Catella has published its new European logistics map. The "European Logistics Market Overview Q2 2026" covers 50 markets in 20 countries and provides an up-to-date overview of prime yields, rent levels and the structural demand drivers of the European logistics sector.
After several years of exceptional rental growth and falling yields, European logistics markets are returning to calm. Prime yields remain broadly stable, and rental growth has flattened out, indicating that the industry's extraordinary period of growth is coming to an end. In the current geopolitical turmoil, this stability underlines the role of logistics real estate as a resilient asset class, underpinned by secure income and rental growth.
"The phase of hyper-growth is over – and that is a healthy development. The market is finding its own benchmark, with both tenants and owners recalibrating their expectations," says Katharina Ganschow, Research Manager at Catella Investment Management.
Prices for logistics properties: Europe stagnates, Italy recovers
In almost all markets, prime yields are either stable or rising selectively. The unweighted average prime yield across the markets analysed is 5.47% in Q2 2026, a change of +20 basis points since the last published logistics map. [1] Italian logistics markets, especially Milan, are standing out: after an overcorrection in the previous year, Milan and Rome are now recording a decline (by -15 and -25 basis points respectively), reversing the strong increase of the previous year instead of initiating a new trend of their own.
The German and French logistics markets are seeing the most significant upward yields – for example, Paris (+25 basis points), where the prime yield is currently at 4.95%. In the rest of Europe, yields are essentially unchanged.
