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Market report Stuttgart full year 2022
- About the logistics market in the economic region
Stuttgart logistics and industrial market achieves record result
According to our analysis, the Stuttgart rental market for warehouse, logistics and industrial space continued the previous year’s positive trend in 2022. Total take-up by all market participants in the period from January to December 2022 came to 316,000 m², around 6.5% above the previous year’s figure of 296,612 m². The five-year average was also exceeded by a significant 41% year-on-year and now comes to 223,352 m².
Consequently, the Stuttgart rental market for logistics and industrial properties achieved another record result in 2022, overtaking the previous year as the frontrunner to date. Almost all spaces for which leases were concluded in the first half of 2022 saw the new tenants move in during the same year. Regardless of whether these were rental units in new buildings or in existing properties.
- Market breaks past 300,000 m² mark
- Significant increase in share of new builds
- Regional ranking: Böblingen in top spot for first time
- Sector ranking: Retail rents considerably more space
- Large spaces predominate
- Prime and average rents see double-digit increase for first time
- Forecast for 2023: Steady demand to come up against less available existing and new space
Two-thirds of lettings were in existing properties – share of new builds increases
As in the previous year, the majority of take-up was attributable to existing properties, whose share is currently 67.6% or 213,670 m² (2021: 84% or 250,368 m²). Leases in new buildings came to 102,330 m² or 32.4%, representing an increase of 60% (2021: 14% or 41,744 m²). Thus, lettings in new-build properties also exceeded the 100,000 mark for the first time.
Top lessees in full-year 2022 in Greater Stuttgart
REWE, Böblingen district, approx. 35,000 m² (existing property), traditional retail
Name unknown, Göppingen district, approx. 33,263 m² (new build), logistics/distribution
E. Breuninger GmbH & Co. KG, Ludwigsburg district, approx. 22,282 m² (existing property), e-commerce
Krannich Solar, Esslingen district, approx. 16,000 m² (new build), traditional retail
Tesla Motors Netherlands BV, Böblingen district, approx. 15,460 m² (existing property), manufacturing
Heyne Büromarkt, Böblingen district, approx. 11,400 m² (existing property), e-commerce
Robert Bosch GmbH, Esslingen district, approx. 10,525 m² (new build), manufacturing
Four of the seven top deals were attributable to existing properties and together accounted for 84,142 m² or 39.4% of take-up in existing properties. These also included the biggest deal of the year by REWE for more than 35,000 m².
Three deals were in new buildings, contributing 59,788 m² or 58.4% and including the second-biggest lease of the year by a logistics specialist for 33,263 m².
Once again, brownfields did not play any role in the Stuttgart rental market for industrial and logistics properties in the past year. Since 2018, we observed take-up of brownfields only in 2021 at 4,500 m² or 2%.
Böblingen takes top spot in regional ranking for first time
The Böblingen district accounted for the most take-up out of all regions in 2022, at 104,100 m² or 32.9%, and saw the biggest increase in its relative share out of all regions (up 12.9 percentage points). It also significantly exceeded the previous year’s result of 59,558 m² with growth of 75%. Böblingen thus secured the top spot in the regional ranking for the first timein the past five years. This was largely attributable to the three top deals by REWE, Tesla Motors Netherlands BV and Heyne Büromarkt, which contributed a total of 61,860 m² or 59.4%.
The Esslingen district came in second again at 91,900 m² or 29.1% (2021: 77,088 m² or 26%, up 3.1 percentage points), with two of the top deals – Krannich Solar and Robert Bosch GmbH – together contributing 26,525 m² or 29% of this region’s take-up.
In third place in 2022 was Göppingen with 52,000 m² or 16.5% (2021: 23,322 m² or 7.8%), which thus more than doubled the previous year’s result (up 123%). This was partly due to the second-biggest deal, which accounted for 64% of take-up in the region.
After consistently taking first place since 2018, the Ludwigsburg district was relegated to the lower ranks for the first time with 46,600 m² or 14.7%. Coming from 117,541 m² or 39.6% in 2021, Ludwigsburg dropped three places compared to the previous year. In absolute terms, less space was taken up in Ludwigsburg than in any year since 2018. Compared to the previous year, the decrease in its relative share came to 24.9 percentage points, whereas in absolute terms its take-up fell by 60%. Only one top deal – with E. Breuninger GmbH & Co. KG – was attributable to the Ludwigsburg region this time.
In fifthplace was the Rems-Murr district with 16,300 m² or 5.2% (2021: 8,523 m² or 2.9%) and in last place was the city of Stuttgart with 5,100 m² or 1.6% (2021: 10,580 m² or 3.6%), representing the lowest take-up in this region since 2018.
