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MARKE TVIE W

EMEA Industrial and Logistics, Q4 2014

Investment turnover attains


new record level in 2014
EU-28 Industrial Production

EMEA Prime Yield

EMEA Prime Rent

0.46%

32bps

2004

Benelux

Nordics

Southern Europe

2008

2003

UK

2007

Germany

5.48%

*Arrows indicate change from corresponding quarter in previous year.

Figure 1: Industrial & Logistics Investment, Europe, 2003-14 ( Billion)


France

EMEA Capital Values

0.78%

CEE

Other

25
20
15
10
5

2014

2013

2012

2011

2010

2009

2006

2005

Source: CBRE, Q4 2014.


ECO NO MY
The

European economy posted positive Q4 data with most countries seeing growth.
economic and monetary conditions are expected to continue through 2015, which will provide further
support for occupier activity.
Main threats to economic recovery are geopolitical risks.
Favourable

I NVESTMENT MARKET
Investment

in the industrial and logistics sector reached record levels in 2014, posting a total of approximately
23.4 billion.
The UK dominated the split of transactions, accounting for approximately 40% of the investment market in 2014.
Nordics and Germany also saw appreciable increases.
LEASI NG ACTI VI TY
Occupier

activity was strong in 2014, particularly in H2, bringing about a 50% increase in take-up compared to
2013. CEE markets were generally the stand-out performers.
A lack of well-located, modern, high-quality space exists in many markets which will encourage both rental
growth and new development.
R ENTS & YI ELDS
The

EMEA rent index rose marginally in Q4 with further growth anticipated.


yields continue to contract, down by 5bps to in Q4 and 32 bps on the year.

Prime

Q4 2014 CBRE Research

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MARKE TVIE W EMEA INDUSTRIAL AND LOGISTICS

ECONOMIC BACKGROUND

Figure 2: Real GDP Forecasts, 2014-15 (% change pa)

The latest data on the European economy has


generally been positive, with survey data pointing
to a slight acceleration in activity barring a
couple of outliers in Q4. Europe recorded positive
data with a number of countries producing
quarterly rises in Q4 GDP most noticeably
Hungary (0.9%), Spain (0.7%), Germany (0.7%),
Poland (0.6%) and the UK (0.5%). By contrast,
Italy and France stagnated in Q4 with quarterly
GDP rises of 0.0% and 0.1% respectively. In spite
of this, the EU as a whole recorded a 0.3% rise in
the last quarter.

5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0

OCCUPIER ACTIVITY

2014 saw very strong growth in occupier activity


in core markets; producing a 50% increase in
take-up when compared to the previous year.
Furthermore, these markets saw a rise in demand
of approximately 36% above figures recorded in
H1 2014 and 42% on H2 2013. A number of
markets contributed to this outcome with Prague
and Warsaw for instance seeing strong growth in
take-up over the last quarter. France and Italy
also posted sizeable gains.

Ireland

Poland

Sweden
Czech
Republic
United
Kingdom
Hungary

Germany

Spain

Eurozone

Netherlands

Source: Oxford Economics, Q4 2014.

Paris Ile-de-France

H2 2013 (%)

H2 2014-on

(%)

Q4-on-Q3

Q4 2014

Q3 2014

Figure 3: Warehouse / Logistics Take Up (000s Sq M)

Q2 2014

The 2015 outlook remains moderately optimistic


with positive real GDP growth expected across
Europe. This is helped by the fall in oil prices
coupled with the introduction of QE in the
Eurozone. The Eurozone as a whole is expected
to see GDP growth of 1.5% this year. Although
economic and monetary conditions look broadly
favourable, geopolitical instability remains a
threat. Potential sources include the major
European elections (UK and Spain), the
possibility of a Greek exit from the Eurozone, the
Russia-Ukraine conflict and the potential impact
of Middle East instability. Nonetheless, the latest
Economic Sentiment Indicator is broadly
favourable, having increased slightly both
globally and within the EU.

2015

France

Italy

2014

297

179

211

18.15

14.9

Prague

77

91

199

117.67

55.57

Rotterdam

24

76

43

-43.93

0.85

Dublin

61

110

131

19.73

36.39

Milan

44

46

35

-22.53

366.76

Warsaw

100

59

276

365.81

238.83

Lisbon

13

37

66

78.45

28.89

Moscow

148

193

363

87.91

-15

Source: CBRE, Q4 2014.


