During the first quarter of 2021, the Italian logistics market continued to be dynamic, with a take-up volume of 520,000 square meters (tk square feet/+76 percent on first quarter 2020), according to Cushman & Wakefield.
Lombardy and Emilia Romagna were the most active markets, accounting for more than 65 percent of the total volume. Build-to-suit/Build-to-own (BTS/BTO) projects continue to be the preferred transaction type, despite their higher rents, due to the level of tenant customizations required. Vacancy rates slightly decreased in respect to first quarter 2020, from 6.5 percent to 5.6 percent, because of the high absorption recorded over the last quarters. Demand is still driven by third-party logistics provider (3PLs) operators, who make up almost 80 percent of absorption figures for the first quarter. Speculative developments are located in consolidated markets on mid-size class A buildings.
On the investment side, total volumes exceeded €300 million ($
