Nationwide take-up with considerable increase (23%) – numerous large-scale contracts and logistics service providers as drivers

When it comes to the distribution of nationwide take-up by sector, it is particularly noteworthy that all three main segments increased in absolute terms compared to the previous year. Logistics service providers are clearly at the top of the ranking with a market share of almost 44%, but manufacturing companies also account for more than 1 million m² of take-up (30%) and thus also achieve an above-average value. With around 19%, retail companies are in third place. Although they are again taking up more space than in the weak previous year, they are still below their long-term average. However, this rather low value does not adequately reflect the generally high demand from retailers, as e-commerce companies in particular are increasingly mapping their space requirements by means of logistics service providers.

The rent level remained largely stable in the 2nd quarter. While prime rents in the individual markets remained at a constant level in the middle of the year, there was an increase in almost all locations compared to the previous year. At €11.25/m², Munich has by far the highest rent for top properties in excellent locations (+7% compared to H1 2025). This is followed by Frankfurt and Hamburg with €8.80/m² each (+7% and +4%) and Düsseldorf with €8.70/m² (+2%). In Berlin (€8.30/m²; +1%), Cologne (€8.20/m²; +6%) and the Ruhr region (€8.00/m²; +1%), the prime rent is also at least €8/m². In Leipzig, the price level is significantly lower at €5.70/m². Compared to the previous year, prime rents rose by an average of a good 4% to around €8.50/m² across the top markets, while average rents recorded an average increase of 5% (€7.20/m²).

Despite moderate economic growth and geopolitical uncertainties, the warehousing and logistics market achieved excellent take-up, which was significantly higher than in previous years and was able to increase even more in the second quarter. Uncertainty factors and risks persist, especially with the ongoing Iran war and the conflict over the Strait of Hormuz and the erratic US tariff policy, and are having an impact on international trade flows and supply chains in addition to increased energy prices and a new interest rate level. The Federal Government's planned reform package, on the other hand, is expected to provide impetus for higher economic growth in Germany.

In the further course of the year, the existing trends on the demand side of the German logistics leasing market are likely to continue. In order to be able to react quickly to changing conditions, supply chains are stabilized and local inventories are increased. While the automotive sector is still in the process of transformation, some deals are already being registered in the defense sector. Above all, however, e-commerce companies are demanding extensive space, especially through logistics service providers.

In some top markets, the issue of short-term space availability is likely to come to the fore again. In the large-scale segment in particular, extensive space has been absorbed by the market in many locations in high demand, and accordingly there are signs of a noticeable excess demand in the short to medium term. The continued rather restrained speculative construction activity does not compensate for this development to the necessary extent. In the course of this, it can be assumed that prime and average rents will rise.

"Due to the continuing momentum on the rental market, we expect a take-up result for the year as a whole that should be well above 6 million m² and thus higher than in previous years," says Bastian Hafner, Head of Logistics & Industrial Advisory at BNP Paribas Real Estate GmbH, summarising the outlook.