【嘉仓网】欧洲高标仓还有投资机会吗？

2025年嘉仓开启为出海的中国企业 提供欧洲厂房和仓库租赁 的选址服务。在上一篇分享里，嘉仓负责人Lucy 结合地理面积、人口分布与高标仓存量数据，搭建起了宏观的分析参照。内容发出后，不少朋友都来提问：计划在欧洲租仓的企业，租金是否有可观的议价空间？有意赴欧布局的开发商，当下入场物流地产还有机会吗？今天我们就聚焦这两个核心问题展开解答。以下为文字整理。首发视频在微信视频号，请关注{Lucy说仓}

JCWRealEstate has started providing site selection services for overseas factories and warehouse leasing to Chinese clients expanding globally since last year. In our previous share, JCWLucy established a macro-analytical framework by combining geographic area, population distribution, and Grade A warehouse inventory data. Since its release, many friends have reached out with questions: is there significant room for rent negotiation for companies planning to lease warehouses in Europe? For developers intending to expand into Europe, are there still opportunities to enter the logistics real estate market? This article #JCW will focus on answering these two core questions. Below is the video link and taxt description summary.

全球视野来看，中国与欧洲目前处于同一量级，均属于“巨无霸”级别的经济体，要回答投资与议价的问题，必须依托于核心经济指标。这里我们主要看两个数据：GDP（国内生产总值）与社会消费品零售总额。通俗来讲，GDP衡量的是一个社会“一共生产了多少”，而零售总额则反映了这个社会“一共消费了多少”。

From a global perspective, China and Europe are currently in the same league, both being "behemoth" economies. To answer questions regarding investment and negotiation, we must rely on core economic indicators. Here, we primarily look at two figures: GDP (Gross Domestic Product) and Total Retail Sales of Consumer Goods. In simple terms, GDP measures "how much a society produces in total," while retail sales reflect "how much a society consumes in total."

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2024年数据显示，中国的GDP约为19万亿美元，而欧洲全境超过22万亿美元。两者处于同一量级，都是全球经济的“巨无霸”。 中国的零售总额约为6万多亿美元，超过了欧盟，但与欧洲全境的数据非常接近。

Data from 2024 shows that China's GDP is approximately $19 trillion, while Europe's total exceeds $22 trillion. Both are of the same magnitude and serve as "behemoths" of the global economy. China's retail sales are over $6 trillion, surpassing the EU, but remaining very close to the data for all of Europe.

结论： 除了地理面积中国和欧洲非常接近，经济规模和消费能力上这两个经济体也高度接近，说明这两个经济体的仓储市场具有极强的可比性。

Conclusion: In addition to the geographical area, China and Europe are very similar. In terms of economic scale and consumption capacity, these two economies are also highly comparable; this shows that the warehousing markets of the two have extremely strong comparability.

结合中欧相近的各项核心数据，以及欧洲高标仓发展成熟、建设体量更大的背景，回到大家最关心的问题：赴欧租仓是否有议价空间？赴欧投资建高标仓是否还有机会？这一结论的得出，源于我个人的行业观察，也结合了我在德国各地出差、以及此前在西班牙与当地开发商、行业同行的交流结果，答案可以概括为：部分区域有机会，部分区域则暂无机会。

Combining the similar core data of China and Europe with the context of Europe's mature Grade A warehouse development and larger construction volume, let’s return to the questions everyone cares about most. The conclusion is based on my personal industry observations, combined with a recent business trip to Germany and previous exchanges with local developers and peers in Spain, which can be summarized as: there are opportunities in some regions, while others offer none for the time being.

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部分地块资源稀缺、市场规模庞大的区域，仍存在明显的投资与发展机会，比如德国、荷兰、英国等国家，以及西班牙的巴塞罗那、马德里等消费活跃度较高的城市。

In regions with scarce land resources and massive market scales, significant investment and development opportunities still exist. Examples include countries like Germany, the Netherlands, and the UK, as well as cities with high consumer activity like Barcelona and Madrid in Spain.

