Data from Cushman & Wakefield, BNP Paribas, and CBRE suggest that vacancy rates in Europe may have peaked in 2024.
Looking at the graph above, it appears that the rate at which warehouse space is entering the market is slowing considerably in the four major European markets. Poland and the United Kingdom appear to have reached the crest of their hill, both peaking in Q2 2024 at 8.3% and 5.6%, respectively. The picture remains unclear in both France and Czechia.
This story aligns with the broader outlook for consumer demand in Europe, which has largely bottomed out, supported by low inflation levels (just 2.4% in 2024 for Europe) and a stagnant rather than recessionary economic environment. However, there are few economic sparks likely to ignite further activity that would significantly drive down vacancy rates. GDP grew just 0.4% in the final three quarters of 2024, and production is still struggling across the continent.
Find monthly and weekly warehouse data updates on GSCi – covering costs, price, demand and capacity indicators.
Also look out for Ti’s Quarterly Warehouse Tracker – next released in February 2024 – for in depth warehousing analysis.
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