BNP Paribas Real Estate publishes logistics market figures for the fourth quarter of 2023 - Ruhr logistics market leads top markets despite lower take-up

Even though the Ruhr logistics market was unable to match its previous year's result with take-up totalling around 496,000 m², it is still at the top of the ranking of major logistics regions and is the only location to generate a result in the region of 500,000 m². This is the result of an analysis by BNP Paribas Real Estate.

Many deals were concluded and several large contracts of at least 30,000 m² were signed, which is a clear sign of the high market momentum in terms of letting volume and the number of deals included.  In addition, the Ruhr region also achieved the highest take-up in the new-build segment (around 311,000 m²; just under 63%). "The polycentric logistics region is benefiting from the lively project development segment of recent years, which is currently in a significant decline here too, but is still better positioned in some cases than in other major locations," explains Christopher Raabe, Managing Director and Head of Logistics & Industrial at BNP Paribas Real Estate GmbH. The positive market development is underlined by the most dynamic rental price development in Germany: prime rents rose by 27% to €7.60/m² over the course of the year.

Logistics companies and large contracts stand out

As in other top markets, logistics service providers also proved to be the most active tenants in the Ruhr region last year. With almost 239,000 m² (a good 48%), they set a new record in a comparison of locations. Yusen Logistics (Bottrop; 57,200 m²), pfenning logistics (Dortmund; 30,000 m²) and Recht Logistik (Bönen; 27,000 m²) accounted for three of the five largest deals. However, the retail sector (around 121,000 m²) and the industrial sector (just under 118,000 m²) also accounted for a volume of over 100,000 m² and a share of around 24 % each.  

However, the wide-ranging demand structure in the Ruhr region is reflected not only in the sector analysis, but also in the size class analysis: Large deals, which in addition to the aforementioned contracts also include the agreements signed by Thalia in Marl (56,000 m²) and a production company in Schwelm (45,600 m²), make a high contribution to earnings (just under 49 %). However, the mid-range segment between 8,000 and 20,000 m² also made a decisive contribution to the good result, accounting for a combined 38%.

Prospects

"The logistics market in the Ruhr region was once again able to report good letting momentum in 2023 without achieving the same high take-up of space as in the very strong previous years. The reasons for this are primarily due to the fact that only a portion of the demand impetus available on the market can be met, particularly in the case of large-scale searches. In terms of the various submarkets within the Ruhr region, demand continues to focus on the central locations and on Duisburg and Dortmund, where there are still a few new-build properties available on the market. In terms of supply shortages, the increasing importance of sublet space may help to ease the situation slightly, but will not solve the underlying problem, particularly in the larger segments. Against this backdrop, the upward trend in rents is likely to continue, although it is unlikely to be as dynamic as in recent years," says Bastian Hafner, Head of Logistics & Industrial Advisory at BNP Paribas Real Estate GmbH, summarising the outlook.

Press contact:
Chantal Schaum - Tel: +49 (0)69-298 99-948, Mobile: +49 (0)174-903 85 77, chantal.schaum@bnpparibas.com
Viktoria Gomolka - Tel: +49 (0)69-298 99-946, Mobile: +49 (0)173-968 60 86, viktoria.gomolka@bnpparibas.com

About BNP Paribas Real Estate

BNP Paribas Real Estate is a leading international property services provider that offers its clients comprehensive services in all phases of the property cycle: Transaction, Consulting, Valuation, Property Management, Investment Management and Property Development. With 5,300 employees, the company supports owners, tenants, investors and the public sector in their projects thanks to local expertise in 23 countries (own locations and alliance partners) in Europe, the Middle East and Asia. BNP Paribas Real Estate is part of the BNP Paribas Group, a leading global financial services provider.

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About BNP Paribas in Germany

BNP Paribas is a leading European bank with an international reach. The BNP Paribas Group has been active in Germany since 1947 and has successfully positioned itself in the market with 12 business units. Private, corporate and institutional clients are served by around 6,000 employees nationwide in all relevant economic regions. www.bnpparibas.de