At a Glance Q3 2023

Logistics market Munich

Logistikmarkt München BNPPRE
221,000 m²
+16 %
Q3 2023 vs. Q3 2022
+8 %


  • With a take-up of 221,000 m² at the end of the third quarter, the Munich warehouse and logistics market achieved a result that is not only 16 % above the previous year's result, but also 8 % above the ten-year average. In a nationwide comparison, Munich is thus one of the few top markets to achieve above-average take-up.
  • In addition to brisk market activity overall, two large-scale contracts in particular made a significant contribution to this result. These include the ca. 60,000 m² new building of a logistics firm in Oberding (owner-occupier) and the 30,000 m² expansion of Siemens Mobility at its corporate location in Munich-Allach.
  • Due to the low availability of space and the increased construction costs, the already high rents have risen noticeably over the course of the year. The top rent is now quoted at 10.50 €/m², the average rent at 8.50 €/m².


  • The particularly strong competition between the different types of use and the resulting very low supply of land and existing space for warehousing and logistics means that large-scale deals can be realised less frequently on the Munich market than in other major logistics hubs. However, due to the two deals mentioned above, the share of contracts of 20,000 m² or more is currently 41 % and thus far above the ten-year average of 17 %.
  • The high proportion of small contracts up to 3,000 m², which account for a good quarter of take-up, is also remarkable. The low shares of the medium size categories, on the other hand, are mainly due to the lack of supply.
  • The sector distribution is led by logistics firms (almost 47 %) due to the major contract. However, the otherwise usually leading manufacturing companies also achieve an above-average result with 44 %. Wholesale/retail companies, on the other hand, are very cautious and have so far only accounted for around 3 % of take-up.



  • The high take-up in the current year was largely made possible by the two large-scale contracts. The weakening economy is noticeable on the demand side through somewhat more restrained leasing processes and lower demand from retail companies, but the lack of available space remains the limiting factor.
  • Particularly in the medium and large-area segments, the existing space cannot meet demand. Furthermore, since too few plots are available for development and hardly any (speculative) new constructions are being developed within the market area, no significant expansion of supply is to be expected for the time being.
  • This increasingly leads to occupiers renewing their leases - even if the initial aim was to move and they have to accept a higher rent. There is also continued upward pressure on rents against the backdrop of high construction costs and the costs of increasing energy efficiency.



60,000 m²
Logistics firm

30,000 m²
Siemens Mobility

10,000 m²

Download this market report as PDF

All rights reserved. At a Glance is protected in its entirety by copyright. No part of this publication may be reproduced, translated, transmitted, or stored in a retrieval system in any form or by any means, without the prior permission in writing of BNP Paribas Real Estate GmbH. The statements, notifications and forecasts provided here correspond to our estimations at the time when this report was prepared and can change without notice. The data come from various sources which we consider reliable but whose validity, correctness or exactness we cannot guarantee. Explicitly, this report does not represent a recommendation of any kind, nor should it be regarded as forming a basis for making any decisions regarding investment or letting or renting property or premises. BNP Paribas Real Estate can accept no liability whatsoever for any information contained or statements made herein.

Publisher and copyright: BNP Paribas Real Estate GmbH | Prepared by: BNP Paribas Real Estate Consult GmbH | Status: 30.09.2023
Further Information: BNP Paribas Real Estate | Branch office Munich | Phone +49 (0)89-55 23 00-0
Photo credits: Adobe Stock / magann; sveta