The most significant increases were recorded in the key Scandinavian and Baltic markets, with the highest increases taking place in Oslo (+8%) and in Gothenburg (+6.1%).
In terms of annual change in prime warehouse rents, Moscow and Tallinn were the top performers reporting increases of 16.7% and 12.5% respectively.
Notable drops in the second half of 2011 were recorded in Vienna (-9%), Geneva (-6.3%) and Athens (-6%). Prime rents in the markets which had experienced the most significant falls in the first six months of 2011 remained flat, with the notable and not unexpected exception of Athens.
The majority of monitored markets reported no notable shifts in prime yields during the second half of the year. Four markets witnessed slight yield compression including Dusseldorf (-25 bps) and Helsinki (-25 bps). After strong yield compression in the St. Petersburg and key Baltic centres in the first half of 2011, no further changes were recorded in those markets as their investment markets stabilised.
Over the next 12 months prime rents are set to remain stable across most of the key centres. Further rent increases are expected in Tallinn and in the main Russian logistics markets, Moscow and St. Petersburg. Markets such as Bratislava, Lisbon and Athens are set to experience prime rental decreases.
Investment yields are broadly expected to remain unchanged; however, notable centres where we expect to see some compression are Frankfurt and Munich.
The Colliers International EMEA Industrial and Logistics Rents Map includes prime industrial and logistics rents and yields in the major markets across the region.