 3.20 - 4.50

Odenthal€ 3.00 - 4.30Pulheim

€ 3.50 - 4.70

Rösrath€ 3.20 - 4.30

Troisdorf€ 3.20 - 4.60

Weilerswist€ 2.90 - 4.10

Wesseling€ 3.00 - 4.65

DüsseldorfRemscheidSolingen

Bonn

Köln

LeverkusenBergisch Gladbach

Hilden

Langenfeld(Rhld.)

MonheimDormagenGrevenbroich

Jüchen

Düren

Bedburg Bergheim

Brühl

Elsdorf

Erftstadt

Frechen

HürthKerpen

Pulheim

Euskirchen

Overath

Rösrath

Wermelskirchen

Alfter

Bornheim

Hennef(Sieg)

Königswinter

LohmarNiederkassel

SanktAugustin

SiegburgTroisdorf


AirportMain Station


Harbour


Rental Band(Euro/sqm/month)for warehousing space >= 5,000 sqm


Cologne: Industrial Market Areas with Rental BandsCologne: Industrial Market Areas

Cologne

Logistics and Industrial Market Overview | 3rd quarter 2020 Munich

Munich

Take-up well above-averageIn the Munich region*, around 262,000 sqm of warehousing and logistics space was taken up in the fi rst three quarters (owner-occupiers and lettings), exceeding both the comparable fi gure for 2019 and the fi ve-year ave-rage by over 40%. This is due to an above-average second quarter which, at approximately 170,000 sqm, marks the highest take-up in a single quarter in the last ten years. This was due mainly to a major letting by a manufacturer for 138,000 sqm in Parsdorf in the eastern Munich peri-phery. The third quarter was slightly below-average at 53,000 sqm, due mainly to the supply shortage rather than a lack of interest on the part of potential occupiers. Not all sectors are aff ected equally by the eff ects of the Coronavirus crisis and demand continues to exceed sup-ply in the region. Just 13,000 sqm of new warehousing space was built between January and September, 80%

Warehousing Take-up


less than the average for the past fi ve years. Just under 200,000 sqm is currently under construction and with only 3% of this still available to the market, an easing of the supply shortage is not foreseeable for 2021.

The prime rent for warehousing space in the ≥ 5,000 sqm size category has not changed over the past two years and remains stable at €7.10/sqm/month. It is also unlikely to change over the next few months.

* Coverage includes the entire Munich region. In addition to the City of Munich itself, the region surveyed comprises the most important towns and local authorities in the immediate vicinity of the administrative districts of Dachau, Ebersberg, Erding, Freising, Fürstenfeldbruck and Munich as well as Starnberg.

,000 sqm


0

50

100

150

200

250

300

350

2015 2016 2017 2018 2019 Q1-3 2020

€/sqm/month

5.50

6.00

6.50

7.00

7.50

Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20


A 952

A 92

A 99

A 995

A 96

A 95

A 94

A 9

A 8

Dachau/Karlsfeld€ 6.20 - 6.80

Munich€ 7.10 - 13.00





München

Dachau

Vaterstetten

Erding

Freising

Fürstenfeldbruck

Germering

Olching

Unterhaching

Unterschleißheim

Starnberg


AirportMain Station

Switch Yard




Munich: Industrial Market Areas with Rental BandsMunich: Industrial Market Areas

Munich

Logistics and Industrial Market Overview | 3rd quarter 2020 Ruhr Area

Ruhr Area

Take-up result signifi cantly exceeds previous year's levelAround 609,000 sqm of warehousing and logistics space in the ≥ 5,000 sqm size category was taken up in the Ruhr area* in the fi rst three quarters of 2020 (owner-occupiers and lettings). Only the record year of 2016 observed a higher take-up volume of 888,000 sqm in the fi rst nine months. The current result is 24% higher than the corres-ponding fi gure for 2019. While many companies were clearly reluctant to invest in the second quarter, which was refl ected in a below-average take-up result, letting activity increased signifi cantly in the third quarter (Q3: 259,000 sqm). Overall, the total take-up volume in 2020 could signifi cantly exceed the previous year's level of around 680,000 sqm. The largest deal to-date was the lease concluded by the non-food retailer Tedi for 80,000 sqm in a development project in Kamen. Retailers and

Warehousing Take-up


eCommerce companies led the industrial statistics, ac-counting for more than one in every two square metres taken up. Companies in the distribution/logistics seg-ment followed in second place with a share of 34%, while manufacturers accounted for just 10%.

The prime rent for warehousing space in the ≥ 5,000 sqm size category has remained stable since 2019 at €5.25/sqm/month and is achieved in Duisburg. Slight increases in rents were observed in the third quarter in other parts of the region, such as the administrative districts of We-sel and Unna, and in Dortmund, Bochum and Gelsenkir-chen. Most shed space was leased at rents of between €4.00 and €4.50/sqm/month.

* The considered market area comprises the cities Bochum, Bottrop, Dortmund, Duisburg, Essen, Gelsenkirchen, Hagen, Hamm, Herne, Mülheim and Oberhausen as well as the administrative districts Recklinghausen, Wesel, Unna and Ennepe-Ruhr-Kreis.

