Industrial and Logistics investment volumes reached in 2013 highest level since 2007, while leasing activity recovering.

1. 1
CBRE Global Research and Consulting
EMEA Industrial & Logistics
MarketView
INVESTMENT VOLUMES REACH HIGHEST LEVEL SINCE 2007,
WHILE LEASING ACTIVITY RECOVERING
Q4 2013
EMEA PRIME YIELD
- 21.7 BPS QoQ
EMEA PRIME RENT
0.4% QoQ
EMEA CAPITAL VALUES
1.1% QoQ
© 2014, CBRE Ltd
EU-28 INDUSTRIAL PRODUCTION
0.1% QoQ
TAKE UP
QoQ
Quick Stats
Hot Topics
 Investment volumes for full year reached the highest
level for six years, as a total of €16bn was transacted
in the sector.
 The headline EMEA rent index showed an increase of
0.4% on the quarter, which alongside a -21.7 bps
shift in prime yields, provided support for prime
values.
 Take-up levels increased on the quarter in nine key
markets, and leasing activity for the year was close to
the 2012 level.
Investment – Transaction volumes in the sector totalled €16 billion in
2013, making it the most active year since 2007 and an increase of
over 50% compared to 2012. Industrial and logistics attracted nearly
10% of total property investment throughout the year, up from 7.5% in
2012 and further enhances the sector’s standing as an increasingly
attractive asset class.
Economy – The economic background in Europe continued to improve
in the final quarter, albeit only moderately in some countries. Business
sentiment surveys suggested that the manufacturing sector was the
leading driver of economic recovery in the euro area, a fact backed up
by rising industrial production numbers. The outlook for both the
production industries and the wider economy are positive for 2014, with
forecasts for both better in almost all markets in 2014 than 2013.
Significantly, southern European economics are now expected to
emerge from recession for the first time since the downturn.
Leasing activity – Take-up was generally up on the quarter, but once
again large increases in some areas contrasted with significant
decreases in others. However, aggregate leasing activity for the year
was close to the 2012 level, driven by – among other factors – a
renewed demand for modern, well located logistics units to support
expansion in online retailing and other e-commerce projects.
Rents – The majority of markets reported no change over the quarter,
but the headline EMEA prime index did rise marginally over the quarter,
as there were some cases of upward movement. The lack of speculative
development in core markets means that new space is limited and
occupiers are increasingly having to bid up rents to secure modern
units.
Change
from
Q3 13 Q4 12
Rent  
Yield  
Industrial & logistics investment
5%
6%
7%
8%
9%
10%
11%
0
5
10
15
20
25
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Annual total, (€bn) Percentage of total property investment - rhs

2. 2
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© 2014, CBRE Ltd
ECONOMIC BACKGROUND
The economic environment across much of Europe
continued to improve throughout 2013, and the final
quarter of the year was no exception. EU-28 GDP in the
fourth quarter showed a 0.4% rise, only the third quarter of
positive growth since 2011. Business sentiment surveys
showed activity moving in line with this upwards trend, with
the composite manufacturing PMI showing that activity in
the sector is especially buoyant, and is leading the recovery
over the services sector.
Industrial production in the EU-28 rose by 0.1% in the final
three months of the year, and the outlook for 2014 is
turning increasingly positive; forecasts for the sector have
shifted and are now positive in nearly all EU markets. GDP
forecasts for this year are also a lot more positive than six
months ago, with the UK and Germany expected to grow
at a faster pace.
The CEE economies are also forecast to see significant
growth this year, but interestingly Spain, Italy, Portugal and
Ireland are now expecting positive growth for the first time
since the onset of the downturn.
OCCUPIER ACTIVITY
Leasing activity for logistics and warehouse space picked
up throughout the course of the year, with the final three
months proving to be the most active quarter of 2013, and
contributed towards the highest half year total since H2
2011. Despite this, take-up in selected markets was
marginally down on the previous year, but across the
whole of Europe the picture was broadly one of
improvement. One of the driving forces behind the rising
level of take-up was increased demand for well-located
modern logistics facilities to support the continued growth
in online retailing.