Sector ranking: Retail rents considerably more space
The leading sector since 2018, logistics/distribution took first place again in 2022 at 131,000 m² or 41.5%, although it saw losses in absolute and relative terms (2021: 162,847 m² or 54.9%). It lost the most ground in relative terms out of all sectors at -13.4 percentage points and recorded an absolute decrease of 19.6%. Only one of the top deals in 2022 was attributable to logistics/distribution, which contributed around a quarter of take-up.
In second place was retail with 108,600 m² or 34.4% (2021: 46,843 m² or 15.8%), which more than doubled its take-up and also posted the biggest increase in its relative share out of all sectors (up 18.6 percentage points).
According to our data, retail achieved in 2022 by far its strongest letting year since the past five years in the Greater Stuttgart area. Four of the top seven deals are attributable to this sector. With accumulated take-up of 84,682 m², these accounted for almost four out of five square metres let.
Deals by traditional retail companies set the pace in 2022, representing around two thirds of take-up or 66,300 m². The biggest deal of all was in this category – REWE with 35,000 m² – and together with Krannich Solar contributed 51,000 m² for traditional retail. This represented 76% of the take-up for traditional retail.
E-commerce accounted for 42,300 m² or 39% of the retail category as a whole. The top deals by E. Breuninger GmbH & Co. KG and Heyne Büromarkt came to a total of 33,682 m², corresponding to 51% of e-commerce take-up.
Having previously ranked second, the manufacturing sector took third place in 2022 with 43,900 m² or 13.9% (2021: 73,542 m² or 24.8%). In absolute terms, take-up slumped by 40.3% or around 30,000 m², and the sector also lost ground in relative terms with a decrease of 10.9 percentage points. This sector accounted for two of the top deals – Tesla Motors Netherlands BV and Robert Bosch GmbH – which together came to 25,985 m² or around 60% of take-up.
Last place once again went to the “Other” category with 32,500 m² or 10.3% (2021: 13,380 m² or 4.5%).
Take-up dominated by large spaces
The most take-up occurred in the segment of large spaces of 10,001 m² or more, as in the previous year, which contributed 154,600 m² or 48.9% (2021: 33.1% or 98,191 m²). Almost one in two square metres of take-up were in this category, as well as all seven top deals, which represented around 46% of total take-up at 143,900 m².
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Over the year as a whole, take-up was focused on large spaces, the only size category that expanded its share of take-up, with an increase of 15.8 percentage points.
As in the previous year, second place went to the 5,001 to 10,000 m² size category with 61,400 m² or 19.4% (2021: 89,291 m² or 30.1%). This segment saw the biggest loss at 10.7 percentage points. It also decreased the most in absolute terms out of all others, falling by 31.2% or around 28,000 m². Seven of the 59 deals were in this classification.
The 3,001 to 5,000 m² size category remained in third place at 50,300 m² or 15.9%. Compared to 60,507 m² or 20.4% in 2021, it lost ground slightly in relative terms (down 4.5 percentage points) and significantly in terms of absolute take-up (down 17%). This group accounted for 12 of the 59 deals.
It is followed by smaller spaces between 1,000 and 3,000 m² with a share of 13.4% or 42,200 m² (2021: 13.5% or 40,083 m²), which thus almost matched the previous year’s level. This size category generated 23 of the 59 deals, the same number as in the previous year.
Smallest spaces of less than 1,000 m² brought up the rear with 7,500 m² or 2.4%, the result of ten deals (2021: 8,540 m² or 2.9%).
Prime and average rents see double-digit increase for first time
The trend from the previous years continued in 2022 and the Stuttgart logistics and industrial market marked a significant increase of 11% to a new high for the prime rent of €7.80/m² (end of 2021: €7.00/m²). At the same time, the five-year average of €6.94/m² was exceeded by 12%.
The average rent also increased up to the end of the year, rising somewhat stronger than the prime rent by 15% to €6.30/m² after €5.50/m² and thus reaching a new high. This was 15% higher than the five-year average of €5.50/m².
Never before have both the prime rent and the average rent increased by a double-digit percentage year-on-year. This represents the biggest increase in both figures since our records began.
Forecast for 2023: Steady demand to come up against less available existing and new space
In various talks with companies, we have gained the impression that the economy is currently robust. Despite current fears of recession and massive price increases on the energy market, demand for space has not declined. If this trend continues, then probably only a few existing spaces will come onto the market in 2023. New construction will also grow weaker in 2023, and only a few users in the Greater Stuttgart area will be able to enjoy new modern and sustainably constructed space.
Construction costs for logistics, retail and industrial properties have shot up to exorbitant levels and become almost incalculable. In the past six months, hardly any new construction projects for logistics have been commissioned in the Greater Stuttgart area. This means that there is currently little possibility for companies to grow further in Greater Stuttgart.