SLIGHT DECLINE IN TAKE-UP, BUT 3RD QUARTER CONFIRMS POSITIVE MARKET TREND
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With take-up of almost 4 million m² in the first three quarters of 2024, the nationwide logistics market was unable to keep pace with its long-term average of around 5 million m² (-22%), but after a subdued start to the year there has been a noticeable market revival in recent months, which is reflected in increased demand and rising take-up. This is a pleasing result in view of the continuing challenging economic conditions.
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In the current market environment, the high letting volumes of 2021 and 2022 can no longer be realised despite the broad demand base. While the continued weak economic development is not providing enough impetus, the falling inflation and the recent interest rate cuts by the ECB and FED are sending out positive signals. Against this backdrop, logistics take-up has fallen by around 12% compared to the same period last year, but a positive trend has been observed since the weak first quarter. The last three months performed even slightly better than the second quarter. It is also pleasing to note that the take-up of around 1.5 million m² generated in Q3 is just above the average of all isolated quarterly results since Q1 2023.
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It is also particularly noteworthy that the number of registered contracts has risen noticeably over the course of the year and that the third quarter has approached the average of the past five years. In order to achieve a higher take-up result, there is currently a lack of large-scale contracts above the 20,000 m² mark, of which there were significantly more in previous years.