Power supply becoming an increasing concern is notable, given that implementing sustainable measures has fallen. Rising rents and access to labour remain the biggest concerns for occupiers, with a lack of supply of new buildings still ranking highly but starting to be superseded by new concerns: we have seen a significant increase in the number of occupiers citing power supply and the zoning/permit system as a concern. 28%), and warehouse space availability (16% vs. Other issues, such as labour availability (21% vs. Economic uncertainty remains the second most common factor affecting businesses, with 28% of responses citing it as a concern, consistent with last year's survey. 60% in 2022), likely due to slowing inflation in recent months. Occupiers were less concerned with rising costs than last year (42% in 2023 vs. The charts presented in this report track respondents, not responses, so totals will not always sum to 100% Occupiers were further split into retailers (37%), logistics (34%) and manufacturers (29%). In total, 256 key players in the sector took part, comprising occupiers (43%), investors (23%), developers (16%), advisors and consultants (7%), agents (5%), asset managers (4%) and landowners (2%). Global supply chain consultancy Analytiqa undertook the Census and data collection over the summer of 2023. Savills and Tritax EuroBox are delighted to share the results of our third annual European Real Estate Logistics Census. Given the market backdrop, understanding occupier and investor intentions and gaining insights into their key challenges and opportunities is crucial. Whilst inflation has persisted, interest rate hikes have begun to take effect, and we have seen price growth start to decelerate as the year has progressed. There are some promising signs in the investment market. These drivers remain in place today, even as the near-term macroeconomic outlook remains challenging. However, this may be partly due to the fact that logistics values have decreased at a faster rate than many other asset classes in the four quarters to Q2 2023.ĭespite short-term headwinds, we believe that occupier markets will continue to benefit from the well-documented mega-trends that have underpinned the sector over the last decade and were amplified by the onset of Covid. The Census suggests that both volumes and shares may improve, as 24% of investors and asset managers claim to be under-allocated. Despite this decrease in volumes, investor interest is still higher than before the pandemic, with investment into logistics property accounting for 17% of total real estate investment volumes compared to the average of 13% between 20. In the first half of 2023, investment volumes reached only €10 billion, which is significantly lower than the H1 averages of €25.3 billion during the pandemic (2020–2022) and €16.7 billion before the pandemic (2017–2019). The economic turbulence has had a greater impact on the investment market than on the occupier market. Historical trends show that the 13.2 million sq m of logistics space signed in H1 2023 still surpasses the 11.7 million sq m recorded in the same period in 20, before the Covid pandemic. Take-up decreased by 37% compared to the record high in H1 of 2022, but we believe this is due to a return to normal demand levels. In the first half of 2023, the European logistics market faced significant macroeconomic challenges.
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