CONTRARY TO THE TREND - COLOGNE RECORDS AN INCREASE IN TAKE-UP
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At the end of 2024, the Cologne logistics market reported an increase in take-up compared to the previous year, making it the only market area besides Düsseldorf among the top locations to achieve this. Logistics and industrial take-up totalled around 257,000 sqm, almost 61% more than in 2023 and 16% above the long-term average. Against the backdrop of the persistently tense economic market environment, there are positive signals for 2025.
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The existing property sector in particular has emerged as a key driver of the result, with the focus in some cases on interim lettings or sublet space. In this context, the online furniture retailer Woltu rented around 44,500 sqm in an older building in the first quarter, which is bridging the gap until the property is converted into residential space. On the other hand, the two logistics service providers Blitz (25,400 sqm) and Goodcang (35,000 sqm in Bergheim) have each secured space for subletting, which further emphasizes the importance of this segment. In contrast, letting activity in the fourth quarter was much more fragmented, although a solid quarterly result of 53,000 sqm was achieved.
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Prime rents are likely to rise due to the high demand pressure in the new-build segment, after remaining stable at €7.70 per sqm compared to 2023. There is also a slight upward trend in average rents, which stood at €6.20 per sqm at the end of the year (+7% compared to 2023).