In the fourth quarter, the prevailing trend was again one of
patchy demand, with strong take-up in some markets,
contrasting with little activity in others. In western Europe,
Dublin and Lisbon saw increases on the quarter, while
markets in the Netherlands and France also saw significant
levels of activity. In the CEE, Prague and Bratislava were
active markets, while Poland, Hungary and Russia
experienced a strong end to the year with robust levels of
take-up.
Newly completed space was low in the quarter, with
Moscow and some Nordic markets the few places where
new space was delivered. With demand for new buildings
rising or emerging in core markets, it’s possible that
speculative development – conspicuous by its absence in
recent years – will slowly begin to return. Developers have
been loath to break ground without a pre-let agreement in
place, but as demand is running up against low availability
in places, they may be willing to take on some more risk.
Warehouse / Logistics Take Up (000’s Sq M)
Source: Oxford Economics,January 2014
Real GDP forecasts, 2013-14
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Italy
Spain
Netherlands
Ireland
EU-28
France
Belgium
CzechRepublic
Denmark
Germany
Sweden
Hungary
UK
Russia
Poland
2013 2014
Q2
2013
Q3
2013
Q4
2013
Q4-on-
Q3
(%)
2013-on-
2012
(%)
Paris Ile-de-
France
143 155 148 -4 -13
Prague 58 71 117 66 50
Rotterdam 28 38 80 111 -8
Dublin 58 72 105 46 48
Milan 16 4 13 202 -59
Warsaw 65 75 99 32 -32
Lisbon 43 13 67 412 50
Moscow 209 369 263 -29 20
Warehouse/ Logistics Take-up, selected locations (y-o-y
% change)
-30%
-20%
-10%
0%
10%
20%
30%
2006 2007 2008 2009 2010 2011 2012 2013

3. 3
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European industrial and logistics investment by
market, 2013
RENTS & YIELDS
Headline rents in EMEA increased slightly for the second
quarter in succession, as demand for prime space in core
markets is faced with low levels of supply. The index rose
0.4% on the quarter, though the majority of markets
reported no change in prime rents in Q4, with only a
handful experiencing any change in either direction.
Some upward movement was evident in UK markets and
Helsinki, but on an annual basis there was more
widespread rental increases; Norway, Switzerland and the
Netherlands saw the biggest increases. Downward
pressure on rents was limited to only a few markets.
The prime EMEA yield saw the biggest downward shift
since 2007, as it fell 21.7 basis points on the quarter to
7.7%. Markets in France, Germany and the UK saw prime
yields compress by 25 bps generally, although in London
yields sharpened by 70 bps. Istanbul, Bucharest and
Birmingham also saw compression of 50 bps. The
adjustment in the prime yield index underpinned capital
growth – the synthetic capital value index saw a 3.3%
increase on the quarter, and over the last 12 months the
index has increased by 5.6%.
INVESTMENT MARKET
The investment market saw a significant 67% increase in
transaction volumes on the previous year, and marked
the most active year for the sector since 2007. The fourth
quarter saw a 75% increase on the previous three months
to €5.7 billion, which drove total investment for the year
to just over €16 billion. This represented the highest
quarterly total since Q2 2007, and followed a strong first
nine months of 2013 to provide evidence of the sector’s
rising reputation as an investment class asset. Over the
year, the sector attracted 9.7% of all corporate real estate
investment, up from 7.5% in 2012, once again
reaffirming that investors are increasingly drawn to the
sector.
Over the year capital was directed towards UK, which
saw the highest volume of transactions since 2006,
buoyed by a particularly strong Q4. There was also
significant activity in Germany, France, and the CEE
which attracted the highest turnover in over seven years.
The Nordics also saw an increase, as volumes rose 43%
on 2012. The biggest driver of this was the Swedish
market, where Stockholm and Malmo experienced strong
upward growth.
Interestingly, investors became more active in the
southern European markets during 2013, perhaps
sensing that values have reached a bottom. Transactions
in Spain more than doubled compared with the 2012
total, and in Italy it was five times greater than the year
before, as both countries saw significant activity in the first
half of the year.
