DESPITE STABLE DEMAND: TAKE-UP SLIGHTLY LOWER THAN IN PREVIOUS YEARS
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Although the Düsseldorf market for warehouse and logistics recorded a solid result by the end of the first half of 2024 with take-up of 92,000 sqm, take-up was significantly lower than in previous years. The current result falls short of the previous year's very strong take-up by a third and the long-term average was also missed by 17%. This implies that market activity is back at around the level of the years before the Covid boom phase, which was characterised in particular by large-volume take-up generated through retail and e-commerce companies.
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Although the economic downturn is currently hampering take-up of logistics space nationwide, the demand situation on the Düsseldorf market remains comparatively stable. In the new-build segment in particular, supply is unable to keep pace with demand, which is reflected in the very low share of new-builds in take-up at 18%. In addition, the total number of registered transactions remains in line with the long-term average. In particular, the lack of large deals above the 20,000 sqm mark prevented the Rhine metropolis from performing better.
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Meanwhile, rents stabilised at a high level in the second quarter of 2024. The prime rent has remained unchanged at €7.90 per sqm. However, the prime rent is no longer only being achieved in new-build space, but also in standard space in good locations that is immediately available. The average rent is currently €6.50 per sqm.