Developers and investors are increasingly building distribution centres without a tenant. For example, 500,000 square metres of logistics property will be developed at their own risk in 2017. This is according to figures from real estate consultant JLL, requested by the Financieele Dagblad.
A third of planned distribution centres do not yet have a tenant. Developers are taking that risk because demand for new distribution centres is currently high. The vacancy rate of logistics real estate is currently only 4.4 per cent. Still, vacancy is lurking, JLL warns. "In some parts of the Netherlands, an unnecessary amount of risk is being taken," says Sven Bertens, head of research at JLL in the FD.
Bertens notes that developers even take so much risk that they sell properties to investors with rent guarantees. If no tenant is found after the first 12 or 24 months, developers pay the rent themselves. According to Bertens, this creates 'significant risks' in the market.
In hotspots like Venlo, this speculative new construction is not expected to cause any problems. In other areas, however, new construction could put pressure on rents. For example, new logistics property near Schiphol Airport is now being let for 75 euros per square metre, while rents in the area are currently at 85 euros per square metre.
Read also: Three trends in logistics real estate
Editorial LogistiekProfs
