SUPPLY LIMITS TAKE-UP, BIGGEST DEAL AT 12,700 M²
- That Berlin's logistics market missed its comparable prior-year figure (-82 %) is hardly surprising when considering the exceptional result of 709,000 m² due to the Tesla megadeal and other major deals. With take-up of around 125,000 m² and only one letting above the 12,000 m² mark, market activity at the current mid-year was significantly more fragmented than in 2022, particularly in the large-scale segment.
- Nevertheless, the result does not represent a statistical outlier: For example, in the past five years, half-year results in the region of the 130,000 m² mark were already registered in 2020 (around 135,000 m²) and 2018 (around 131,000 m²), which modifies the current take-up.
- In the development of prime rents, the limiting factor appears to be supply and not demand: Thus, at the top, around 4 % higher rents are required than 12 months previously, making Berlin (7.80 €/m²) the third most expensive market just behind Hamburg (7.90 €/m²) and Munich (9.50 €/m²).
HIGHEST SHARE OF TAKE-UP IN RETAIL AS WELL AS SMALL SPACES
- As already indicated, the lack of supply is reflected in a rather unusual distribution of take-up across the different size categories. Accordingly, the smallest category of space up to 3,000 m² is responsible for the highest contribution to the total volume at just under 32%. In line with this, most of the result was realised in the core area, which indicates that smaller inner-city spaces are the focus of demand due to their proximity to the sales market.
- In terms of sectors, wholesale/retail companies are at the top of the ranking with a share of 49 %, primarily due to the largest contract of the first half of the year, signed by Bär und Ollenroth (12,700 m²). Logistics firms account for almost 23 % and manufacturing companies for around 8 %.
- So far, there have been no owner-occupier deals, and lettings in new buildings or projects accounted for 46 % of market activity.