The latest figures from global real estate advisor, CBRE, reveal that despite the challenges posed by COVID-19, European logistics has continued to grow at a rapid pace.
CBRE’s research shows that Europe has reached 6.9 million square meters of space in Q3 2020, making for an increase of 19% compared to the same period last year, which saw total take-up of 5.8m sqm.
The continued robust sector performance during Q3 2020 takes the total space occupied across Europe in the first three quarters of the year to 18.1m sqm, 2% higher than the previous year. Both Poland and the UK saw the largest increases compared to the same nine-month period last year, with gains of 39% and 67% respectively.
Mark Cartlich, Senior Director, EMEA Industrial & Logistics at CBRE, said: “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.”
A number of countries achieved record levels of take-up in Q3 2020 including the UK which saw take-up more than double to 1.24m sqm, Meanwhile, Italy reached 717,000 sqm, (+53% on Q3 2019) and Spain’s take-up climbed to 550,000 sqm (+37% vs Q3 2019).
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.
Unfortunately, other markets across Europe have been slower to benefit from the recovery following the slowdown in Q1 2020. CBRE state that the 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. CBRE cites fewer deliveries of larger units during the pandemic, as a contributing factor.