In a recent study, Savills examined the development of the European logistics market in the third quarter of 2025 and came to the following conclusion:
Take-up for the period from July to September 2025 reached 7.5 million m², an increase of 24% compared to the previous quarter and 22% compared to the previous year. The largest year-on-year increases in take-up were recorded in the Czech Republic (+120.9%) and Romania (+85.9%).
"From a seasonal perspective, this was a strong result – with European logistics space take-up up 6% above the average third quarter of the last decade," comments Sam Quellyn-Roberts, Director in the EMEA Industrial & Logistics Occupational Markets Team.
The investment volume for European logistics amounted to 27.8 billion euros between January and September 2025, largely on a par with the previous year. Although investors are selective, the total volume remains above pre-pandemic levels, according to Savills. The five-year average for the first three quarters between 2015 and 2019 was around 22.9 billion euros. In particular, key markets such as the Netherlands (+86%), Germany (+23%) and Spain (+17%) recorded growth in investment volume compared to 2024.
"Strategically, investors continue to focus on Europe's core logistics real estate markets, with capital focused on key hubs with solid fundamentals and long-term stability due to location factors and proximity to key infrastructure. Risk appetite has become more selective, with less interest in speculative developments or secondary locations. In fact, there is still a clear preference for high-yield properties with high-quality tenants, with multi-tenant assets in particular seeing significant demand among bidders," explains George Coleman, UK & EMEA Logistics at Savills.
Andrew Blennerhassett, Associate Director UK & EMEA Logistics Research at Savills, adds: "There are some positive signs of a further recovery in the European industrial and logistics market, as we expect the e-commerce penetration rate across the continent to increase by 7% by 2025. This would raise overall penetration to 20.1%, the highest since the pandemic-related peak of 20.9% in 2021."