之所以这些区域仍有机会，核心源于两大原因：第一，欧洲线上消费市场具备极大的发展潜力。中国的线上消费发展成熟、便捷性高，线上消费占社会总体消费的比例接近 30%，而欧洲的线上消费占比平均仅为 12%-15%，不足中国的一半。在欧洲人均 GDP 较高的市场背景下，线上消费的低占比意味着巨大的增长空间，而线上消费的发展，必然带动对高标仓储设施的需求 。 这一点在国内的物流地产发展中已得到印证，电商发展成为推动高标仓需求的核心动力之一。由此可见，欧洲高标仓的需求端仍有持续上行的空间。

There are two core reasons why opportunities remain in these areas: first, the European online consumer market holds immense growth potential. China's online consumption is mature and highly convenient, with online sales accounting for nearly 30% of total social consumption. In contrast, the average share of online consumption in Europe is only 12%-15%, less than half of China's. Given the high GDP per capita in European markets, this low percentage implies huge room for growth. The development of online consumption will inevitably drive demand for Grade A logistics facilities. This trend has already been proven in China's logistics real estate development, where e-commerce has become a core driver of Grade A warehouse demand. Thus, the demand side for Grade A warehouses in Europe still has room to rise.

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第二，欧洲的基建复苏与制造业回流，进一步提振仓储需求。过去数十年，欧洲的基建建设节奏较慢，而此次德国之行我发现，当地正迎来基建建设的复苏，修桥修路等工程逐步落地，制造业也呈现出回流的趋势。基建的完善与制造业的复苏，会带动整个供应链与物流体系的发展，对于仓储设施的需求也会随之增加，这也为高标仓的发展提供了新的支撑。

Second, infrastructure recovery and the reshoring of manufacturing in Europe are further boosting warehouse demand. Over the past few decades, the pace of infrastructure construction in Europe has been relatively slow. However, during the trip to Germany, it was observed that the region is experiencing a recovery in infrastructure projects, such as bridge and road construction. Manufacturing is also showing a reshoring trend. The improvement of infrastructure and the recovery of manufacturing will drive the development of the entire supply chain and logistics system, subsequently increasing demand for warehouse facilities, providing new support for the development of Grade A warehouses.

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虽然投资端看好，但对于想要“砍价”租仓的企业来说，情况却截然不同。核心原因在于，这些高标仓发展成熟的片区，仓储设施的空置率极低，普遍仅在 2%-3%，最高也不超过 5%。在低空置率的市场背景下，仓储方无需担忧租赁问题，这也让租仓企业的议价难度大幅提升。当然，这并非绝对结论，在欧洲部分仓储供应新增量较大的片区，租仓企业仍有一定的租金议价机会。整体而言，欧洲的高标仓市场，无论是租仓还是投资，均是机会与挑战并存。

While the investment side looks promising, the situation is quite different for companies looking to "bargain" on rent. The core reason is that in these mature Grade A warehouse areas, vacancy rates are extremely low, generally between 2% and 3%, and no higher than 5%. In a market with such low vacancy rates, warehouse providers have little concern about leasing, which significantly increases the difficulty for tenants to negotiate lower rents. Of course, this is not an absolute conclusion; in some European areas with a large influx of new warehouse supply, tenants may still have certain opportunities for rent negotiation. Overall, the European Grade A warehouse market presents a coexistence of opportunities and challenges, whether for leasing or investment.

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本期关于欧洲租仓议价与投资建仓机会的分享就到这里。如果有在欧洲从事仓储供应、物流地产相关工作的朋友，也欢迎在评论区补充分享行业见解，让计划赴欧布局的中国企业能对欧洲市场有更全面、更深入的了解。

That’s all for the sharing regarding rent negotiation and investment opportunities for Grade A warehouses in Europe. If you are working in warehouse supply or logistics real estate in Europe, we welcome you to share your insights. This will help Chinese companies planning to expand into Europe gain a more comprehensive and in-depth understanding of the European market.

结束语：感兴趣的朋友们，可以关注我的主页查看更多精彩内容，希望根据嘉仓多年协助#仓库租赁#的专业经验帮到您！

Closing: Interested friends are welcome to visit my homepage for more exciting content. We hope to help you by leveraging our years of professional experience in warehouse rental assistance.