European logistics take-up reaches record volume for 2021

The take-up of European logistics space reached 33.3 million square meters (358 million square feet) in 2021, reported CBRE. This was a new record for the sector and represented an increase of 24 percent compared with 2020, which saw take-up totaling 26.89 million square meters (289 million square feet).

Net absorption levels also reached a new high in 2021 at 23.2 million square meters (250 million square feet), demonstrating an increase of 26 percent from the 18.4 million square meters (198 million square feet) achieved in 2020. According to CBRE, new buildings are quickly being absorbed by occupiers with completions struggling to keep pace.

The ongoing supply and demand imbalance has affected vacancy rates across the region, with the average vacancy rate falling to just 3 percent in fourth quarter 2021, compared with 4.15 percent in fourth quarter 2020. At a country level, Belgium, the United Kingdom and Germany saw the lowest vacancy rates in the fourth quarter 202