Market View

European retail - Strongest start to a year since 2010 - Q1 2013

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Challenges to business confidence have continued into 2013 with static economic growth undermining corporate appetite for significant investment. Despite this, positive signs for third party data centre operators are apparent where growth in IT infrastructure is considered a priority investment for end users. A focal point is being able to react to business need in conjunction with managing and where possible reducing IT costs. Consequently, outsourced solutions are gaining further popularity particularly with cloud computing. 

Total take-up in Quarter 1 was 8,795 sq m (12.9MW) with Frankfurt accounting for the largest share, 43%. Of this total, Europe’s retailers can reflect on an encouraging start to the year, where the amount of transacted space for the quarter represented the best start to a year since 2010. Transaction activity at London retail facilities has been particularly promising where quarterly take-up was at the highest level since 2011. Market activity in both Paris and Amsterdam has been slower. In Paris, a weak economic outlook continues to hinder corporate enthusiasm toward IT investment. Interest in Amsterdam remains strong, particularly from connectivity-led occupiers, although first quarter take-up has been disappointing by recent standards. 

The rate of new supply coming to market will slow in 2013 following the unprecedented increases in 2012. Current supply of data centre colocation space across the tier 1 markets rose by 8% in the 12 months to March 2013 to reach 660,986 sq m. Vacancy rates have risen marginally to 15.31% as a result of last year’s build activity although all markets remain well balanced. Pipeline supply for 2013 shows that 26,000 sq m (44MW) could come to market during the year with existing and newly built capacity across the markets sufficient to accommodate current market demand.

Source : CBRE

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Mots-clés : CBRE

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