SOLID TAKE-UP GROWTH Y-O-Y
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The Munich logistics and warehouse market delivered a solid performance in the first half of 2026. Total take-up reached 85,000 sqm, representing an increase of approximately 42% year-on-year. Following a particularly dynamic first quarter, market activity moderated in Q2, with take-up amounting to 28,000 sqm. As a result, the long-term average of 104,000 sqm has not yet been reached.
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Against the backdrop of recently weakening economic expectations, largely driven by the conflict involving Iran, the first-half result should nevertheless be viewed positively. Importantly, the recorded take-up does not fully reflect the currently strong level of occupier demand compared to previous years. Instead, market activity continues to be constrained by the chronic shortage of available space within the Munich logistics region. Demand remains particularly strong among technology companies, manufacturing occupiers, and businesses focused on research and development activities. The largest deal recorded so far this year illustrates this trend, with a technology company from the defense sector leasing 10,000 sqm in the Schwabing-Freimann submarket.
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Rental levels remained stable compared to the previous quarter but increased significantly on a y-o-y basis. Prime rent currently stands at €11.25/sqm, representing growth of 7% over the past twelve months. Average rent has risen even more strongly, increasing by 10% y-o-y to €9.90/sqm. In selected cases, however, urban light industrial properties achieve rents considerably above the prime levels reported for conventional logistics space.