Dynamics of the logistics market during the rate-hike and subsequent elevated rate periods (Q3 2022 – Q1 2024) shifted, as investors looked more to Core+ properties, rather than Core. Core property values were the most heavily affected by the rate hikes, as desired yields were no longer attainable, and owners of these properties were stable enough that forced sales did not need to take place. Additionally, given the high property values within the Core segment of the market, it has long been buoyed by foreign capital rather than local capital; these foreign investors retreated to their home markets or from the market entirely. This was clear in the investment volumes; the share of total investment volume of properties > 100 million EUR transacted in 2023 was approx. 20% below the 2014-2022 average. Additionally, in this same period the share of properties transacted in the 20-50 million EUR range in 2023 was approx. 13% higher than in the 2014-2022.