Warehouse for rent in Germany

Rental market for warehouses in Germany 2024/2025

The rental market for warehouses and logistics properties in Germany will remain characterized by uncertainty in 2024. While smaller spaces are in demand, large deals are stagnating. Rental prices are only rising moderately and new construction activity remains cautious. However, the market could revive in 2025 if the economic situation stabilizes and new investments are made.

Trends and developments

The German rental market for warehouses and logistics properties will show a mixed development in 2024. While some regions continue to experience high demand, others face challenges due to economic uncertainty and cautious investments.

Area turnover: decline in large-scale lettings, increase in smaller spaces

Overall, area turnover in the German logistics hotspots is declining slightly. Large-scale lettings of over 20,000 m² are particularly affected, and are no longer being concluded in the usual numbers. In the most important warehouse locations (Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Leipzig and Munich), space turnover in 2024 was around 1.95 million m² - a decrease of 6.1% compared to the previous year and 24% below the 10-year average. In contrast, space in the range of 2,500 m² to 10,000 m² is particularly in demand, with its share of total turnover increasing by 17%.

Rental price development: slight increase, but moderate growth

The top rents are only increasing in isolated cases. On average, growth was around 2%, with the highest rental price in Munich (€10.50/m²) and a strong increase in Düsseldorf (+8% to €8.50/m²). In Berlin, there was a particularly strong rent increase of 24% in the last three months, at €10.50/m², which has narrowed the gap with Munich (€10.70/m²).

Demand development: trading companies and manufacturing dominate

The strongest demand in 2024 came from manufacturing companies (36% of space turnover), especially from the automotive industry. Logistics service providers are also active with a share of 30%, but their focus is shifting to using existing space capacities before signing new leases. Trading companies continue to contribute a significant share with 26%, particularly through large-scale rentals such as Lidl (64,000 m² in Hückelhoven) or Fressnapf (68,000 m² in Nörvenich).

Completions and new buildings: Declining new construction activities

The construction of new logistics properties has slowed noticeably. In 2024, only 240,000 m² of new space was completed - 56% less than the five-year average. Many project developers are relying on pre-letting rather than speculative new construction. Nevertheless, demand for land remains high as developers want to secure space for an economic recovery.

Outlook: cautious optimism for 2025

For 2025, the general conditions are expected to change little at first. Economic forecasts assume low GDP growth, which could impact willingness to rent and invest. Nevertheless, falling construction costs and a stabilization of the economy could lead to new impetus in the market.