EMEA Industrial Rent Index (Q1 1986 =100)
EMEA Prime Yields, 12 month shift (bps)
© 2014, CBRE Ltd
100
120
140
160
180
200
220
240
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Q41990
Q41991
Q41992
Q41993
Q41994
Q41995
Q41996
Q41997
Q41998
Q41999
Q42000
Q42001
Q42002
Q42003
Q42004
Q42005
Q42006
Q42007
Q42008
Q42009
Q42010
Q42011
Q42012
Q42013
%pa
% change pa Nominal Terms Index
-100
-50
0
50
100
150
200
Q4
2003
Q4
2004
Q4
2005
Q4
2006
Q4
2007
Q4
2008
Q4
2009
Q4
2010
Q4
2011
Q4
2012
Q4
2013
Industrial Retail Office
40%
14%
13%
11%
10%
6%
2% 2% 1% 1%
UK
Germany
CEE*
France
Nordics†
Netherlands
Other**
Spain
Italy
Belgium
*CEE includes Bulgaria, Croatia, Estonia, Hungary, Latvia, Lithuania, Romania,
Serbia, Slovakia, Russia, Poland and Ukraine
**Other includes Austria, Greece, Ireland, Luxembourg, Portugal and Switzerland
† Nordics includes Denmark, Finland, Norway, and Sweden

4. 4
Q42013EMEAIndustrial&Logistics|MarketView
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© 2014, CBRE Ltd
France Warehouse & Logistics take-up by region
Frankfurt and Hamburg Logistics take-up
Netherlands Industrial take-up by region
0
50
100
150
200
250
300
350
400
H1
2008
H1
2009
H1
2010
H1
2011
H1
2012
H1
2013
‘000sqm
Utrecht The Hague Schiphol Area Rotterdam Amsterdam
0.00
200.00
400.00
600.00
800.00
2005
2006
2007
2008
2009
2010
2011
2012
2013
Frankfurt Hamburg
000sqm
NETHERLANDS
The second half of 2013 saw a significant improvement
in leasing transactions on H1, as take-up in major
logistics hubs almost doubled to 370,700 sq m. The
biggest contributor to this was Utrecht, but there was
also large scale activities in Rotterdam. Indeed, Q4 in
Rotterdam also saw the announcement by Nippon
Express to build a new XXL warehouse on Maasvlakte in
the seaport, which could prompt further new
development in the city. The demand-supply balance in
the city remains healthy at present, and is even tight for
logistics space. Patterns of investor demand have shifted
from distribution warehousing towards multi-let industrial
complexes.
GERMANY
The upturn in the German economy continued into the
final quarter, with increasing business and consumer
confidence confirming that the domestic environment is
improving. Better export numbers are also coming
through as the eurozone and global markets recover,
boosting demand for manufactured goods. Demand for
logistics space in Frankfurt and Hamburg during 2013
was a little down on the previous year, but the total was
above the long-run average. The investment market was
very active throughout the year, and the second half
proved to be as equally strong as the first half, as
€1.1bn was transacted, making full year investment
€2.2bn, the highest level since 2008.
FRANCE
Take-up in the four major French regions was higher in
the second half of 2013 than the first six months, and
the full year number bettered 2012. However, it was just
under the annual average level of take-up for the past
five years, as occupiers continue to exhibit caution when
it comes to taking on new leases and in some cases
have been postponing or cancelling planned projects.
