Geopolitical upheavals and changing macroeconomic conditions will challenge the German industrial and logistics investment market in the first half of 2026. At the same time, new impulses for security-oriented special properties are being created. The current half-year results demonstrate the resilience of the market segment: with a transaction volume of EUR 2.4 billion, the market was almost at the level of the previous year (-1 percent). In view of the macroeconomic headwinds, this sideways movement is a clear signal of the strength of this type of use. In a long-term comparison, however, the subdued investment activity remained visible: Compared to the ten-year average, the volume was 30 percent lower and 34 percent lower than the five-year average. In the overall commercial context, the industrial & logistics type of use took second place with a market share of 22 percent, behind offices (27 percent).
Christian Kah, Head of Industrial & Logistics Germany at Colliers: "The biggest operational hurdle since the beginning of the year is the noticeable tightening of financing conditions as a result of geopolitical tensions. While the signals at the beginning of the year were positive thanks to the recovery in the rental market and the dynamic rental development, we are currently in a pronounced pricing phase. Core products are currently not achieving the desired exit factors due to more restrictive lending. However, since investor demand for logistics space remains high, this leads to a classic stalemate. We are observing that buyers and sellers are currently finding it difficult to find each other in terms of price. This prolongs the already extended exclusivity phases and slows down transaction activity."
Individual transactions remain in the focus of investors for the time being
In the first half of the year, individual deals accounted for around 1.6 billion euros, or 68 percent of the transaction volume. More than half (54 percent) of these deals were made by international investors. The share of individual transactions corresponds to the five-year average. This means that transaction activity continues to follow established investment patterns. Large-volume transactions with a volume of more than 100 million euros, on the other hand, remained the exception. The largest registered individual deals included the purchase of the Mercedes-Benz logistics centre in Bischweier and the acquisition of a new building near Cologne by an open-ended special fund. Two other transactions were just below the 100 million euro mark.
