TAKE-UP SIGNIFICANTLY ABOVE AVERAGE
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The Cologne warehouse and logistics space market recorded take-up of 204,000 m² in the first nine months of the year. Thus, despite the economic uncertainties the result clearly exceeds the long-term average by 23% and almost doubles the result from the same period last year (106,000 m²). Furthermore, Cologne is the only top location in Germany that performs siginificantly above its ten-year average.
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Around half of the take-up is attributable to three large-scale rental agreements in existing properties alone. In the first quarter, the e-commerce company Woltu rented around 44,500 m² in an older building and is thus making use of the remaining time until the property will be converted into residential space. In addition, the logistics service provider Blitz has secured 25,400 m² of space for subletting. In the third quarter, the Chinese logistics provider Goodcang also concluded a lease agreement for 35,000 m² in Bergheim.
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This implies that the market recovery from the first half of the year continued in the third quarter, albeit not with the same dynamic. After 146,000 m² had already been taken up at the end of the second quarter, a further 58,000 m² were added in the third quarter. Against the backdrop of the weak economic phase and the wait-and-see attitude of many occupiers, this result is yet very respectable.
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As in the other top locations, rents have stabilised since the beginning of the year. The prime rent has been listed at €7.70 per m² since the end of 2023 and the average rent has also remained constant at €5.80 per m² since then.