The large and medium lot size segment of the market
was the hardest hit, while market for units under 1,000
sq m was stable and the market for premises under 500
sq m actually improved slightly. This segment is the heart
of the industrial market and is particularly well supplied.0
250
500
750
1,000
1,250
1,500
1,750
H1
2008
H1
2009
H1
2010
H1
2011
H1
2012
H1
2013
Rhone Corridor (Lyon Region)
Paris Ile-de-France
Greater South (Marseille Region)
Greater North (Lille Region)
‘000sqm
UK Logistics take-up by quality
0
1,000
2,000
3,000
4,000
5,000
2007
2008
2009
2010
2011
2012
2013
Secondhand New
‘000sqm
UK
Leasing activity improved in the second half of the year,
as requirements that were arranged in the first six
months reached completion. As a result, total take-up for
year was well ahead of the long-run average, and
similar to the level seen in 2012. Pre-let design and build
(D&B) transactions were the dominant subgroup in the
sector, accounting for 75% of all take-up on new
buildings and for the largest warehouses (> 50,000 sq
m) D&B was almost exclusively the route by which space
was acquired. Supply levels have continued to fall during
2013, and the proportion of newly built space has
diminished accordingly. In response to this there have
been a few instances of speculative starts during the
year.
UK Logistics availability by quality
KEY INDICATORS

5. 5
Q42013EMEAIndustrial&Logistics|MarketView
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INDUSTRIAL & LOGISTICS RENTS AND YIELDS
** Figures indicate change between the lowest rent or highest yield recorded in or since 2009 and the current level.Source: CBRE
RENTS YIELDS
Country City
LocalRent
Currency
Measurement
PrimeRent(Local
Currency
Measurement)
PrimeRent
(€/SqM/Annum)
Changeon
Quarter(%)
ChangeonYear
(%)
Changefrom
Trough(%)**
PrimeYield(%)
Changeon
Quarter(BPS)
ChangeonYear
(BPS)
Changefrom
Trough(BPS)**
0.40 0.96 1.67 7.73 -21.63 -33.98 -84.29
Austria Vienna € per sq m pm 4.80 57.60 0.00 0.00 0.00 7.25 0.00 0.00 -35.00
Belgium Brussels € per sq m pa 46.00 46.00 0.00 0.00 4.55 7.00 0.00 0.00 -60.00
Croatia Zagreb € per sq m pm 5.50 66.00 0.00 0.00 0.00 9.50 0.00 0.00 -25.00
Czech Republic Prague € per sq m pm 4.25 51.00 0.00 0.00 0.00 8.00 0.00 0.00 -75.00
Denmark Copenhagen DK per sq m pa 425.00 56.96 0.00 0.00 0.00 8.00 0.00 0.00 0.00
Finland Helsinki € per sq m pa 138.00 138.00 0.73 0.73 22.12 7.30 10.00 10.00 -10.00
France Paris € per sq m pa 90.00 90.00 0.00 0.00 12.50 7.00 -25.00 -50.00 -125.00
France Lille € per sq m pa 45.00 45.00 0.00 0.00 7.14 7.00 -25.00 -50.00 -50.00
France Lyon € per sq m pa 44.00 44.00 0.00 0.00 3.53 7.00 -25.00 -50.00 -50.00
France Marseille € per sq m pa 42.50 42.50 0.00 1.19 3.66 7.00 -25.00 -50.00 -50.00
Germany Berlin € per sq m pm 4.50 54.00 0.00 0.00 0.00 6.25 -25.00 -25.00 -125.00
Germany Dusseldorf € per sq m pm 5.20 62.40 0.00 0.00 0.00 6.25 -25.00 -25.00 -100.00
Germany Frankfurt € per sq m pm 6.20 74.40 0.00 0.00 5.08 6.25 -25.00 -25.00 -100.00
Germany Hamburg € per sq m pm 5.70 68.40 0.00 0.00 1.79 6.25 -25.00 -25.00 -100.00
Germany Munich € per sq m pm 6.50 78.00 0.00 0.00 4.84 6.25 -25.00 -25.00 -100.00