Figure 4: Warehouse/Logistics Take-Up (Y-O-Y % Change)
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
2014

2013

2012

2011

2010

2009

2008

2007

2006

-30%

Source: CBRE, Q4 2014.

Note: Cities included in Figure 4: Prague, Paris, Budapest, Dublin,


Amsterdam, Rotterdam, Warsaw, Lisbon, Bratislava

Q4 2014 CBRE Research

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MARKE TVIE W EMEA INDUSTRIAL AND LOGISTICS

As was the case in H1 2014, CEE countries


delivered another half of increased leasing
activity. Budapest and Bratislava recorded
impressive results, with Warsaws take-up more
than doubling in the final quarter compared to
Q3.
Given the main sources of demand,
predominantly retailers and 3PLs, XXL
warehouses and logistics units in strategic hub
areas have been sought. A growing trend among
large supermarket chains and other retailers is an
emphasis on supply chain restructuring through
network optimization and efficiency
maximization. In addition, the growth of
e-commerce operations has resulted in a growing
need for high-grade logistics space.

RENTS & YIELDS

The EMEA rent index rose slightly, up by 0.1% in


Q4. Growth was confined to a limited number of
markets, notably London and Dusseldorf. In
contrast Moscow, St Petersburg and Kyiv saw
significant decreases in rental value. In overall
terms, rental growth is expected to improve
further in 2015 as economic recovery continues
to boost leasing demand.
Expected growth is the consequence of a supplydemand imbalance as core EMEA markets have
continued to see diminishing levels of available
high-quality, well-located space. As a result, a
strengthening in political and economic
confidence will act as a stimulus for new
speculative schemes as well as reviving
previously-postponed relocation projects.

This has led to rising demand for modern,


well-located units with good infrastructure
accessibility. The contribution of transport to
overall supply chain costs is tending to reinforce
the locational emphasis on established strategic
hubs. Additionally, the extent of specialist
demand, along with supply limitations, has
resulted in a growing focus on Build-to-Suit (BTS)
projects.

Figure 5: EMEA Industrial Rent Index (Q1 1986 = 100)


% change pa

Nominal Terms Index

15.0%

240
220

10.0%

5.0%
% pa

180
160

0.0%

Rent Index

200

140
-5.0%

-10.0%

Q4 1992
Q2 1993
Q4 1993
Q2 1994
Q4 1994
Q2 1995
Q4 1995
Q2 1996
Q4 1996
Q2 1997
Q4 1997
Q2 1998
Q4 1998
Q2 1999
Q4 1999
Q2 2000
Q4 2000
Q2 2001
Q4 2001
Q2 2002
Q4 2002
Q2 2003
Q4 2003
Q2 2004
Q4 2004
Q2 2005
Q4 2005
Q2 2006
Q4 2006
Q2 2007
Q4 2007
Q2 2008
Q4 2008
Q2 2009
Q4 2009
Q2 2010
Q4 2010
Q2 2011
Q4 2011
Q2 2012
Q4 2012
Q2 2013
Q4 2013
Q2 2014
Q4 2014

120
100

Source: CBRE Research, Q4 2014.

Q4 2014 CBRE Research

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MARKE TVIE W EMEA INDUSTRIAL AND LOGISTICS

Prime yields across EMEA contracted for the


seventh consecutive quarter. This reflects the low
risk-free rate, increasing confidence and a
growing investment appetite. Consequently, the
EMEA prime yield index contracted by 5bps to
7.37% in Q4 - leaving yields 32bps lower than Q4
2013. Notably, the UK saw, on average, a fall in
prime yields of approximately 50bps over the
year. The Netherlands had a similar result as all
industrial regions saw declines in industrial
yields. Other EMEA markets such as Dublin and
Lisbon also recorded a fall in yields. By contrast
yield figures in Moscow, St Petersburg and Kyiv
increased due to heightened perceptions of risk.

Figure 6: EMEA Prime Yield Indices (%)

In markets where development is beginning to


resume, such as the Netherlands, the continuing
contraction in prime yields on new space is
allowing landlords to accept lower (or stable)
rents, since asset values are being supported by
higher rental multipliers.

Source: CBRE Research, Q4 2014.

