At a Glance Q4 2023

Logistics market Munich

Logistikmarkt München BNPPRE
238,000 m²
+5 %
2023 vs. 2022
-15 %


  • The Munich warehouse and logistics market is recording broad demand even in the current tense economic situation. With take-up of 238,000 m², the long-term average was missed by 15 %, but there was a slight increase of 5 % compared to the previous year.
  • In addition to brisk market activity overall, two major contracts made a significant contribution to the result. These include the 60,000 m² new build for a logistics firm in Oberding (owner-occupier) and the 30,000 m² expansion by Siemens Mobility at its site in Munich-Allach.
  • Furthermore, the shortage of supply continues to characterise the market, with hardly any adequate space available for rent, particularly in the large-space segment. In 2023, owner-occupier developments predominantly contributed to take-up of 10,000 m² or more, resulting in an owner-occupier share of almost 35 %, which is well above the long-term average.
  • Due to the scarcity of supply and increased construction costs, rents have continued to rise over the course of the year. The prime rent now stands at 10.50 €/m², while the average rent is 8.70 €/m².


  • The sector statistics are dominated by the two major lettings already mentioned, which provide logistics and industrial companies with above-average market shares of 47 % and 44 % respectively. In absolute terms, logistics firms also generated significantly more take-up than the average of the last 10 years (78,000 m²). The relative share of take-up contributed by retail companies (4 %) is correspondingly lower.
  • The fact that the segment over 20,000 m² accounts for a clearly above-average share of take-up of 38 % is also entirely due to the aforementioned major contracts of an owner-occupier and an expansion at the existing location.
  • However, demand in the smaller-space segment of up to 3,000 m², which is traditionally important for the Munich market, was also lively once again, accounting for 27 %. In addition, greater participation was recorded in the size segment from 3,000 to 5,000 m² as well as between 8,000 and 12,000 m², with market shares of 16 % and 14 % respectively.



  • The weakening economy was reflected in the Munich logistics market, resulting in a slightly below-average result for 2023 in a long-term comparison. The increase in take-up compared to the previous year was largely due to the two large-size contracts and a very high proportion of owner occupiers (35 %) compared to the ten-years average.
  • In 2024, demand is likely to be at a similar level to previous years. Although the pronounced shortage of space, which is limiting take-up in the large-scale segment, is unlikely to change, the supply and demand situation in the light/industrial sector is likely to ease slightly as a result of several business parks coming onto the market. Due to a lack of alternatives, some of these areas are even used for logistical processes.
  • In view of the continuing shortage of supply accompanied by strong demand, high construction costs and the costs of increasing energy efficiency, a further rise in rental prices is the most likely scenario, both at the prime end and on average.



60,000 m²
Logistics firm

30,000 m²
Siemens Mobility

11,000 m²

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Publisher and copyright: BNP Paribas Real Estate GmbH | Prepared by: BNP Paribas Real Estate Consult GmbH | Status: 31.12.2023
Further Information: BNP Paribas Real Estate | Branch office Munich | Phone +49 (0)89-55 23 00-0
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