Greece Athens € per sq m pm 3.25 39.00 -7.14 -7.14 0.00 10.00 0.00 0.00 0.00
Hungary Budapest € per sq m pm 4.50 54.00 0.00 0.00 0.00 9.50 0.00 25.00 0.00
Ireland Dublin € per sq m pa 60.00 60.00 0.00 0.00 0.00 8.25 0.00 -125.00 -125.00
Italy Milan € per sq m pa 50.00 50.00 0.00 -3.85 0.00 8.25 -25.00 -25.00 -25.00
Italy Rome € per sq m pa 55.00 55.00 0.00 -8.33 0.00 8.25 -25.00 -25.00 -25.00
Netherlands Amsterdam € per sq m pa 75.00 75.00 0.00 10.29 11.94 6.70 0.00 0.00 -120.00
Netherlands Rotterdam € per sq m pa 70.00 70.00 0.00 0.00 4.48 6.70 0.00 0.00 -65.00
Netherlands The Hague € per sq m pa 70.00 70.00 0.00 7.69 7.69 9.00 0.00 60.00 0.00
Netherlands Utrecht € per sq m pa 70.00 70.00 0.00 2.94 7.69 6.70 0.00 0.00 -120.00
Norway Oslo NOK per sq m pa 1200.00 159.07 0.00 20.00 20.00 6.30 -20.00 -20.00 -145.00
Poland Warsaw € per sq m pm 4.00 48.00 0.00 0.00 0.00 7.40 -10.00 -10.00 -135.00
Portugal Lisbon € per sq m pm 3.25 39.00 0.00 0.00 0.00 9.25 0.00 -25.00 -25.00
Romania Bucharest € per sq m pm 4.00 48.00 0.00 -2.44 0.00 10.00 -50.00 -25.00 -50.00
Russian Federation Moscow $ per sq m pa 140.00 104.66 0.00 0.00 40.00 11.00 0.00 0.00 -300.00
Russian Federation St Petersburg $ per sq m pa 130.00 97.18 0.00 0.00 8.33 12.50 0.00 -150.00 -450.00
Serbia Belgrade € per sq m pm 4.50 54.00 0.00 0.00 0.00 12.00 0.00 0.00 -100.00
Slovak Republic Bratislava € per sq m pm 4.25 51.00 0.00 0.00 0.00 8.50 0.00 0.00 -25.00
South Africa Johannesburg ZAR per sq m pm 64.00 74.02 6.67 0.00 6.67 8.50 0.00 0.00 0.00
Spain Barcelona € per sq m pm 6.00 72.00 0.00 0.00 0.00 8.25 -25.00 25.00 -25.00
Spain Madrid € per sq m pm 5.00 60.00 0.00 0.00 0.00 8.25 -25.00 -25.00 -50.00
Sweden Stockholm SEK per sq m pa 900.00 102.73 0.00 0.00 0.00 6.50 0.00 -25.00 -125.00
Switzerland Geneva CHF per sq m pa 200.00 166.53 0.00 0.00 0.00 5.50 0.00 0.00 -125.00
Switzerland Zurich CHF per sq m pa 160.00 133.22 0.00 6.67 14.29 6.60 0.00 0.00 -40.00
Turkey Istanbul $ per sq m pm 6.75 60.55 0.00 0.00 22.73 8.00 -50.00 -75.00 -350.00
Ukraine Kyiv $ per sq m pm 6.25 56.07 0.00 0.00 0.00 15.00 0.00 0.00 -200.00
United Arab Emirates Abu Dhabi AED per sq m pa 900.00 193.07 0.00 0.00 0.00 12.00 0.00 0.00 -50.00
United Arab Emirates Dubai AED per sq ft pa 38.00 87.75 11.76 35.71 52.00 10.50 -50.00 -150.00 -250.00
United Kingdom Birmingham £ per sq ft pa 5.50 73.18 4.76 4.76 4.76 6.00 -50.00 -125.00 -235.00
United Kingdom Edinburgh £ per sq ft pa 6.00 79.83 0.00 0.00 0.00 7.50 -25.00 -25.00 -50.00
United Kingdom Glasgow £ per sq ft pa 6.25 83.16 0.00 4.17 4.17 7.75 -25.00 -50.00 -75.00
United Kingdom London £ per sq ft pa 12.50 166.31 0.00 0.00 0.00 5.05 -70.00 -120.00 -270.00
United Kingdom Manchester £ per sq ft pa 5.75 76.50 0.00 0.00 4.55 7.00 0.00 -75.00 -135.00
EMEA Industrial Indices

6. 6
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© 2014, CBRE Ltd
In Barcelona take-up of logistics facilities has been more active in the first ring than in the secondary areas. The only take-
up in the more peripheral areas is for large requirements (more than 20,000 sq m) which are currently impossible to
satisfy in the prime area. Availability is still decreasing in the first ring , and rents are beginning to stabilise in prime areas.
