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European logistics take-up levels finished 2022 just 6% below record levels seen in 2021
The latest research from global real estate advisor, CBRE, shows that logistics take-up levels across Europe totaled 31.3 million square meters (337 million square feet) in 2022, 6 percent lower than 2021 which saw record take-up levels of 33.4 million square meters (360 million square feet).
There was more than 22 million square meters of new supply brought to the region throughout the year. However, the average vacancy rate remained low at just 2.6 percent in fourth quarter 2022, compared to 2.8 percent in fourth quarter 2021, partly due to increased financing costs, which contributed to a slowdown in the growth of completions. Whil the vacancy rate fell year-on-year, there was a slight increase when compared to third quarter 2022, as take-up levels slowed in the final quarter of the year.
In turn, average prime rents for the region increased more than 20 percent year-on-year, with a rise of 4 percent in fourth quarter 2022 alone. London, Warsaw and Prague saw the la