The REALOGIS Group has examined the rental price development for logistics properties in 33 German markets for the first half of 2026 in its current analysis. The results indicate an overall stable market condition, in which rents for new-build and existing properties largely stagnated or only moderately increased. Nevertheless, individual sub-markets showed above-average dynamics: seven markets recorded increases in minimum rents, while five markets showed stronger development in prime rents.
The top 8 logistics markets defined by REALOGIS – Berlin, Hamburg, Munich, Frankfurt am Main, Cologne, Düsseldorf, the Ruhr area and Stuttgart – presented a heterogeneous picture in the first half of the year. While rental prices remained stable in six of these metropolitan areas, significant increases occurred in Hamburg and Munich. In Hamburg, minimum rents for new-build and existing properties each rose by approximately 13.5 per cent. Prime rents there also increased by over 5 per cent. In Munich, the existing property market saw price increases, with the minimum rent climbing by 6.7 per cent and the prime rent by 14.3 per cent. The analysis was based on big-box spaces of 10,000 square metres or more and took into account both concluded rental agreements and asking prices. All figures refer to net rents.
New-build Segment
In the new-build segment, the average prime rent across the 33 analysed markets was 7.58 €/m², which corresponds to the previous year's level. In the top 8 markets, the prime rent rose from 9.00 €/m² to 9.19 €/m², an increase of 2.1 per cent. Eight markets recorded higher prime rents, while 15 remained stable and ten showed declining trends. Dresden showed the strongest increase at 9.1 per cent, while Hanover registered the most significant drop with a decrease of 10.0 per cent. The lowest prime rents for new-build spaces were found in Zwickau (5.40 €/m²), Hof (5.50 €/m²) and Halle (5.75 €/m²), which remained unchanged. Munich led the ranking with 14.00 €/m², followed by Hamburg and Augsburg, each with 9.50 €/m².
The average minimum rent for new-build spaces slightly increased from 6.38 €/m² to 6.40 €/m² (+0.3%). In the top 8 markets, it rose by 1.8 per cent to 7.36 €/m². Hamburg recorded the strongest increase here with a gain of 13.4 per cent. Leipzig and Erfurt showed the most significant decreases, each with -9.1 per cent. The lowest minimum rents in the new-build segment were in Magdeburg (4.75 €/m²) and Zwickau (4.90 €/m²), while the highest values were achieved in Munich (9.50 €/m²), Hamburg (7.60 €/m²) and Düsseldorf (7.50 €/m²). Munich also showed the largest price spread between prime and minimum rent.
Existing Properties
In the established existing property segment, the average prime rent was 6.64 €/m², representing a slight increase of 1.1 per cent compared to the previous year. In the top 8 markets, the increase was more pronounced at 3.2 per cent to 8.08 €/m². Munich recorded the strongest growth here with 14.3 per cent. Prime rents in the top markets of Hamburg and Augsburg also showed increases. The average minimum rent for existing properties nationwide rose by 0.8 per cent to 5.21 €/m². In the top 8 markets, it increased by 2.6 per cent to 6.29 €/m². Hamburg again showed the strongest growth here with +13.6 per cent, while Magdeburg recorded the most significant decrease with -16.7 per cent. Prices for existing properties in Hof, Braunschweig and Magdeburg were among the lowest, while Munich, Hamburg and Regensburg had the highest values. Munich also offered the largest spread between prime and minimum rent for existing properties.
Christian Beran, Regional Managing Director Germany at REALOGIS, commented on the results: “The figures confirm a stable underlying market condition, but also an increasing divergence between high-quality spaces in established locations and average offerings. Rental growth currently arises primarily where quality, location and space availability closely converge.”
