Press Release
Logistics real estate investment market makes a positive start to the year 2026
April 14, 2026
Media Contact
Bettina Bierhalter
Ass. Director|Communications
- Transaction volume totaling €1.4 billion – growth of 16 percent compared with the first quarter of 2025
- Increase in the proportion of core and core-plus transactions – also due to the lack of value-add property
- Prime yield for logistics properties holding steady at 4.4 percent
Germany’s industrial and logistics real estate investment market registered a transaction volume of €1.4 billion in the first quarter of 2026, up 16 percent in a year-on-year comparison. The share of logistics properties declined slightly (down 13 percentage points to 70 percent), as opposed to light industrial that advanced by 12 percentage points to 18 percent. Production properties remained virtually stable at 11 percent. The significance of the Top 7 cities in the transaction volume tailed off notably, by 10 percentage points to a mere six percent. Portfolio transactions gained slight traction with a share of 21 percent (up nine percentage points). These are the conclusions drawn from current analysis prepared by the global commercial real estate services company CBRE.
“From March onward, the dynamic start to the year was more restrained due to the geopolitical situation. The year-earlier performance was nevertheless significantly exceeded. Interest continues to run high, and there were numerous sources of capital first and foremost from abroad – from players who are interested in establishing and building up their logistics presence in Germany,” says Kai F. Oulds, Head of Industrial & Logistics at CBRE Germany. At 71 percent, the proportion of international investors remained at the high level of the first quarter of 2025 (up one percentage point).
“Keener interest was fueled by positive impetus from the occupier market in terms of vacant property and attractive lease agreements,” adds Kristine Kühn, Senior Director Valuation Advisory Services at CBRE.
Measured against the first quarter of 2025, core and core-plus properties respectively succeeded in slightly lifting their share in the transaction volume (core up eight percentage points to 34 percent and core plus by two percentage points to 26 percent). By contrast, investment in value-add properties sustained a decline of 12 percentage points to 20 percent. Opportunistic investment nevertheless captured a share of 16 percent in the market (up five percentage points). Owner-occupiers played virtually no role at all at the start of 2026. “The downturn in the transaction volume in the value-add segment is due above all to the lack of available property,” comments Tom Franke, Head of Logistics Investments at CBRE. International investors in particular continued to show keen interest in this segment.
Recently we have observed fewer sale-and-leaseback transactions. Potential sellers often have excessive price expectations that do not reflect the current market level,” Franke states. The share of sell-side corporates dropped seven percentage points to 15 percent compared with the first quarter of 2025.
Outlook for the rest of 2026
“The sales pipeline is well filled. The willingness to embrace large-scale deals in excess of €100 million has also risen but the property has to be right. In 2026, more transactions can be expected in this size category than in the previous year,” Franke explains.
- Increase in the proportion of core and core-plus transactions – also due to the lack of value-add property
- Prime yield for logistics properties holding steady at 4.4 percent
Germany’s industrial and logistics real estate investment market registered a transaction volume of €1.4 billion in the first quarter of 2026, up 16 percent in a year-on-year comparison. The share of logistics properties declined slightly (down 13 percentage points to 70 percent), as opposed to light industrial that advanced by 12 percentage points to 18 percent. Production properties remained virtually stable at 11 percent. The significance of the Top 7 cities in the transaction volume tailed off notably, by 10 percentage points to a mere six percent. Portfolio transactions gained slight traction with a share of 21 percent (up nine percentage points). These are the conclusions drawn from current analysis prepared by the global commercial real estate services company CBRE.
“From March onward, the dynamic start to the year was more restrained due to the geopolitical situation. The year-earlier performance was nevertheless significantly exceeded. Interest continues to run high, and there were numerous sources of capital first and foremost from abroad – from players who are interested in establishing and building up their logistics presence in Germany,” says Kai F. Oulds, Head of Industrial & Logistics at CBRE Germany. At 71 percent, the proportion of international investors remained at the high level of the first quarter of 2025 (up one percentage point).
“Keener interest was fueled by positive impetus from the occupier market in terms of vacant property and attractive lease agreements,” adds Kristine Kühn, Senior Director Valuation Advisory Services at CBRE.
Measured against the first quarter of 2025, core and core-plus properties respectively succeeded in slightly lifting their share in the transaction volume (core up eight percentage points to 34 percent and core plus by two percentage points to 26 percent). By contrast, investment in value-add properties sustained a decline of 12 percentage points to 20 percent. Opportunistic investment nevertheless captured a share of 16 percent in the market (up five percentage points). Owner-occupiers played virtually no role at all at the start of 2026. “The downturn in the transaction volume in the value-add segment is due above all to the lack of available property,” comments Tom Franke, Head of Logistics Investments at CBRE. International investors in particular continued to show keen interest in this segment.
Recently we have observed fewer sale-and-leaseback transactions. Potential sellers often have excessive price expectations that do not reflect the current market level,” Franke states. The share of sell-side corporates dropped seven percentage points to 15 percent compared with the first quarter of 2025.
Outlook for the rest of 2026
“The sales pipeline is well filled. The willingness to embrace large-scale deals in excess of €100 million has also risen but the property has to be right. In 2026, more transactions can be expected in this size category than in the previous year,” Franke explains.
About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.