HIGH TAKE-UP DUE TO LARGE-SCLAE LEASES
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The Cologne warehouse and logistics market achieved a take-up of 75,000 m² in Q1 2024. This is one and a half times higher than the comparable result for the previous year and 29% above the ten-year average. Consequently, the Rhine metropolis is one of the few major logistics locations to achieve a significantly above-average result at the beginning of the year. This high volume was mainly due to large-scale contracts, which were hardly recorded in most other major markets.
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On the one hand, the e-commerce company Woltu has rented a total of approx. 44,500 m² in an older existing building and is thus utilizing the remaining time until the property can be converted into residential space. On the other hand, the logistics firm Blitz has leased 25,400 m² as a subtenant. Both contracts relate to the Cologne city area on the left bank of the Rhine.
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Beyond this, market activity has been rather subdued to date. Against the backdrop of the general economic conditions, some companies are still somewhat hesitant and, in case of doubt, are remaining in their existing space. In addition, the low supply in the larger and modern space segment and the general rise in rents are also contributing to the low level of fluctuation.
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In the first quarter, rents stabilized at the level reached at the end of 2023, resulting in a prime rent of 7.70 €/m² and an average rent of 5.80 €/m².