STRONG TAKE-UP GROWTH ABOVE LONG-TERM AVERAGE
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Germany's logistics and warehouse letting market maintained its strong growth momentum in H1, with take-up surpassing 3.3 million sqm. This corresponds to a 23% increase year-on-year and places the result slightly above the long-term average (+4%). Activity gained further traction in Q2, where take-up exceeded the Q1 result by almost 16%. Given the persistently challenging economic environment and heightened geopolitical uncertainty, particularly related to the Iran conflict and disruptions surrounding the Strait of Hormuz, the market's resilience is remarkable.
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Leasing activity remained strong across the country, supported by a high number of contracts and a noticeable increase in large-scale deals exceeding 20,000 sqm. Logistics service providers continued to dominate occupier demand, generating 44% of total take-up and accounting for numerous large lettings. At the same time, the structural trend of e-commerce operators outsourcing fulfilment and distribution activities to third-party logistics providers remained intact, driven primarily by Asian occupiers, especially from China, as well as a renewed expansion push from major online retailers such as Amazon.
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Combined take-up across Germany's seven major logistics hubs — Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Leipzig and Munich — totaled 1.0 million sqm at mid-year, representing a modest 6% decline compared to the elevated level recorded in the previous year. In contrast, in regional markets outside the major logistics centers take-up is rising significantly by 42% year-on-year to 2.3 million sqm.