BNP Paribas Real Estate publishes logistics market figures for the fourth quarter of 2022 - Düsseldorf logistics market records decline in take-up

Düsseldorf, 27 January 2023 - With take-up of 257,000 m², the Düsseldorf logistics market in 2022 was unable to match the good result from the previous year (-15%) and also fell short of the long-term average by around 11%. This is the result of an analysis by BNP Paribas Real Estate.

"After an above-average first nine months with around 229,000 m² of take-up, the year-end spurt in the traditionally more buoyant final quarter failed to materialise, not least due to the current macroeconomic uncertainties. At 54% and a volume of 138,000 m², the new-build segment accounted for the largest share of take-up and was therefore above average for the year as a whole. However, the core problem of recent years, an insufficient supply of large-scale modern space in particular, remains a market-determining issue," explains Christopher Raabe, Managing Director and Head of Logistics & Industrial at BNP Paribas Real Estate GmbH.

Rents have also risen further due to increased construction costs and a tight supply-demand ratio. Compared to the previous year, the prime rent has increased by 14% to €7.20/m² and the average rent has risen by 8% to €5.85/m².

Retail at the top

With a take-up share of a good 49 % or a volume of just under 127,000 m², retail companies are currently in the lead. However, industrial companies also achieved a strikingly good result compared to the previous year, accounting for around 24 % and thus achieving an above-average result in a long-term comparison (17 %). A further 25 % of take-up was attributable to logistics service providers, who were able to register a major deal for around 14,000 m² in the fourth quarter. In terms of size class distribution, in addition to large lettings > 20,000 m² (31 %), agreements for between 8,000 and 12,000 m² (24 %) also recorded above-average take-up. A further focus of demand can be seen in the size category between 12,000 and 20,000 m² (proportionately 19 %).

Prospects

"The Düsseldorf logistics market will end the difficult year 2022 with a below-average result despite the strong first three quarters. The tight supply situation continues to have a significant impact on letting momentum. In view of the current economic and geopolitical factors, a subdued letting activity at the start of 2023 cannot be ruled out. However, momentum should pick up again as the year progresses. On the one hand, overarching processes such as the restructuring of supply chains will continue to progress, while on the other hand, pending building permits should lead to some easing on the supply side. Due to the recent significant rise in construction costs, a further slight increase in rents is likely over the course of 2023," says Bastian Hafner, Head of Logistics & Industrial Advisory at BNP Paribas Real Estate GmbH.

Düsseldorf logistics market records decline in take-up | BNP Paribas Real Estate

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
Melanie Engel - Tel: +49 (0)40-348 48-443, Mobile: +49 (0)151-117 615 50, melanie.engel@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 4,500 employees, the company supports owners, tenants, investors and the public sector in their projects thanks to local expertise in 30 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