According to NAI apollo, partner of NAI Partners Germany, the warehouse and logistics space market in the Rhine-Main region achieved a take-up of 132,800 square metres in the second quarter of 2026 through lettings and owner-occupancy. This exceeded both the previous quarter’s result (Q1 2026: 93,300 square metres) and the previous year’s result (Q2 2025: 112,800 square metres). In a medium and long-term comparison, however, the current result remains below average. For the first half of 2026, take-up totalled 226,100 square metres, exceeding the previous year’s result by 7.0 per cent and almost reaching the average of the past five first half of the year.
In a long-term comparison, however, the current half-year result falls behind. “However, it should be taken into account that this calculation includes years such as 2021, at the end of which record results were achieved. In a medium and short-term comparison, however, the current result is positive. After 2021, a stronger first half of the year could only be recorded in 2024. At the same time, the number of contracts has recently increased,” says Sven Tilse, Head of Industrial and Logistics at NAI apollo. “Against the backdrop of continuing tense conditions – among other things as a result of the Iran war and a subdued economic recovery – as well as in view of declining business expectations of the local economy, the increase in market activity is encouraging. A significant contribution to this development was made by several deals in the large-scale segment, where the demand for modern and centrally located space remains high,” adds Stefan Weyrauch, Partner at NAI apollo.
Large-scale segment with year-on-year increase in sales
The largest lease so far this year was made by Siemens in Offenbach am Main for around 32,000 square meters of warehouse space. “Due to further deals in the range of 10,000 to 20,000 square metres, which took place mainly in the outer peripheral areas of the market area, the large-scale segment above 10,000 square metres accounts for a market share of 52.7 per cent. This means that take-up has almost tripled compared to the previous year and, at 119,100 square metres, has once again exceeded the 100,000 mark,” says Dr. Konrad Kanzler, Head of Research at NAI apollo. An increase has also been noted in smaller hall areas of up to 1,500 square metres, with almost doubling to 27,000 square metres in the first half of 2025. In contrast, there are decreases in all medium size classes. In total, the clusters between 1,500 and 10,000 square metres will have around 80,000 square metres in the first six months of 2026, which means that take-up has halved compared to the previous year. “Many companies are currently acting with caution. Here, the industry groups that focus on medium and medium-sized hall sizes, such as retail or manufacturing, stand out in particular. On the other hand, warehouse and logistics service providers have recently been active, often looking at large-scale properties,” says Weyrauch.
Warehousing and logistics service providers dominate the market
In the first half of 2026, with the exception of the large-scale lease by Siemens in Offenbach, all contracts above 5,000 square meters will be for transport, warehousing and logistics companies. “A market share of almost 63 percent achieved in one half-year was last surpassed in 2018. 3PLers, i.e. warehouse and logistics service providers who take over the entire warehousing and logistics process for customers, were of great importance here,” says Tilse. Companies from industry and manufacturing follow in second place with a market share of 18.1 percent or 40,900 square meters. All other industry groups are falling behind more significantly, with shares of a maximum of around 5 percent – including retail.
New construction remains in demand, but continues to lose importance
Market activity has continued to focus on existing properties in the past three months. For the first half of the year, take-up in this segment totalled 201,600 square metres with a market share of 89.2 per cent. The new construction segment, which includes leases in new construction projects as well as the construction of owner-occupier projects, fell to 24,500 square metres, the lowest level within the last ten years. “It remains important to emphasise that this is not the result of a lack of user interest in new construction areas. On the contrary, the demand for corresponding space is high,” says Weyrauch. However, this cannot be satisfied, especially in the central sub-locations. “However, despite the demand-supply imbalance, new construction is not really picking up, which can be explained by a lack of suitable building sites, high construction and financing costs as well as regulatory requirements, but also increasing uncertainty regarding future demand development and, above all, more selective financing by banks,” says Tilse. As a result, rents continue to rise. For example, the prime rent for warehouse and logistics space of 5,000 square metres or more amounts to 8.90 euros per square metre by the middle of the year. This is 30 cents more than in the previous quarter. Compared to the summer of 2025, this corresponds to an increase of 70 cents. For example, the largest project lease so far this year, with almost 20,000 square meters, by the MSK Pharma Group took place in a development in Bensheim,” says Kanzler.
South-East strongest due to major deals
The major deals also have a significant impact on the distribution of sales within the overall market area. The “South-East” submarket, located between the A3 and A5 motorways, maintains its top position in the location ranking with a total of 85,800 square metres (+37.0 per cent compared to H1 2025). The “East” submarket made up significant ground both compared to the previous quarter and compared to the previous year (+181.3 percent compared to H1 2025), for which the acquisition of Siemens in Offenbach made a key contribution. This is followed by the traditionally strong “south-west”, which includes Frankfurt Airport. 58,800 square metres mean almost stability in a year-on-year comparison and third place among the sub-markets so far this year. All other sub-markets are falling behind, each with market shares of less than 5 percent.
General conditions remain challenging for the warehouse and logistics real estate market
The warehousing and logistics market in the Rhine-Main region showed a positive development in the first summer months and a significant increase in sales compared to the first quarter of the year. This means that the first half of 2026 also recorded an increase in sales compared to the previous year. However, this is primarily due to large deals, while significant declines were recorded in the mid-size segments. At the same time, leasing activities were mainly carried out by the group of transport, warehousing and logistics companies, while other sectors continue to act cautiously and cautiously, with a few exceptions.
“The continuing lack of economic recovery and the renewed increase in geopolitical risks, above all the Iran war and the associated energy price shock, are slowing down market activity. Although the expansionary fiscal policy is providing positive impetus, a broader market recovery is not expected in the short term,” explains Kanzler. “In addition, there is still a lack of demand for space. New construction activity remains at a low level. The few current large-scale projects with speculative components will be quickly absorbed by the market,” adds Weyrauch. Current examples of this include the development of MB Parks and Fraport in Kelsterbach (approx. 25,000 square metres), Panattoni in Offenbach (approx. 9,000 square metres), EQT in Butzbach (approx. 8,000 square metres) and Lang & Cie in Kahl am Main with approx. 25,000 square metres. “With this excess demand, the upward trend in rents will also continue. At the same time, however, we are also seeing increasing acceptance of incentives on the landlord side for existing properties. With regard to full-year sales, we currently expect a stabilization at the current level and thus a result in the previous year’s range of around 500,000 square meters,” Tilse forecasts.