,000 sqm


0

200

400

600

800

1,000

1,200

2015 2016 2017 2018 2019 Q1-3 2020

€/sqm/month

4.00

4.50

5.00

5.50

Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20


Rhein

Rhein

RheinA 443

A 540

A 57

A 59

A 40

A 42

A57

A 535

A 2

A 46

A 44

A 43

A 1

A 45

A 3

A 31

Bochum€ 3.50 - 4.75

Bottrop€ 3.25 - 4.00

Dortmund€ 3.75 - 5.00

Duisburg€ 3.75 - 5.25

Ennepe-Ruhr-Kreis€ 3.00 - 4.00

Essen€ 3.50 - 4.65

Gelsenkirchen€ 3.00 - 4.25

Hagen€ 3.25 - 4.25

Hamm€ 3.25 - 4.25

Herne€ 3.25 - 4.25

Mülheim an der Ruhr€ 3.50 - 4.75

Oberhausen€ 3.50 - 4.75

Recklinghausen€ 3.00 - 4.25

Unna€ 3.25 - 4.50

Wesel€ 3.00 - 4.25

Hilden

Langenfeld(Rhld.)

Ratingen Velbert

DormagenGrevenbroich

MeerbuschWillich

Dinslaken

Wesel

Bocholt

Castrop-Rauxel

Dorsten

GladbeckHerten

Marl

Hattingen

Witten

Iserlohn

Lüdenscheid

Menden(Sauerland)

BergkamenLünen

Unna

Krefeld

Oberhausen

RemscheidSolingen

Neuss

Moers

Bottrop

Recklinghausen

Hagen

Hamm

Herne

Duisburg

Wuppertal

Gelsenkirchen

Münster

Bochum

Düsseldorf

Dortmund


AirportMain Station


Harbour




Ruhr Area: Industrial Market Areas with Rental BandsRuhr Area: Industrial Market Areas

Ruhr Area

Logistics and Industrial Market Overview | 3rd quarter 2020 Stutt gart

Stutt gart

The supply shortage and Coronavirus crisis cast a shadow over the market

Approximately 69,000 sqm of warehousing and logistics space in the ≥ 5,000 sqm size category was taken up in the Stuttgart region in the fi rst three quarters of 2020 (owner-occupiers and lettings). Although this exceeded the total take-up volume of the previous year by 30%, it was 45% down on the fi ve-year average for the fi rst nine months. In addition to the continued scarce supply of modern logis-tics space and land which has kept take-up results down in recent years, the eff ects of the Coronavirus pandemic are also refl ected in the fi gures for the second and third quarters of 2020 in a region heavily dominated by the au-tomotive industry. Although the strongest demand in the fi rst three quarters of 2020 also came from manufacturers, at 27,700 sqm (40%) they accounted for considerably less space than the corresponding fi ve-year average (67,000 sqm). Companies from the distribution/logistics segment followed in second place with 34%, and the public sector, in third place with a 26% share of take-up, accounted for a

Warehousing Take-up


single letting of 18,000 sqm in Korntal-Münchingen in the fi rst quarter. Approximately 110,000 sqm of new warehousing space was completed in the fi rst three quarters; however, with no space available to the market, the tensions caused by the supply shortage could not be eased.

At €6.80/sqm/month, the prime rent for warehousing space in the ≥ 5,000 sqm size category has not changed since 2018 and is recorded in the Stuttgart urban area. This is the se-cond highest prime rent achieved aft er Munich.

* The considered market area comprises the cities Stuttgart and Heilbronn as well as the administrative districts Ludwigsburg, Böblingen, Esslingen, Göppingen, Heilbronn and Rems-Murr-Kreis.

,000 sqm


0

50

100

150

200

250

300

350

2015 2016 2017 2018 2019 Q1-3 2020

€/sqm/month

5.50

6.00

6.50

7.00

Q3 15 Q3 16 Q3 17 Q3 18 Q3 19 Q3 20


A 831

A 5

A 8/81

A 8

A 6

A 81

Böblingen€ 5.00 - 6.50

Esslingen€ 4.50 - 5.80

Göppingen€ 3.50 - 4.80

Heilbronn€ 4.50 - 6.00

Ludwigsburg€ 5.00 - 6.50

Rems-Murr-Kreis€ 4.00 - 5.50

Stuttgart€ 5.00 - 6.80

Periphery Heilbronn€ 4.00 - 5.00

Sindelfingen

Esslingenam Neckar

Göppingen

Ludwigsburg

WaiblingenSchwäbisch

Gmünd

Tübingen

Heilbronn

Pforzheim

Reutlingen

Stuttgart


AirportMain StationFreight Village

Harbour




Stuttgart: Industrial Market Areas with Rental BandsStuttgart: Industrial Market Areas

Stuttgart

Industrial Agency CologneAugustinerstraße 10 50667 [email protected]+49 (0) 221 2775 0

Frank WeberHead of Industrial Agency [email protected]+49 (0) 89 290088 110

Helge ScheunemannHead of Research [email protected]+49 (0) 40 350011 225

Industrial Agency BerlinRahel-Hirsch-Straße 1010557 [email protected]+49 (0) 30 203980 0

Industrial Agency MunichLudwigstraße 880539 [email protected]+49 (0) 89 290088 0

Industrial Agency LeipzigPetersstraße 12-14 04109 [email protected]+49 (0) 341 22633 0

Industrial Agency FrankfurtBockenheimer Landstraße 5560325 [email protected]+49 (0) 69 2003 0

Industrial Agency DüsseldorfDreischeibenhaus 140211 Dü[email protected]+49 (0) 211 13006 0

Industrial Agency StuttgartKleiner Schloßplatz 1370173 [email protected]+49 (0) 711 900370 0

Industrial Agency HamburgAlter Steinweg 1 20459 [email protected]+49 (0) 40 350011 0

Contacts

Copyright © JONES LANG LASALLE SE, 2020. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.

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