Logistica, scendono gli yields in Europa, e i prime rents crescono poco : lo sostiene lo studio “PYRAMID 2022” della tedesca GARBE

The prime yield of the European logistics market declined by an average of around 7.1 percent compared to prior-year period, whereas rents rose conversely by a modest 2.2 percent. These are some of the findings GARBE Research presented in GARBE PYRAMID 2022, the latest update of the company’s yield and rent map for the 122 most important submarkets for logistics real estate in Europe.

Prime net initial yields were particularly quick to harden in the Netherlands and Germany. In Rotterdam, for instance, they dropped from 4.0 to 3.3 percent within a year. This implies a change by 17.5 percent. It coincides with a rent growth by 6.9 percent during the same period of time, with rents rising from 5.80 to 6.20 euros/square metre. Much the same can be said for Amsterdam and Venlo as well as for Berlin, Bremen and Frankfurt (see table).

No less than four Dutch cities are among the top ten cities in terms of rental uplift, these being Eindhoven (+8.3 percent), Utrecht (+7.0 percent), Rotterdam (+6.9 percent) and Venlo (+6.5 percent). Yields here declined by 5.0 to 17.5 percent. The star performer in terms of rental growth is Prague (12.2 percent). The prime rent in the Czech capital increased from 4.90 to 5.50 euros/square metre. At the same time, yields dropped by 10.6 percent, from 4.7 to 4.2 percent.

Jan Dietrich Hempel, Managing Director of GARBE Industrial Real Estate, elaborated: “In addition to Germany, the Netherlands are another highly sought-after logistics market with a dynamic yield performance. Aside from the metropolises, cities near transport nodes with direct access to ports, airports and motorways count among the most attractive investment locations. What makes the logistics market a plausible proposition in general is not only its high yield and the evolving dynamic, but above all its long-term stability and its superior performance when compared to other asset classes. This ensures that returns remain robust in the long run despite hardening prime yields.”

Source : GARBE Industrial Real Estate