European logistics market remains resilient

The logistics market in Europe proved resilient in 2022 despite a difficult political and economic environment, according to BNP Paribas Real Estate.

In 2022 the logistics market fell by 10 percent in the six leading European markets, but still remained above its five-year average.

The total volume of 27 million square meters (291 million square feet) compares well with the exceptional figure recorded in 2021.

“There was enough economic growth in 2022 to underpin occupier markets while take-up declined in some countries but not everywhere Demand for space increased from tenants seeking efficiency gains,” said Craig Maguire, head of European logistics at BNP Paribas Real Estate. “Structural changes in consumer spending patterns continue to support e-commerce penetration, perpetuating the need for logistics space. Construction times and availability of land dictate the market balance in areas where the vacancy rate is well below the European average of