INVESTMENT MARKETS

Figure 7: European industrial and logistics investment by market, 2014

Investment in the industrial and logistics sector


grew by 49% over the year, to a total of 23.4
billion. The second half was particularly strong
as the regions quarterly figures rose by 19% and
42% respectively. These continued
improvements are partly the result of more
favourable spreads against the risk-free rate for
industrial yields, as against the retail and office
sectors. The trading of a number of substantial
portfolios has also contributed.
Generally speaking, transactions across most
parts of Europe increased substantially over the
past year with many reaching their highest
quarterly levels since 2007. The UK dominated
transaction activity, with investment totalling
more than 9.4 billion in 2014 a 53% rise from
2013. The Nordics also attracted strong interest,
with investment rising from 1.6bn in 2013 to
4.3bn last year. By contrast France, Belgium and
the non-core CEE countries saw a slight drop in
investment activity in 2014.

Q4 2014 CBRE Research

Industrial

Retail

Office

8
7
6
5

Q2 2004
Q4 2004
Q2 2005
Q4 2005
Q2 2006
Q4 2006
Q2 2007
Q4 2007
Q2 2008
Q4 2008
Q2 2009
Q4 2009
Q2 2010
Q4 2010
Q2 2011
Q4 2011
Q2 2012
Q4 2012
Q2 2013
Q4 2013
Q2 2014
Q4 2014

2%

2%

5%
40%

7%
5%

UK
Germany
France
Nordics
Netherlands
CEE*
Italy
Spain
Other**

18%

7%

14%

Source: CBRE Research, Q4 2014.


*CEE includes Bulgaria, Croatia, Estonia, Hungary, Latvia,
Lithuania, Romania, Serbia, Slovakia, Russia, Poland and Ukraine
**Other includes Austria, Belgium, Greece, Ireland, Luxembourg,
Portugal and Switzerland
Nordics includes Denmark, Finland, Norway, and Sweden

2015 CBRE Ltd | 4

MARKE TVIE W EMEA INDUSTRIAL AND LOGISTICS

Figure 8: France Warehouse & Logistics take-up by region

H2 2014

H1 2014

H2 2013

H1 2013

H2 2012

H1 2012

H2 2011

H1 2011

Paris Ile-de-France
Greater North (Lille Region)

H2 2010

H1 2010

H2 2009

H1 2009

H2 2008

1,750
1,500
1,250
1,000
750
500
250
0

H1 2008

000 sq m

Rhone Corridor (Lyon Region)


Greater South (Marseille Region)

FRANCE

Source: CBRE Research, Q4 2014.

GERMANY

Figure 9: Industrial & logistics investment, Germany

2008

2009

2010

Prime Yield Office (%, avg. Top 5)


Yield on 10Y Bond (%)

2011

2012

8
7
6
5
4
3
2
1
0

2013

Net initial yield/ Yield on 10-year Bond (%)

Million

Investment volume ( Million)


Prime Yield Logistics (%, avg. Top 5)
3500
3000
2500
2000
1500
1000
500
0

Figure 10: Poland take-up by region (000 sq m)


Warsaw

1,000
000 sq m

The German industrial investment market was


buoyant in 2014 - attracting a record turnover of
3.3bn, with Q4 alone accounting for 1.3bn.
Notably, foreign investment accounted for 54% of
Q4s figure. The growth of the German logistics
market is related to the countrys strong export
sales in 2014, a growing e-commerce sector and
increasing access to institutionally-acceptable
stock.
POLAND

Polands positive economic indicators saw the


years total take-up reach approximately 1.8
million sq m, around 60% of these transactions
being signed in Q4. Record high take-up and low
vacancy have affirmed the strength of the
industrial and logistics market in the country.
Occupier demand was highest in the Warsaw
region reflecting the strategic importance of the
area.

Source: CBRE Research, Q4 2014.

Pan-Regional Poland
1,200

Despite a slow start to the year, industrial take-up


in France was up 9.3% from the previous year,
exceeding 1.8 million sq m in 2014. These figures
were assisted by strong performance in Ile-deFrance and the Rhone-Alpes regions which
accounted for a combined 70% of Frances total
take-up in the sector. Occupier activity was
predominantly driven by retailers, and other
occupiers reconfiguring their supply chains.

800
600
400

H2 2014

H1 2014

H2 2013

H1 2013

H2 2012

H1 2012

H2 2011

H1 2011

H2 2010

H1 2010

H2 2009

H1 2009

H2 2008

H1 2008

200

Source: CBRE Research, Q4 2014.


