The German industrial and logistics property investment market recorded a total transaction volume of 4.71 billion euros in the first three quarters of 2026. This figure was five per cent higher than in the same period last year. Despite the macroeconomic challenges, the investment market is thus continuing its growth trajectory compared with the previous year. These are the findings of a recent analysis by the global property services firm CBRE.
“This year, we are seeing a dynamic and well-functioning logistics investment market in Germany. With a share of 74 per cent, international capital in particular remains a key driver of market activity,” says Kai F. Oulds, Head of Industrial & Logistics Germany at CBRE. “This demonstrates the sustained high level of interest from international investors in the German market. At the same time, there are challenges, particularly in the new-build segment, as construction and financing costs have risen recently and lower sale prices are placing further pressure on the profitability of project developments. Nevertheless, we are seeing a large number of transactions across a range of transaction sizes.”
Although the proportion of large-volume transactions fell in the third quarter compared with the first half of the year, it remained significantly higher than in the same period last year. “Large-volume transactions remain an important part of market activity. At the same time, the overall increase in the number of deals shows that activity is not limited to individual large-scale transactions,” says Tom Franke, Head of Logistics Investment at CBRE. “Despite the macroeconomic challenges facing German industry, buyers remain very active. In the light industrial segment in particular, demand currently exceeds available supply.”
“The prime yield for logistics property remained stable at 4.5 per cent at the end of the third quarter,” adds Franke. “This level is also reflected in transactions completed at the end of September. However, we firmly expect the prime yield to rise significantly for the rest of the year.”
Outlook for the full year
“We continue to see strong buyer interest and therefore expect the market to remain active for the rest of the year, driven by both domestic and international investors seeking to further diversify their multi-asset portfolios with German logistics property,” says Kristine Kühn, Senior Director of Valuation Advisory Services at CBRE. “There are also still numerous properties on the market in the core and core-plus segments where a deal could be finalised in the fourth quarter. The well-stocked transaction pipeline thus provides a solid foundation for a strong final quarter. A transaction volume of seven billion euros is within reach for the year as a whole, provided that the upcoming large-scale transactions can be finalised as expected.”
