Total take-up set a new record in 2016 with over 19 million sq m for the first time in the European market. The final quarter pushed the total to a new record. There was over 6 million sq m in take-up in Q4 alone. European Industrial & Logistics Occupier Market outlook for 2017 • Occupier demand is forecast to remain resilient despite mainly modest economic growth and heightened political risks. Our Supply Chain Activity Index points to a slight deceleration on 2016’s record high, but still trending upward. • New supply is likely to still be predominantly BTS. Vacancy rates are therefore projected to stay low in most major markets. • Our model-based forecasts imply moderate rental growth in aggregate across Europe this year, but specific supply and demand dynamics will determine growth rates in local markets.

1. European Industrial & Logistics
Current Conditions
Countries identified as tenant favourable*
Prime Rental Levels
France
Finland
Hungary
Russia
Poland
Czech Republic
Slovakia
Corporate Occupier Conditions
Q4
2016
2015
17 million sq m
19 millionsq m
2016surpasses2015take-up
recordby2millionsqm
2016
JLL’s Supply Chain
Activity Index* continues
upward trend after
increasing to 130.0 in Q4
Low <€52/sq m/yr Mid-range €52-72/sq m/yr High >€72/sq m/yr
Guy Gueirard
Head of EMEA Industrial &
Logistics
guy.gueirard@eu.jll.com
Jon Sleeman
Head of EMEA Industrial &
Logistics Research
jon.sleeman@eu.jll.com
Alexandra Tornow
EMEA Industrial &
Logistics Research
alexandra.tornow@eu.jll.com
Ryan Loftus
EMEA Industrial &
Logistics Research
ryan.loftus@eu.jll.com
For more information, contact:
jll.eu/il
©2017JonesLangLaSalleIP,Inc.Allrightsreserved.TheinformationcontainedinthisdocumentisproprietarytoJLLandshallbeusedsolelyforthepurposes
ofevaluatingthisproposal.AllsuchdocumentationandinformationremainsthepropertyofJLLandshallbekeptconfidential.Reproductionofanypartofthis
documentisauthorizedonlytotheextentnecessaryforitsevaluation.ItisnottobeshowntoanythirdpartywithoutthepriorwrittenauthorizationofJLL.All
informationcontainedhereinisfromsourcesdeemedreliable;however,norepresentationorwarrantyismadeastotheaccuracythereof.
Antwerp
Athens
Bratislava
Bucharest
Budapest
Lille
Lisbon
Lyon
Milan
Poznan
Prague
Rome
Warsaw
Belgrade
Berlin
Brussels
Dusseldorf
Edinburgh
Gothenburg
Hamburg
Madrid
Moscow
Paris
Rotterdam
St.
Petersburg
Zagreb
Amsterdam
Barcelona
Birmingham
Copenhagen
Dublin
Frankfurt
Helsinki
Istanbul
London
Manchester
Munich
Oslo
Stockholm
JLL’s Supply Chain Activity Index is a composite index of economic and supply chain variables that
the EMEA Industrial & Logistics Group has constructed to forecast short-term corporate demand for
logistics (distribution warehouse) space across Europe.
130.0
*Tenant favourable identified as countries with markets with high availability and/or low rental rates
jll.eu/emea/en-gb/services/property-types/logistics-industrial/supply-chain/index-2016