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London Gets More Expensive but Moscow Is Close Behind

The capital of Great Britain has topped the list of the most expensive European warehouse markets after demonstrating a record 20 per cent rise in lease rates in 2013. Moscow rounded out the top three, slightly coming in behind second-place Venlo (the Netherlands), according to a global study by Colliers International.

MOSCOW, Feb. 12, 2014 – Prime industrial rents in London grew by more than 20 per cent in 2013, the largest increase in Europe, according to the latest research from global property advisers Colliers International. The capital of Great Britain also led the rating of the most expensive European warehouse markets in 2013.

While Western Europe markets of Manchester, Dublin, Berlin and Stuttgart performed positively, London’s Heathrow area reported 20.8 per cent rental growth year-on-year.  Venlo (the Netherlands) reported the second largest rental increase in Europe with 19.9 per cent, followed by Moscow (Russia) with 15.5 per cent.

Brussels, as well as leading Dutch logistics centres, Amsterdam and Rotterdam, saw rental growth in Benelux, where the lack of high quality logistics supply has also put pressure on rents.

Paris saw the biggest drop in prime logistics rents, down 13 per cent in 2013, with Bucharest and Budapest reporting similar declines of 12.5 per cent apiece. A decline was also recorded in the first half of the year in Lisbon and Madrid as the occupier market in Southern Europe remains sluggish, and the major Eastern European markets which also reported a fall, with the exception of Moscow, where strong demand, combined with extremely low vacancy levels, continued to drive rents upwards.

Vladislav Ryabov, Partner, Regional Director of Warehouse, Land & Industrial Department, Colliers International Russia, commented: “The market in the Moscow region is facing a deficit of new supply at the same time that tenants are showing high interest in expansion. The volume of space leased over the course of 2013 reached 1.4 million sqm while the volume of new speculative projects entering the market in this period was 890,000 sqm. As a result, share of vacant premises in Class A and B complexes did not exceed 1.9% while lease rates in 2013 stood at $135-140/sqm/year for Class A and $120-125/sqm/year for Class B. Due to the rouble’s slide in relation to the dollar, the growth in rouble rates was higher than in the dollar equivalent (7.7 per cent) and amounted to 15.5%. So by this indicator we are not far behind London. If we do not see any negative macroeconomic trends impacting either Russia or international markets, then the Moscow region will likely see stable demand and moderate lease rate growth up to $140/sqm/year in 2014.”

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