Take-up of industrial space across Europe, the Middle East and Africa (EMEA) fell 19% to 3.6 million m[sup]2[/sup] in Q3 2011 compared with the previous quarter, reflecting occupiers' more cautious stand as concern grows over the ongoing economic climate in the eurozone and the global slowdown in economic growth.
Take-up of industrial space across Europe, the Middle East and Africa (EMEA) fell 19% to 3.6 million m2 in Q3 2011 compared with the previous quarter, reflecting occupiers' more cautious stand as concern grows over the ongoing economic climate in the eurozone and the global slowdown in economic growth.
According to Jones Lang LaSalle's latest EMEA Corporate Occupier Conditions Industrial research report, EMEA industrial take-up reported a strong first two quarters but slowed down significantly in Q3.
For the full year, take-up levels are expected to reach the 14 million m2 mark, significantly above the 10-year average of 9.2 million m2 but not quite reaching the record volume of 14.8 million m2 seen in 2010.
'We believe that take-up rates across the EMEA region are being predominantly driven by demand from logistics operators, retailers and manufacturers as they adapt to changing retail patterns. In particular in Western Europe, increased online retailing has led to occupiers looking for better located, higher quality space to service their distribution networks more efficiently,' said Vincent Lottefier, chief executive of EMEA Corporate Solutions at JLL.
