NRW industrial and logistics lettings market in 'top form'
The top three markets for rental and owner-occupied industrial and logistics properties in North Rhine-Westphalia (NRW) have had an extremely successful first half of the 2021 letting year, according to anew report from Realogis.
“The take-up generated by all market participants in the metropolitan regions of Cologne, Düsseldorf and the Ruhr region comes to 648,000 sq m. It thus significantly beats the previous year’s level of 471,530 sq m by around 37 per cent and also exceeds the five-year average for the first half of the year of 514,300 sq m by a significant 26 per cent,” explains Bülent Alemdag, Managing Director of Realogis Immobilien Düsseldorf GmbH. The first half of 2021 also saw the highest percentage growth since 2015, which was previously the highest at 30 per cent or 517,000 sq m after 397,000 sq m in H1 2014.
Once again, the good result was mainly attributable to the Ruhr region. At 45 per cent or 290,000 sq m, this region accounted for almost one in two square metres of take-up in the first half of the year. The largest new lease was also registered by Realogis in the Ruhr region, when Levi’s signed for 70,000 sq m in a new built-to-suit property in Dorsten.
However, the Ruhr region has declined in influence in relative terms, according to the Realogis experts’ analysis. In the same period of the previous year, two out of three square metres were let here (65 per cent or 308,100 sq m). The region thus saw the most significant decrease in its share of take-up out of the three sub-markets in NRW at -21 percentage points.
By contrast, the Cologne metropolitan region increased significantly, after having reported the lowest take-up in the same period of the previous year at 13 per cent or 63,150 sq m. “The region has now increased by 17 percentage points to a share of 30 per cent or 195,000 sq m, thereby tripling its absolute take-up,” comments Alemdag. Cologne thus comes out ahead of Düsseldorf, which was in second place in H1 2020. The result was partly attributable to the WEG deal in a 50,000 sq m new built-to-suit property in Kerpen.
In third place is Düsseldorf with a share of 25 per cent or 163,000 sq m. Düsseldorf thus increased by 4 percentage points year-on-year (after 100,280 sq m or 21 per cent). The biggest deal here was the lease with the logistics company Goodcang for 32,000 sq m in an existing property in Mönchengladbach.
Retail was the frontrunner among the different sectors in H1 2021, with a share of 52 per cent or 336,250 sq m. After being in second place in the previous year with 37 per cent or 176,100 sq m, it recorded the strongest growth out of all segments at 15 percentage points. The biggest leases concluded in the sector include Levi’s with 70,000 sq m in the Ruhr region as well as WEG with 50,000 sq m and Lekkerland with 30,000 sq m, both in Kerpen.
Coming in second is the logistics/distribution sector, previously in first place, with a share of 38 per cent or 244,420 sq m (H1 2020: 52 per cent or 245,400 sq m), corresponding to a decrease of 14 percentage points. Major deals in this segment included Goodcang with 32,000 sq m and Yusen with 20,000 sq m, both in the Düsseldorf market area.
It is followed by the miscellaneous category “Other” with a share of 5 per cent or 35,840 sq m after 4 per cent or 18,400 sq m (up 1 percentage point) and by the manufacturing sector, which only accounts for a share of 5 per cent or 31,490 sq m (after 31,600 sq m or 7 per cent in H1 2020), having fallen by 2 percentage points.