Figure 11: UK take-up by region, 2014
9% 0.5%
20%

South East

13%

East Midlands

South West

4%

West Midlands
North West
Yorkshire / North East

28%

26%

Wales

UNITED KINGDOM

Occupier demand for big box logistics continued,


with a total take up exceeding 1.9 million sq m in
2014. The Midlands contributed over 1.0 million
sq m to this figure. Market activity has further
tightened the supply-demand imbalance leading
to upward movement in rents and growing
stimulus for new development. 2014 saw record
investment, with transactions reaching a total of
9.4bn. Notably, the year saw buying activity in
the UK spread into more regional markets - due
to improved economic factors and growing
occupier confidence.

Scotland

Source: CBRE Research, Q4 2014.


Q4 2014 CBRE Research

2015 CBRE Ltd | 5

MARKE TVIE W EMEA INDUSTRIAL AND LOGISTICS


Industrial Rents

Change from
Trough (BPS)**

Change on
Year (BPs)

57.60

Change on
Quarter (BPs)

4.80

Prime
Yields (%)

per sq m pm

Change from
Trough (%)*

Vienna

Change on
Year (%)

EMEA Industrial Index


Austria

Change on
Quarter (%)

Prime Rent
(/SqM/Annum)

Prime Rent
(Local Currency
Measurement)

