The real estate company Catella has published its latest "European Logistics Market Overview Q2 2026". This analysis examines developments in 50 logistics markets across 20 European countries. The study focuses on the average development of rental prices for logistics spaces and identifies a trend towards stabilisation at a new level.
Following a period of exceptional growth, driven by supply chain disruptions and an accelerated rise in online retail, a calming trend is now evident. Average rental price increases have moved away from the high rates seen in 2022. Catella observes a return to market activity characterised by fundamental economic factors and a balanced supply and demand situation. This transition marks the end of a period of unconventional dynamics.
Adjustment of Rental Growth
Rental growth, which peaked in 2022, appears more moderate in the second quarter of 2026. This development is a consequence of the normalisation of consumer patterns and the adjustment of inventory strategies. Companies have adapted their stock levels to current requirements, which has reduced the pressure for immediate availability of logistics spaces. Simultaneously, construction activity has increased in some regions, expanding supply and thus having a dampening effect on rental price development.
Catella's detailed investigation includes a variety of indicators, such as vacancy rates, the construction pipeline, and absorbed space volumes. These factors collectively contribute to the re-evaluation of market conditions. The report covers all relevant geographical areas of Europe, from established logistics centres to emerging locations.
Outlook and Market Trends
For the coming quarters, rents in most European logistics markets are expected to maintain a consistent level. Extreme price fluctuations, as observed in previous years, are considered unlikely. Market participants are increasingly aligning their strategies towards long-term stability and sustainable growth. Catella highlights that the structural drivers of logistics demand, such as the continued e-commerce trend and the necessity of robust supply chains, will persist, but operate within a stabilised environment.
- —Comprehensive data basis: 50 logistics markets were analysed.
- —Geographical reach: The study covers 20 European countries.
- —Result: Stabilisation of rental prices at a new level.
- —Trend: Decline in the extreme growth rates of 2022.
