The Covid-19 pandemic is expected to accelerate online retail growth across Europe and drive demand for prime logistics space, according to Savills. Average online activity was previously predicted to account for 15.3 percent of total sales in Western Europe by 2022. However, the Centre for Retail Research’s post-Covid online penetration rate is forecasting that this level will now be reached by 2021. “Increases in online spending have always meant increased demand for warehouse space, and we have seen unprecedented growth across all markets since the lockdown. Some consumer spending will return to the stores but there has been a real step change in the amount consumers now shop online, and it is likely that this will continue going forward,” said Marcus de Minckwitz, director at Savills Regional Investment Advisory.
