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Property report - European Logistics Market - H1 2017


Executive summary

The logistics market is thriving boosted by a favourable economic backdrop stimulating exports, retail sales and consumer spending. The sale of major portfolios in Germany generated outstanding volumes of investment during the first half of 2017. Prime yields continued to decline, even though they have had already bottomed-out to their lowest level.

Expectations across Europe in the forthcoming quarters point towards a return to more average level of  investment and further yield compression.

Take-up: +22% in H1 2017 vs H1 2016

  • Spain and the South Netherlands recorded the highest growth in Europe this semester.
  • Retail and e-commerce contribute to market growth in most countries.
  • Supply remains tight and new development barely keeps up with demand.
  • Rents evolved only marginally.

Yet again, strong industrial and logistics investment boosted by portfolio transfers

  • • €15.8 bn invested in warehouses in H1 2017, above the historical volume recorded in H1 2015
  • • Investor interest for logistics is not fading
  • • Prime yields stabilized or declined to their lowest point reflecting the lack of investment products
  • • There is still some space for yield compression, particularly in secondary markets

Vincent Robion - September 2017

PropReport_Logistics_Europe_H1 2017
PDF - 2.4Mo