The REALOGIS Group, Germany’s leading consulting firm for industrial and logistics real estate as well as commercial properties, has analysed the development of rents for new and existing space in 33 German logistics markets in the 1st half of 2026. The results show a largely stable market with predominantly stagnating or moderately rising rents. Above-average increases in the minimum rent were recorded in seven of the sub-markets examined and in five in the prime rent.
The average values in the top 8 markets defined by REALOGIS – Berlin, Hamburg, Munich, Frankfurt am Main, Cologne, Düsseldorf, the Ruhr region and Stuttgart – developed heterogeneously in the 1st half of the year. While prices remained stable in six top markets, there were significant increases in Hamburg and Munich. For example, the minimum rent in Hamburg for new buildings and existing buildings rose by around 13.5% each, while the prime rent rose by more than 5% each. In Munich, there was an increase in the price of existing rents, with the minimum rent rising by 6.7%, and the prime rent rising by 14.3% even more markedly
The analysis is based on big-box areas of 10,000 m² or more. Both lease agreements concluded and owner-sponsored bid prices were taken into account. All rents are net rents without operating and ancillary costs.
Christian Beran, Managing Director of Region Germany, puts it in perspective: “The figures confirm a stable basic condition of the market, but also an increasing spread between high-quality space in established locations and average offers. Rental growth is currently occurring primarily where quality, location and space availability come closely together.”
New Construction: Prime Rents Stable, Top 8 Markets with Moderate Increase
- The prime rent for new-build space averaged €7.58/m² in the 33 stores, which was on a par with the previous year. In the top 8 markets, it rose from €9.00/m² to €9.19/m² (+2.1%).
- Eight stores recorded higher prime rents, 15 remained stable, and ten declined. The largest increase was recorded in Dresden (+9.1%), while the most significant decrease was recorded in Hanover (-10.0%).
- The lowest prime rents for new buildings were in Zwickau at €5.40/m², Hof at €5.50/m² and Halle at €5.75/m²; all three markets remained unchanged compared to the same period last year. The highest values were achieved in Munich at €14.00/m² (+3.7%), Hamburg at €9.50/m² (+5.6%) and Augsburg at €9.50/m² at the previous year’s level.
- The minimum rent for new-build space rose slightly on average from €6.38/m² to €6.40/m² (+0.3%). In the top 8 markets, it rose from €7.23/m² to €7.36/m² (+1.8%).
- Nine stores showed rising minimum rents, 17 remained stable, seven declined. Hamburg grew the most (+13.4%); Leipzig and Erfurt recorded the most significant declines with -9.1% each.
- The lowest minimum rents for new buildings were recorded in Magdeburg at €4.75/m² (-5.0%), Zwickau at €4.90/m² (-2.0%) and Leipzig (-9.1%), Hof (+4.2%) and Erfurt (-9.1%) at €5.00/m² each. At the upper end were Munich with €9.50/m², Hamburg with €7.60/m² and Düsseldorf with €7.50/m².
- Munich had the largest price range in the new construction segment . There, the prime rent rose to €14.00/m² (+3.7%), while the minimum rent remained stable at €9.50/m². As a result, the range widened from €4.00/m² to €4.50/m².
Portfolio: Moderate rent increases, stronger momentum in individual top markets
- In the existing segment , the average prime rent was €6.64/m², compared with €6.57/m² in the same period of the previous year (+1.1%). In the top 8 markets, it rose more markedly from €7.83/m² to €8.08/m² (+3.2%).
- Eight stores recorded higher prime rents for existing space, 19 remained stable, and six declined. Munich grew the most (+14.3%); Erfurt showed the most significant decline at -9.6%.
- The lowest prime rents in the portfolio were in Hof at €4.70/m² (+4.4%) and Braunschweig and Magdeburg at €5.00/m² each. The highest values were achieved in Munich with €12.00/m² (+14.3%), Hamburg with €9.25/m² (+5.1%) and Augsburg with €8.50/m² (+6.3%).
- The average minimum rent in the portfolio increased from €5.17/m² to €5.21/m² (+0.8%). In the top 8 markets, it rose from €6.13/m² to €6.29/m² (+2.6%).
- In terms of minimum rents in existing buildings, eight stores increased, 21 remained unchanged, and four fell. Hamburg recorded the largest increase (+13.6%), while Magdeburg recorded the most significant decline at -16.7%.
- The lowest minimum rents in the portfolio were achieved in Zwickau at €3.00/m² (-14.3%), Magdeburg at €3.50/m² (-16.7%) and Halle at €3.80/m² at the previous year’s level. The highest values were recorded in Munich at €8.00/m² (+6.7%), Hamburg at €6.70/m² (+13.6%) and Regensburg at €6.50/m² (+6.6%).
- Munich also had the largest price range in terms of existing properties. The prime rent rose to €12.00/m² (+14.3%) and the minimum rent to €8.00/m² (+6.7%). This widened the range from €3.00/m² to €4.00/m².
