With the GewerbeBarometer, bulwiengesa and ImmoScout24 publish for the first time
a joint analysis of the German commercial real estate market. In doing so, the
continuous market and transaction data from bulwiengesa with the offer
and demand data from millions of ImmoScout24 advertisements.
The result is a consistent overall picture: the market does not show a uniform
development, but is increasingly differentiated according to location, quality and
Use.
Stable, but no longer homogeneous
Logistics and industrial properties continue to present themselves as stable
Usage class. Demand is robust overall, but remains below
the level of the boom years. The new construction volume in 2025 was around 4.3 million sqm and
is developing slightly downwards with a well-filled pipeline for the
coming years.
At the same time, the market structure is changing noticeably: While
top logistics regions* remain stable, vacancies are rising, especially in
secondary locations. Prime rents continue to rise in established regions
with declining momentum away from the top locations. In the weighted
The average of the A-city logistics regions is currently just under 10
Euro/sqm. Munich remains the front-runner with 10.90 euros/sqm.
The data from ImmoScout24 confirm this development: The offer has been
grew by around 80% in 2022.
“We are currently seeing a significant easing on the supply side. While the
space availability has risen sharply, demand is becoming more and more differentiated
– in particular, smaller units and well-connected locations will be
“, explains Kristian Kehlert, Lead Data Analyst at
ImmoScout24.
Geopolitics and international investors as new drivers
The logistics market is increasingly driven by new structural demand drivers
that go beyond classic growth drivers such as e-commerce.
Currently, geopolitical developments are in particular in focus: The growing
importance of defence-related companies as well as public and security-related
Actors ensures additional demand for space, e.g. for production, storage
as well as the safeguarding of upstream supply chains.
At the same time, the interest of international investors and users,
especially from Asia. In particular, logistics service providers and
Manufacturing companies are specifically looking for stable logistics locations in Europe
and thus increase demand in established regions.
These developments are noticeably changing the market mechanics:
specialised, infrastructurally well-connected areas in strategic locations.
At the same time, standardised properties in less established regions are losing out
attractiveness, which further strengthens differentiation in the market.
