News / From the associates

Cushman & Wakefield’s in-depth analysis outlines an economic landscape in which uncertainty has become a structural component of global supply chains. First and foremost are geopolitical tensions, which could impact energy costs, transportation, and trade routes. Added to these are factors such as climate-related risks, labor availability, and economic volatility. In response, many companies are redesigning their logistics networks to increase resilience and flexibility, integrating technologies such as automation, artificial intelligence, and solutions for the energy transition. Logistics and industrial real estate plays a strategic role in this context: the availability of suitable properties in the right locations is essential to ensure operational efficiency, business continuity, and the ability to adapt to market changes.

From an operating cost perspective, 2025 saw a global increase in rental rates (+2.2%) and labor costs (+2.4%), while electricity prices showed varying trends across regions. In the EMEA region, logistics rents rose by an average of 3.3%, the highest figure among the macro-regions analyzed, driven by resilient demand and limited availability of space in several Western and Northern European markets, including the United Kingdom, France, Ireland, Portugal, Belgium, and Sweden. In contrast, some Central and Eastern European markets, such as Hungary and the Czech Republic, saw slight corrections following the sharp increases of the 2020–2022 period. On the labor front, wage growth in EMEA stood at 2.2%, but with much higher increases in several Central and Eastern European and Baltic countries, where labor shortages drove increases of up to 7–15%. Energy costs, while decreasing by an average of 1.8% compared to the previous year due to falling gas prices and the greater contribution of renewable and nuclear sources, remain among the highest globally.

As for market conditions, 54% of EMEA markets are now considered tenant-friendly, up from 47% in the previous year’s survey, thanks to greater availability of space and the caution shown by tenants. This situation could evolve toward a more balanced state in the coming years. By 2029, the share of tenant-friendly markets is expected to drop to 39%, while landlord-friendly markets would rise from 28% to 34%. The outlook remains positive, however: approximately 40% of EMEA markets are expected to see a reduction in vacancy rates due to increased absorption and limited new supply, particularly in the United Kingdom, the Netherlands, Sweden, Belgium, Poland, Hungary, and the Czech Republic. Globally, more than half of the monitored markets expect rent increases over the next three years, driven by demand from e-commerce, retail distribution, and manufacturing, alongside new growth drivers such as renewable energy, high-tech, aerospace, and cold chain logistics. Companies and investors that can combine long-term planning, energy efficiency, technological innovation, and timely real estate decisions will be best positioned to address the growing complexity of global supply chains.