REALOGIS: Lack of large-scale deals slowed down Munich's logistics and industrial real estate market

New construction areas on greenfield sites played a subordinate role. After 30,300 m² or 21% in the same period of the previous year, take-up here fell by 27,400 m² (-90%). This segment accounted for only 2% of total take-up. This decline was the main driver of the overall lower market result. The Munich logistics and industrial real estate market remained a pure rental market in the 1st half of 2026.

In terms of building type, other properties that could neither be assigned to the big box category nor business parks led the way. They accounted for 68,700 m² or 59% market share, an increase of 24,500 m² compared to the same period last year. Business parks followed in second place with 32,600 m². Big box properties fell from first to third place and, at 14,400 m², accounted for only 13% of take-up (H1 2025: 66,500 m² / 47%).

The region with the highest take-up remained the north of Munich with 57,300 m² and a market share of 49% (H1 2025: 94,400 m² / 67%). In a regional comparison, however, the north was the only one with declining take-up. The minus amounted to 37,100 m² (-39%). The two top deals with ARX Robotics and Logline express accounted for 27% of earnings in the north of Munich.

The East region once again took second place with 31,900 m² (28%), slightly above the previous year's level of 30,100 m². The largest deal of the first half of the year by the Schletter Group over 9,440 m² contributed 30% to regional take-up. The west of Munich remained in third place with 15,000 m² (13%) and fell short of its 5-year average of 19,800 m² by 24%. The southern region brought up the rear with 11,500 m² (10%), but increased by 5,100 m² (+80%) compared to the previous year.

The Industry/Production sector was the only one to record an increase in take-up, taking over the top position in the Munich logistics and industrial real estate market in the 1st half of 2026. After third place in the first half of the previous year, it increased its take-up from 23,500 m² to 61,700 m² and achieved a market share of 53%. Two of the three largest deals of the first half of the year by Schletter Group and ARX Robotics also contributed to this, with a total of 17,440 m² of rental space.

Logistics/freight forwarding once again ranked second with 39,700 m² or 34% (H1 2025: 50,900 m² / 36%). Despite a decline of 11,200 m² (-22%), the 5-year average of 33,160 m² was exceeded by 20%. The "Other" category took third place with 7,900 m² (7%). Retail, which was still the strongest user group in the same period last year, fell to last place with 6,400 m² or 6%. Compared to H1 2025, this corresponds to a decrease of 51,300 m² or 89%. The lack of major deals in traditional retail was largely responsible for this development.

In the first six months of 2026, there was no deal in the size class from 10,001 m². In the same period of the previous year, this segment had still been the leader, accounting for 54,400 m² or 38% of total take-up. Spaces between 5,001 m² and 10,000 m² moved to the top with 40,400 m² or 35% share of take-up. This corresponded to an increase of 8,400 m² (+26%). The 5-year average of 26,660 m² was exceeded by 52%.

Medium-sized areas between 3,001 m² and 5,000 m² followed in second place with 36,900 m² or 32%. In this size class, the highest growth was recorded, both in absolute and percentage terms. The result was more than twice as high as the current 5-year average of 18,320 m². Smaller areas between 1,000 m² and 3,000 m² reached 30,400 m² (26%). Very small areas of less than 1,000 m² remained subordinate at 8,000 m² (7%).

• Take-up: 115,700 m²
• Prime rent: 13.50 €/m²
• Average rent: €9.20/m²
• Existing areas: 88,800 m² | New building on a greenfield site: 2,900 m² | New building on brownfield: 24,000 m²
• Tenants: 115,700 m² | Owner-occupier: 0 m