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13 July 2021, Germany | News

Catella Logistics Market Map Germany and Austria 2021

Around 4 million square metres of additional logistics space demand is projected for the next 5 years, which is attributed to the booming e-commerce alone. Investors apparently are aware of this development and continue to focus on the dynamic growth trend in the management of information and goods flows. This can also be confirmed when looking at our thematic logistics map for Germany and Austria, which Catella has once again created in cooperation with IndustrialPort.

Logistics properties once more experienced an enormous increase in demand, which is accompanied by a corresponding price rally and a sustained yield compression. The development of rents has been less dynamic due to the pandemic and depends strongly on the respective use class of warehouse, logistics or production.

Together with IndustrialPort, we analysed again 25 logistics regions in Germany and 5 regions in Austria, which offer above-average opportunities for investors.

Here is an overview of the most important results of our analysis:

  • In both Germany and Austria - as result of the pandemic - there has been a decline in absolute logistics transaction volume, but in relation to other asset classes the volume has increased significantly.
  • The average prime yield for logistics properties in Germany is currently 4.05%, further 80 basis points below the value in our last map from 2019. In Austria, the yield has also fallen significantly to an average of 4.96%.
  • The most expensive location continues to be Berlin at 3.30%, followed by Munich standing at 3.50%. In comparison, the yield in Vienna region stands higher, currently at 4.20%. Nevertheless, it has also fallen in the last 2 years - by 100 basis points.
  • With a focus on attractive return opportunities, only Würzburg (5.00%) in Germany offers a return on capital employed above the 4% mark. This is almost identical to the logistics regions of Linz (4.95%) and Salzburg (5.0%).
  • The average median rent of the 25 logistics regions surveyed in Germany rose to around €5.10/sqm in the second quarter. Compared to 2019, this represents an increase of 2%.
  • The average top rent level in Austria is significantly higher at €5.34/sqm. However, it is striking that the Austrian price ranges show significantly less heterogeneity than the German regions.
  • A look at the heat map also shows: there are still considerable macroeconomic and demographic differences between the eastern and western German states, so that a fairly clear picture emerges for suitability as an attractive logistics location.

"These findings highlight the increasing need for a close examination of the location in terms of current and future use and the resulting rental development as well as the possibilities for follow-up leasing," says Peter Salostowitz of IndustrialPort.


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