In the Eurozone, governments were forced to maintain or tighten health restrictions as cases rose again. The timing of the recovery will depend essentially on the effectiveness of restrictive measures and the acceleration of vaccination campaigns. In Europe, the main recovery should be in H2 2021. The logistics occupier market increased by 19% in Q1 2021 and set a new record volume of transactions. Market fundamentals are healthy with low vacant space and strong demand boosted by e-commerce.