City

Local Rent
Currency
Measurement

Country

Industrial Yields

0.13

0.78

2.4

7.37

-5.06

-32.42

-119.78

0.00

0.00

0.00

7.00

-20.00

-25.00

-60.00

Belgium

Brussels

per sq m pa

46.00

46.00

0.00

0.00

4.55

6.75

0.00

-25.00

-85.00

Croatia

Zagreb

per sq m pm

5.30

63.60

0.00

-3.64

0.00

9.50

0.00

0.00

-25.00

Czech Republic

Prague

per sq m pm

4.20

50.40

0.00

-1.18

0.00

7.00

0.00

-100.00

-175.00

Denmark

Copenhagen

DK per sq m pa

425.00

57.07

0.00

0.00

0.00

7.00

0.00

-100.00

-100.00

Estonia

Tallinn

DK per sq m pa

4.75

57.00

-1.04

5.56

11.76

8.25

0.00

0.00

0.00

Finland

Helsinki

per sq m pm

138.00

138.00

0.00

0.00

22.12

6.50

-25.00

-80.00

-90.00
-75.00

France

Lille

per sq m pa

44.00

44.00

0.00

-2.22

4.76

6.75

0.00

-25.00

France

Lyon

per sq m pa

45.00

45.00

0.00

2.27

3.45

6.75

0.00

-25.00

-75.00

France

Marseille

per sq m pa

43.50

43.50

0.00

0.00

6.10

6.75

0.00

-25.00

-75.00

France

Paris

per sq m pa

58.00

58.00

0.00

-3.33

16.00

6.75

0.00

-25.00

-150.00

Germany

Berlin

per sq m pa

4.60

55.20

0.00

2.22

2.22

6.00

0.00

-25.00

-150.00

Germany

Dusseldorf

per sq m pa

5.40

64.80

3.85

3.85

3.85

6.00

0.00

-25.00

-125.00

Germany

Frankfurt

per sq m pm

6.20

74.40

0.00

0.00

5.08

6.00

0.00

-25.00

-125.00

Germany

Hamburg

per sq m pm

5.70

68.40

0.00

0.00

1.79

6.00

0.00

-25.00

-125.00

Germany

Munich

per sq m pm

6.50

78.00

0.00

0.00

4.84

6.00

0.00

-25.00

-125.00

Greece

Athens

per sq m pm

3.25

39.00

0.00

0.00

0.00

10.00

0.00

0.00

0.00

Hungary

Budapest

per sq m pm

4.50

54.00

0.00

0.00

0.00

9.00

-25.00

-50.00

-50.00

Ireland

Dublin

per sq m pa

65.00

65.00

0.00

8.33

8.33

6.75

-50.00

-150.00

-275.00
-50.00

Italy

Milan

per sq m pm

48.00

48.00

0.00

-4.00

0.00

8.00

0.00

-25.00

Italy

Rome

per sq m pm

52.00

52.00

0.00

-5.45

0.00

8.00

0.00

-25.00

-50.00

Latvia

Riga

per sq m pa

4.50

51.00

0.00

0.00

20.00

8.75

-25.00

-50.00

-75.00

Lithuania

Vilnius

ILS per sq m pm

4.50

54.00

0.00

4.65

8.43

9.00

0.00

0.00

-25.00

Netherlands

Amsterdam

per sq m pa

75.00

75.00

0.00

0.00

11.94

6.15

-10.00

-55.00

-175.00
-120.00

Netherlands

Rotterdam

per sq m pa

75.00

75.00

0.00

7.14

11.94

6.15

-10.00

-55.00

Netherlands

The Hague

per sq m pm

70.00

70.00

0.00

0.00

7.69

9.00

0.00

0.00

0.00

Netherlands

Utrecht

per sq m pm

70.00

70.00

0.00

0.00

7.69

6.15

-10.00

-55.00

-175.00

Norway

Oslo

per sq m pa

1200.00

132.35

0.00

0.00

20.00

6.00

-20.00

-30.00

-175.00

Poland

Warsaw

per sq m pa

4.00

48.00

0.00

0.00

0.00

7.00

0.00

-40.00

-175.00

Portugal

Lisbon

per sq m pa

3.25

39.00

0.00

0.00

0.00

8.00

-75.00

-125.00

-150.00

Romania

Bucharest

per sq m pa

3.80

45.60

0.00

-5.00

0.00

9.50

-50.00

-50.00

-100.00

Russia

Moscow

NOK per sq m pa

120.00

99.16

-5.88

-14.29

20.00

12.75

150.00

175.00

-125.00

Russia

St Petersburg

per sq m pm

120.00

99.16

-14.29

-7.69

0.00

13.75

113.00

125.00

-325.00

Serbia

Belgrade

per sq m pm

4.50

54.00

0.00

0.00

0.00

12.00

0.00

0.00

-100.00

Slovak Rep.

Bratislava

per sq m pm

3.65

43.80

0.00

-14.12

0.00

8.00

0.00

-50.00

-75.00

South Africa

Joburg

per sq m pm

62.00

53.18

0.00

-3.13

3.33

8.50

0.00

0.00

-250.00

Spain

Barcelona

per sq m pm

6.00

72.00

0.00

0.00

0.00

7.50

-25.00

-75.00

-100.00

Spain

Madrid

per sq m pm

5.00

60.00

0.00

0.00

0.00

7.75

0.00

-50.00

-100.00

Sweden

Gothenburg

SEK per sq m pa

750.00

79.11

0.00

0.00

15.38

6.00

0.00

-25.00

-160.00

Sweden

Stockholm

SEK per sq m pa

900.00

94.93

0.00

0.00

0.00

6.00

0.00

-50.00

-175.00

Switzerland

Geneva

CHF per sq m pa

200.00

166.34

0.00

0.00

0.00

5.50

0.00

0.00

-125.00

Switzerland

Zurich

CHF per sq m pa

160.00

133.07

0.00

0.00

14.29

6.50

0.00

-10.00

-50.00

Turkey

Istanbul

$ per sq m pm

7.75

76.85

0.00

14.81

40.91

7.75

0.00

-25.00

-375.00

Ukraine

Kyiv

$ per sq m pm

5.00

49.58

-11.50

-20.00

-11.50

16.00

0.00

100.00

-100.00

UAE

Abu Dhabi

AED per sq m pa

900.00

202.47

0.00

0.00

0.00

11.00

0.00

0.00

-150.00

UAE

Dubai

AED per sq ft pa

50.00

121.08

6.38

31.58

100.00

10.50

0.00

0.00

-250.00

UK

Edinburgh

per sq ft pa

6.00

83.21

0.00

0.00

0.00

7.00

0.00

-50.00

-100.00

UK

Glasgow

per sq ft pa

6.50

90.15

0.00

4.00

8.33

7.25

0.00

-50.00

-125.00

UK

London

per sq ft pa

12.75

176.83

2.00

2.00

2.00

4.60

-30.00

-45.00

-315.00

UK

Manchester

per sq ft pa

5.95

82.52

0.00

3.48

8.18

6.25

-25.00

-75.00

-210.00

* Figures indicate change between the lowest rent or highest yield recorded in or since 2009 and the current level.

