LOGISTICS REAL ESTATE MARKET LOW SUPPLY AND RISING INTEREST RATES IMPACT THE MARKET OCCUPIER MARKET: TAKE-UP BACK TO PRE-COVID LEVELS Lack of supply and lower e-commerce growth resulted in a 17% decrease in take-up. Decreasing supply of development locations led to a shift from new-build to existing warehouses. TAKE-UP 2022 3.4 MILLION M² After the 2021 record of 3.1 million m², take-up dropped back to 3.4 million m², the level we have seen from 2018 to 2020. Demand stayed strong, but supply became tighter. 0 1 2 3 4 5 existing buildings PRICES SHOOT UP The combination of strong demand, tight supply and high inflation rates resulted in warehouse lease prices going toward € 100 per m²/yr in high-demand locations. SUPPLY: TIGHTER THAN EVER The supply/stock ratio at the end of 2022 was lower than ever recorded before. Substantial increases in supply are not expected in the near future. 2.5 3 513,000 1.5 2 EAST ON THE RISE Noord-Brabant and Noord-Holland in particular suffered from limited warehouse supply, Gelderland and Overijssel profited from strong demand and sufficient greenfield opportunities. 0.5 1 0 1,477,000 1,275,000 753,000 582,000 2019 existing buildings new developments 620,000 590,000 2020 ratio 920,000 1,822,530 1,112,830 710,245 459,685 2021 0% 2% 4% 6% 8% 10% 12% new developments 2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022
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