2025年欧洲物流租户调查报告：打造韧性

CBRE RESEARCHJULY 2025 2CBRE RESEARCHCBRE's fifth edition of the European LogisticsOccupier Survey, in partnership with Analytiqa,offers a platform for occupiers to share theirperspectives. Our survey engaged over 100 ofEurope's largest occupiers from various sectors,providing valuable insights into the current stateof the European logistics market.Executivesummary Shift toward quality and flexibility in real estateOccupiers are becoming more selective, placing greater emphasis on power supply, sustainability,and building design. Higher vacancy rates in the market are allowing for more rigorous selectionprocesses and improving lease negotiation conditions in favour of occupiers. However, this windowof opportunity may be short-lived.Uncertainty and labour dominate occupier challengesEconomic uncertainty, labour shortages, and rising costs remain the most pressing challenges. In termsof real estate-specific concerns, rent increases continue to be the key issue and an important factorin building selection. However, their relative importance in location decisions is gradually diminishing.Expansion plans remain cautious but positiveWhile near-term warehousing requirements are expected to increase, medium-term expansion planshave moderated. Still, nearly half of occupiers plan to grow their footprint in the next three years,led by third-party logistics (3PL) and post and parcel delivery firms.Net zero ready facilities command premiumsGreen certification is now widely expected by occupiers, reducing willingness to pay a premium, whiledemand for net zero ready facilities, offering renewable energy use and potential cost savings, is rising.Additionally, 37% of respondents report implementing green clauses across their logistics portfolios.Sustainability targets are delayed but still in focusFewer occupiers are pursuing early net zero targets, mainly due to cost concerns. However, overtwo-thirds of respondents have already anticipated the upcoming requirement to produce a transitionplan covering their property portfolio.0102030405The key trends and themes that have emerged from the 2025 survey include: © 2025 CBRE, INC. 3CBRE RESEARCHKey highlights20253CBRE RESEARCH challenges(general and realestate-related)Locationand buildingpreferences85-95Million sq m of estimatedtotal logistics footprintin Europe03 Near-termrequirements andmedium-termexpansion plans100+Respondents: the largestpan-European occupiersfrom all sectors0102 © 2025 CBRE, INC.SustainabilityconsiderationsFocusThis edition takes acloser look at leasingconditions and idle space04© 2025 CBRE, INC. Occupier Near-term requirements andmedium-term expansion plans01 5CBRE RESEARCHHow do occupiers see their requirementsfor space over the next 12 months comparedwith the previous 12 months?Near-term warehousing expectations were relativelybalanced in the previous edition of the survey, whichanticipatedthe stabilisation in European take-upvolumesthat has since materialised. In this edition,a greater share of occupiers report plans to increasetheir space requirements year-on-year. Using this asa proxy for demand, it would suggest anincomingincrease in leasing activity. The findings support our2025 outlookfor improved market activity, particularlyin the second half of the year, driven by a consumer-led economic recovery, falling interest rates, and risingreal incomes.Requirements and expansion:Near-term 6CBRE RESEARCHTrade policy uncertainty has increaseddrastically since the beginning of the year,setting back recent improvements in sentimentand causing many occupiers to once again delaymajor plansUncertainty had been receding as an issue for the occupiersin the post-pandemic environment. However, occupiersentiment took a hit on 2 April 2025 when the U.S. announcedsignificant changes to its trade policies. Such policies arevery much relevant to logistics occupiers.The almost-immediate pause in increased U.S. tariffs andsubsequent delay of their imposition until 1 August has addedto the uncertainty, causing a significant spike in the indexand altering near-term macroeconomic forecasts.This renewed uncertainty will likely hamper occupier’plans, making it harder to justify bold expansion strategies,particularly for trade dependent companies.However, a higher percentage of respondents surveyedafter 2 April indicated plans to launch more requirements.This difference may be driven by factors such as pre-emptiveresponses to anticipated tariffs, a more optimistic view ofEurope's resilience, or potential benefits from comparisonsrelative to other regions.Requirements and expansion:Disruption 7CBRE RESEARCHHaving rationalised their space afterthe pandemic period, occupiers will continuetheir expansion plans, albeit at a morecautious rateAlmost half of respondents intend to expand theirEuropean logistics footprintover the next three years.This percentage is lower than in previous editions ofthe survey, with normalised business needs allowingoccupiers to redefine thei