Q4 2014 CBRE Research

2015 CBRE Ltd | 6

MARKE TVIE W EMEA INDUSTRIAL AND LOGISTICS

Amsterdam saw vacancy rates drop from 11.7%


to 8.5%, partly due to three logistics transactions
at Atlaspark. Demand is expected to be strong in
2015 H1 as rents remain favourable. This will
continue to erode the availability of modern,
high quality supply. Prime yields have contracted
throughout the year. Prime rents remain stable.
Demand in Brussels remained low in Q4 2014,
only growing marginally since Q3 2014. Activity is
expected to improve during 2015.
Logistics take-up improved during Q4 in the core
areas of Barcelona. Demand has remained low
but availability is falling in the first ring where
lack of space is forcing large requirements out
towards more peripheral areas. Rents are still
decreasing in all areas except in prime markets
where prices are currently stable.
Total leasing activity in Budapest reached
128,500 sq m in Q4, representing quarterly
growth of 67%. The vacancy rate fell by 3.1pp
over the quarter and 5.6pp over the year. Net
absorption was also impressive, exceeding 60,000
sq m. New supply in 2015 will mostly comprise of
BTS schemes.

In Istanbul, Q4 saw increased demand from


foreign logistics firms actively seeking space in
prime areas, although interest in the secondary
market has also developed. Going forward, these
companies are expected to expand their local
operations in Istanbul.
Over 660,000 sq m of class A space was delivered
in Moscow during Q4 2014. Consequently,
although take-up was high in Q4, vacancy rates
expanded above 8.8% which will put downward
pressure on rentals.
Warehouse take-up in Lisbon was close to 66,000
sq m in Q4 78% more than Q3. Nevertheless,
2014s full-year figure was a 10% year-on-year
decrease. Despite the absence of speculative
development in the last three years, vacancy rates
outside the core Lisbon areas are high. Prime
rents have remained stable.
Logistics absorption in 2014 Q4 reached 228,000
sq m in Italy - a 20% rise on Q3 and a 22%
improvement on Q4 2014. Notably, during Q4,
Emilia Romagna saw twice the level of take-up
recorded in the first nine months, accounting for
over 110,000 sq m of the total. 3PLs and retailers
dominated the industrial market.

Copenhagen recorded a high level of take-up in


Q4 2014. This is mostly due to a large deal in
Brndby and strong levels of activity in the
suburban areas of Copenhagen, Ballerup and
Glostrup. Vacancy risk is decreasing and rental
growth prospects are improving.

Gothenburg has seen strong demand, with much


of it in and around Gothenburg harbour. Highquality space in prime areas has kept a stable
rent of SEK 750 per sq m per annum. Rental
growth is expected in the medium to long term.

After a weak H1 2014, the Dublin industrial


sector recorded total take up of 325,000 sq m in
2014 - 40% of which was signed in Q4. Prime
rents remained stable but are likely to increase
due to minimal supply.

Prime rents in Oslo remained stable at NOK 1,200


per sq m per annum. In the logistics corridors
north and south of the Oslo city, rents between
NOK 650 900 are achieved. Prime yields were
down 20 bps to 6.00% in Q4.

Helsinkis market has remained stable despite


anticipated export growth being stifled. The
vacancy rate in the metro area stayed at 6%, with
rents also remaining stable. Highest rents were
achieved in modern logistics premises located
around Vuosaari Harbour and Helsinki-Vantaa
airport.

In Q4 2014, total leasing activity was stronger both in Warsaw City and Warsaw Region.
Demand in the Warsaw Region doubled
compared with Q3. Additionally, high absorption
in Q4 resulted in a sharp drop in vacancy rates in
the regions. However, Warsaw Citys vacancy rate
in Q4 reached 11.7%.

Q4 2014 CBRE Research

2015 CBRE Ltd | 7

MARKE TVIE W EMEA INDUSTRIAL AND LOGISTICS

CONTACTS

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Richard Holberton
Senior Director EMEA Research
+44 207 182 3348
richard.holberton@cbre.com

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Jonathan Mackie
Analyst
+44 203 214 1898
jonathan.mackie@cbre.com

To learn more about CBRE Research,


or to access additional research reports,
please visit the Global Research Gateway at
www.cbre.com/researchgateway.

Amaury Gariel
Managing Director
EMEA Industrial & Logistics
+33 153 64 3685
amaury.gariel@cbre.com
Garrett McClean
Executive Director
EMEA Industrial & Logistics
+353 1 6185557
garrett.mclean@cbre.com
Guy Frampton
Executive Director
EMEA Industrial & Logistics
+44 207 182 2150
guy.frampton@cbre.com
James Markby
Head of EMEA Industrial & Logistics Investment
EMEA Industrial & Logistics
+44 207 182 2746
james.markby@cbre.com

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