Annual prime rental costs for large warehouses in Europe 2023, by city

Across the major European industrial and logistics real estate markets, London had the highest rental rate in 2023. One square meter in a large, prime warehouse in London cost about 310 euros annually in the fourth quarter of the year. That figure reflects the rental cost after any rent-free periods or incentives, excluding taxes and charges, referred to as headline rent. Other markets with high rental rates were Oslo and Birmingham.What are the most important logistics hubs in Europe?London’s domestic and international connectivity, thriving business ecosystem, and access to a large consumer base make it one of the most important logistics hubs in Europe. Nevertheless, Birmingham achieved the highest take-up among the major European markets for three years in a row. Birmingham is part of the UK’s golden logistics triangle – an area between Birmingham, Northamptonshire, and Yorkshire that, due to its central location, is within a four-hour drive from 90 percent of the British population. Unsurprisingly, Europe’s three largest economies (the UK, Germany, and France) had the most active logistics investment markets. Combined, the three countries accounted for more than half of the total investment value in the sector.How profitable is warehouse investment in Europe?One of the key metrics for measuring the profitability of an investment is yield, or the rental income generated by the property as a percentage of its price. In Europe, yields for prime properties reached up to eight percent, but some markets, such as France and Germany, experienced much lower yields. Though low yields can be interpreted as low profitability, they are usually a sign of strong market fundamentals and sentiment. In conditions of economic growth and steady occupier demand, investors can expect rental and capital growth and are more willing to accept lower yields. On the other hand, when the macroeconomic conditions deteriorate, economic growth slows down, and borrowing costs increase, investors address the higher risk through higher yields.

在欧洲主要工业与物流地产市场中，伦敦在2023年拥有最高的租金水平。在伦敦，一平方米大型优质仓库的年租金在第四季度约为310欧元。该数据反映了扣除任何免租期或激励措施后的租金成本，即所谓的标示租金。奥斯陆和伯明翰等其他市场也拥有较高的租金水平。欧洲最重要的物流枢纽是哪些？伦敦凭借其国内和国际的连通性、繁荣的商业生态系统以及对庞大消费群体的接入，成为欧洲最重要的物流枢纽之一。然而，伯明翰连续三年在主要欧洲市场中的租赁需求量位居首位。伯明翰位于英国金三角地带——介于伯明翰、诺森伯兰郡和约克郡之间的区域，由于地理位置优越，该区域距离英国90%的人口在四小时车程之内。不出所料，欧洲三大经济体（英国、德国和法国）的物流投资市场最为活跃。这三个国家共同占据了该行业总投资价值的一半以上。在欧洲，仓库投资的盈利性如何？衡量投资盈利性的关键指标之一是收益率，即物业租金收入占其价格的比例。在欧洲，优质物业的收益率高达百分之八，但一些市场，如法国和德国，收益率则相对较低。尽管低收益率可能被视为低盈利性，但它们通常反映了市场基础和情绪的强劲。在经济增长和稳定的租户需求下，投资者可以期待租金和资本增值，并更愿意接受较低的收益率。另一方面，当宏观经济条件恶化、经济增长放缓和借贷成本上升时，投资者将通过提高收益率来应对更高的风险。