European Logistics Market Fundamentals Q3 2015
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2.9% 0.6% YoY QoQ on 5 yr average 50% JLL quarterly Logistics and Industrial analysis illustrates the current market condition and examines how it will evolve in the future. www.joneslanglasalle.eu For more information Alexandra Tornow EMEA Logistics & Industrial Research [email protected] Guy Gueirard Head of EMEA Logistics & Industrial [email protected] COPYRIGHT © JONES LANG LASALLE IP, INC. 2015. All rights reserved. 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. 2015 expected to be a record year with occupational demand approaching 16 million sq m across Europe Strongest Q1-Q3 year result on record over the last 10 years Robust development activity continued in Q1-Q3 2015 Slowing rental growth across Europe in Q3 as the majority of markets saw stable rental environments – UK and southern periphery recovery laggards show strongest YoY rental growth Demand for e-fulfilment space rises strongest YoY albeit on a small scale, manufacturing companies remain more active this year compared to their 5yr historic average CEE markets still leading YoY growth in Q1-Q3 2015 – Russia recovery boosted by surging Q3 activity Occupational activity stabilised in Q3 European Logistics Market Fundamentals Q3 2015 Occupational demand is becoming more balanced by occupier group Development activity continues at a steady pace Rental growth remains marginal Top performers Prime rental growth (QoQ) Dublin London Manchester *ecxluding Moscow 8.1 million sq m under construction 7% QoQ 8% YoY* 35% on 5yr average *10% up if excluding Russia *17% excluding Russia But speculative development remains limited … and still significantly below ... the 70+% speculative share ... recorded in the 2006/2007 Third Party Logistics Retail Companies E-Commerce Manufacturing CEE 50% Russia Southern Europe 33% 32% sq m taken-up in Q3 2015 QoQ 2% 16 million sq m 4.4 million take-up Q1-Q3 2015 YoY 24% on 5 year average 26% 12.4 million 33% 30% 25% 8% 4% Other Strongest growing occupier groups in Q1-Q3 2015 E-commerce driven take-up 87% YoY Manufacturing companies take-up 77% YoY YoY 11% 2.0 million sq m QoQ 5% Completed Q3 2015 Completed Q1-Q3 2015 6.3 million sq m 22%* non-speculative Q3 logistics rents*
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Transcript of European Logistics Market Fundamentals Q3 2015
2.9%
0.6%YoY
QoQ
on 5 yr average50%
JLL quarterly Logistics and Industrial analysis illustrates the current market condition and examines how it will evolve in the future.www.joneslanglasalle.eu
For more information Alexandra TornowEMEA Logistics & Industrial [email protected]
Guy GueirardHead of EMEA Logistics & [email protected]
COPYRIGHT © JONES LANG LASALLE IP, INC. 2015. All rights reserved. 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.
2015 expected to be a record year with occupational demand approaching 16 million sq m across Europe
Strongest Q1-Q3 year result on record over the last 10 years
Robust development activity continued in Q1-Q3 2015
Slowing rental growth across Europe in Q3 as the majority of markets saw stable rental environments – UK and southern periphery recovery laggards show strongest YoY rental growth
Demand for e-fulfilment space rises strongest YoY albeit on a small scale, manufacturing companies remain more active this year compared to their 5yr historic average
CEE markets still leading YoY growth in Q1-Q3 2015 – Russia recovery boosted by surging Q3 activity
Occupational activity stabilised in Q3
European Logistics Market FundamentalsQ3 2015
Occupational demand is becoming more balanced by occupier group
Development activity continues at a steady pace
Rental growth remains marginal
Top performersPrime rental growth (QoQ)
Dublin
London
Manchester
*ecxluding Moscow
8.1 million sq m
under construction
7% QoQ
8% YoY*
35% on 5yr average
*10% up if excluding Russia
*17% excluding Russia
But speculative development remains limited
… and still significantly below... the 70+% speculative share... recorded in the 2006/2007
Third Party Logistics Retail Companies E-CommerceManufacturing
CEE
50%Russia Southern Europe
33% 32%
sq m taken-up in Q3 2015
QoQ2%
16 millionsq m
4.4 million take-up Q1-Q3 2015
YoY24% on 5 year average26%12.4 million
33% 30% 25% 8% 4% Other
Strongest growing occupier groups in Q1-Q3 2015
E-commerce driven take-up
87%YoY
Manufacturing companies take-up
77% YoY
YoY11%2.0 million
sq m QoQ5%Completed Q3 2015 Completed Q1-Q3 2015
6.3 million sq m
22%*
non-speculative
Q3 logistics rents*
