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16.03.2010 13:20
Commercial rents on industrial property fell by an average of 5.5% in 2009 following an unprecedented fall in consumer demand for goods during the global recession. This global measure of economic performance in Cushman & Wakefield’s Industrial Space Across the World report, shows that all regions of the world suffered compressed rents for the first time in the report’s 15 year history.
Industrial rents are a key indicator of economic performance and inextricably linked to demand for manufacturing and industrial production and consumer demand for goods. Although 2009 saw a marked fall, there were signs that values were stabilising toward the end of the year. Cushman & Wakefield expects 2010 to see some rent increases toward year end, the extent of which will be driven by the speed in recovery of global export activity.
Industrial rental performance in the European market was polarised between Western Europe which recorded only a 3% fall through the year and Central and Eastern Europe which saw a fall of over 12%. The Baltic nations of Latvia, Lithuania and Estonia all saw rents tumble by over 30%, with large manufacturing locations such as Russia and Ukraine seeing falls of 21% and 22% respectively. Ireland suffered the biggest fall in Western Europe with a 20% decrease.
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