MODERATE HALF-YEAR RESULT, LACK OF SUPPLY SLOWS TAKE-UP
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In the first half of 2025, a total of 85,000 sqm of space was taken-up on the Cologne logistics market (including the surrounding area). Compared to the strong prior-year period (146,000 sqm), this represents a decline of 42%, and the long-term average was also missed by 18%. However, it is encouraging to note that, after a rather weak start to the year, an increasing rental dynamic was observed in the second quarter. With a take-up of around 53,000 sqm, this also represents a good quarterly result.
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In addition to general economic uncertainties, the main reason for the overall moderate half-year result is the lack of available space in the market area. Demand is currently difficult or impossible to meet, particularly in the large-volume segment in central locations. So far, only one contract exceeding the 20,000 sqm mark has been registered. This involves the leasing of around 23,300 sqm in a new building by logistics service provider Dachser in Porz on the right bank of the Rhine. In contrast, the market was brisk in the medium and smaller-scale segment. The proportion of new buildings also increased significantly compared to the previous year, reaching a well above-average level of around 53%.
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The prime rent has remained unchanged since the end of 2023 at €7.70 per sqm and is achieved for modern properties in sought-after locations in the city. The average rent, on the other hand, has continued to rise, particularly due to the increasing proportion of new-build space, and now stands at €6.30 per sqm (+9% compared to the previous year).