The total volume of lease transactions in Budapest reached 124,705 sq m in the last quarter of 2013. This level
represents a 75% increase over the previous quarter and almost six times as much as in Q4 2012. However, take-up for
the full year was down 30% compared to 2012. Due to the high level of demand, the vacancy rate decreased by 2.1
percentage points to 21.7%.
Demand in Dublin continues to outstrip supply for well-located modern facilities, and subsequently there should be
enough upward pressure to cause an increase in rents for the first time in six years during 2014. Rental growth will be
stimulated by the slow net absorption of quality accommodation along some of the arterial routes out of Dublin where
supply shortages will emerge due to a complete lack of speculative development over the last few years.
Industrial and warehouse rents in Helsinki have remained stable during the past few years, and this is expected to
continue. The highest rents are paid for modern logistics premises located close to main international hubs; Vuosaari
Harbour and Helsinki-Vantaa Airport. The current vacancy rate in Helsinki Metropolitan Area 6%.
Over the last quarter of 2013 demand for warehouse premises in Kyiv remained stable. Moderate but constant net
absorption of warehouse space combined with no new completions over the second half of the year resulted in a
decrease in vacancy to 9.5%. Prime rents for warehouse space remained flat at $6.25/sq m/month.
Warehouse take-up in Lisbon reached an extraordinary volume of 66,500 sq m in Q4 2013, five times the area occupied
in the previous quarter. This makes the year end take-up of 164,500 sq m, a 37% increase when compared to the
previous year. Major deals to highlight this quarter include 22,500 sq m occupied by FCC and 18,500 sq m by Urbanos.
Despite this, vacancy rates in the region are still high.
In Q4 2013 Italian logistics take-up totalled 188,000 sq m, an increase of 31.5% compared to the prior quarter and 47%
up on the same quarter of 2012. Lombardy was confirmed as the preferred target region by tenants, with 84,000 sq m,
an increase of 39% on quarterly basis. Take-up in Milan reached 62,000 sq m throughout the year.
Completion levels in Moscow decreased by 70% in Q4 compared to previous quarter, and amounted to 160,000 sq m.
Despite this, annual completion levels exceeded 900,000 sq m, which is the highest level since 2007. Demand remained
strong, with about 260,000 sq m of class A warehouse space leased, pushing the annual take-up level to almost 1.1
million sq m.
There is a continued high demand for logistics and warehouse space in prime locations in Greater Stockholm, and in
Rosersberg there is the ongoing development of the “Stockholm Nord logistics centre”. Centres for warehousing and
distribution are moving from central locations further-afield. Prime rents remained stable at 900 SEK per sq m pa.
Prime logistic rents in Oslo remained stable at NOK 1,200 per sq m per annum. This relates to warehousing close to the
city centre. In the corridors north and south of the Oslo city, rents between NOK 600 – 900 are achieved. Investment
volumes remain low in the sector, however this is expected to increase in 2014 as interest is increasing. Prime yields are
now estimated at 6.3%.
Demand in Vienna was low in Q4, but the prime rent remained stable, at the same level as at the end of 2011. In
comparison to the rest of Europe, the prime rent in Austria is still one of the highest. The yield for prime industrial estates
was 7.25% and therefore has remained unchanged in 2013.
Leasing activity in the Warsaw region was stronger than in the previous quarter, with take-up rising by over 30%. In terms
of new space delivered to the market, there was one building completed, adding 26,000 sq m. However, vacancy
remained high, mostly due to the warehouse parks located in the eastern part of the city. On the investment side, volumes
were higher in Q4 than in the previous three quarters put together.
MARKET BRIEFING

7. 7
Q42013EMEAIndustrial&Logistics|MarketView
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James Markby
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e: james.markby@cbre.com
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