Commercial and trade parks are increasingly establishing themselves as a resilient segment in the real estate market. A recent analysis, presented in a RUECKERCONSULT webinar, highlights the stability of this asset class. Key factors for this development include a broad user structure, flexible space concepts, urban locations, high third-party usability, and progressive professionalisation of the segment. Webinar participants included Sven Carstensen MRICS, Managing Director of bulwiengesa, Henning Nietz, Managing Director of SQUARE PARKS, Andreas Pfaff, Head of Domestic North/West at Berlin Hyp, and Niklas Räther, Executive Director and Head of Investment Germany at AEW Invest.
Traditionally originating from existing properties and the re-utilisation of former industrial sites, the segment is increasingly establishing itself in new builds, according to Sven Carstensen of bulwiengesa. At the same time, demand remains stable and tenant loyalty is high, while the supply of space is limited. This leads to a gradual upward trend in rents. In the first half of 2026, approximately 284,400 square metres of commercial park space were completed. The take-up of space in the same period amounted to around 325,800 square metres, underscoring the stable leasing performance. For the full year, bulwiengesa forecasts rising take-up with continued stable demand and successively increasing rents.
Diversification and Location Quality as Success Factors
The resilience of commercial parks is primarily supported by a broad user structure. Henning Nietz of SQUARE PARKS emphasises that there is no dependence on individual user clusters. The tenant base includes trades, manufacturing, e-commerce, last-mile logistics, and technology-oriented companies. This industry diversity minimises concentration risks and allows for better balancing of economic fluctuations. SQUARE PARKS primarily develops hall units between 400 and 1,500 square metres, supplemented by office spaces that can be flexibly used for production, storage, or showroom purposes. In addition to space flexibility, high-quality construction, modern building technology, and urban locations are crucial criteria for accessibility.
From an investor's perspective, urban commercial parks complement traditional logistics properties, particularly where smaller and more flexible space sizes are required. Niklas Räther of AEW Invest sees the segment as an important diversification opportunity within the logistics market, especially for units between 1,000 and 3,000 square metres. Crucial factors here are stringent location discipline and properties with broad third-party usability. The financing side has also recognised the professionalisation of the asset class. Andreas Pfaff of Berlin Hyp reports that commercial parks have successively grown in the portfolio since around 2015 and represent a relevant part of the credit portfolio. He evaluates the segment positively due to its resilience and future viability. For financing, a professional, creditworthy investor or developer, a reliable track record, professional asset management, and compelling location and property qualities are decisive.
Importance of Management and Outlook
The higher management effort, due to multi-tenant and mixed-use structures, is an integral part of the investment case for commercial parks. Active management of leasing, operations, and tenant structure is required. This increases the importance of professional asset and property management for investors and banks. The ADOLF WEBER Group, to which SQUARE PARKS belongs, benefits from many years of experience and established structures in this regard. The discussion clarified that commercial and trade parks are evolving from a niche segment dominated by existing properties into an increasingly standardised and institutionally recognised investment product. Rising completion figures, stable take-up of space, a broad user base, and growing acceptance among investors and banks indicate further professionalisation of the segment.
