The German logistics real estate market is in a transitional phase: While construction activity is declining, the first signs of a revival are emerging on the user side. The development varies from region to region. At the same time, project development, financing and investment remain selective. These are the key findings of the short study "Logistics and Real Estate 2026" by bulwiengesa.
"In 2026, the logistics real estate market will move between declining construction activity and regional resurgence in demand. There is still no talk of a broad recovery. This makes locations and projects with resilient user demand and sustainable quality all the more important," says Alexander Fieback, Team Lead Office and Commercial Real Estate at bulwiengesa.
After around 4.5 million sqm of logistics space completed in 2025, around 1.84 million sqm were completed in the first half of 2026. For the year as a whole, there are thus signs of a further decline. Reasons include a prolongation of projects and more selective project starts.
The rental market is showing the first signs of revival in the region. After the first half of 2026, Düsseldorf recorded the highest take-up at around 268,000 sqm, followed by Hamburg with around 233,000 sqm and Cologne with around 182,000 sqm. Düsseldorf thus exceeded the volume of take-up for the entire previous year after just six months. However, a nationwide recovery cannot yet be determined in view of the differences between the regions.
Rents have largely stabilised at a high level. In the A locations, including Rhine-Ruhr, the average prime rent in the first half of 2026 remained at around 8.90 euros/sqm. The average prime yield rose slightly from 4.6 to 4.7 per cent in the same period. Investment activity continues to focus on high-quality locations and properties with a reliable letting perspective.
