BNP Paribas Real Estate publishes market figures for Q3 2026

Logistics investment volume again exceeds € 4 billion

Frankfurt am Main, 05.10.2026 – In the first nine months of the current year, the nationwide logistics investment market achieved a transaction volume of just over €4 billion, just under 4% below the level of the same period last year. Against the backdrop of the current framework conditions, this is a quite remarkable result, as the war in Iran with its consequences for energy prices and the increased interest rate level in particular pose considerable challenges for the market. Nevertheless, investment volumes show double-digit growth rates from quarter to quarter, with the third quarter reaching the average of the last four years. This is the result of the analysis by BNP Paribas Real Estate.

"Overall, there is still a high level of market activity with many transactions, which is impressively underlined by the number of registered deals with an increase of a good 17% compared to the ten-year average. Although the average volume per deal has fallen to €20 million due to many smaller investments, major deals in the three-digit million range have also picked up significantly since the second quarter, increasing by a good 43% compared to the same period last year," explains Christopher Raabe, Managing Director and Head of Logistics & Industrial at BNP Paribas Real Estate GmbH.

Net prime yields continued their upward trend in the third quarter and are now quoted at 4.70% in the A locations, which corresponds to an increase of 10 basis points compared to the second quarter. In Leipzig, 4.90% is to be applied.

Large-volume deals are on the rise, foreign investors with 75% market share

The major logistics markets of Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Leipzig, Munich and Stuttgart achieved a total investment volume of €923 million, a similar investment volume to the same period last year (-3%). Hamburg and Düsseldorf in particular benefit from major deals and, like Cologne, achieve values above the long-term average.

The distribution of investments by size class shows the higher weight of large-volume deals compared to the previous year. With a share of around 31%, the segment with a share of €100 million or more is much more involved in earnings than a year ago (21%). While smaller deals up to €10 million are also rising sharply and contributing a good 10%, the exceptionally strong class between €25 million and €50 million is losing market share. At 23%, however, the absolute result is also roughly in the range of the ten-year average.

Foreign investors continue to be very interested in the German logistics investment market and have so far placed more than €3 billion in Germany. This result is in line with the long-term average and an increase of a good 5% compared to the same period last year. Particularly noteworthy are European investors, who lead the ranking with just under 36% and invest the second-highest volume in Germany over the past ten years, but also North American investors, who with a market share of around 28% are ahead of national investments (25%).

Perspectives

The German logistics investment market is in good shape in a difficult environment and is able to grow from quarter to quarter in the current year, contrary to the nationwide trend of most other asset classes. Foreign investors in particular are taking advantage of the opportunities currently available and are responsible for almost all deals beyond the €50 million mark.

While geopolitical uncertainties and wars, high energy prices, US tariff policy and rising interest rates continue to weigh on the market, the economy, which has been weakening for some time, is sending out slightly positive signals. Germany's leading economic research institutes have recently revised their forecasts for this year's GDP upwards, as exports in particular are picking up in addition to government spending on infrastructure, climate neutrality and defence. In addition, the dynamic user market with its broad-based demand base and the continuing rise in rents forms the resilient foundation for investments in logistics real estate.

"From today's perspective, it can be assumed that the current market development will continue at a similar pace until the end of the year, but that investments will be able to increase again in the final quarter, so that a total investment volume of more than €6 billion again seems possible," says Matthias Kromer, Head of Logistics & Industrial Investment at BNP Paribas Real Estate GmbH. In 2025, the figure was €6.2 billion in 2025.

Press contact:

Chantal Foam – Phone: +49 (0)69-298 99-948, Mobile: +49 (0)174-903 85 77, chantal.schaum@bnpparibas.com

Pia Ewald – Phone: +49 (0)69-298 99-941, Mobile +49 (0)160-905-800-19, pia.ewald@bnpparibas.com

About BNP Paribas Real Estate

BNP Paribas Real Estate is a leading international real estate service provider that offers its clients comprehensive services in all phases of the real estate cycle: Transaction, Consulting, Valuation, Property Management & Solutions, Investment Management and Property Development. With over 4,000 employees, the company supports owners, tenants, investors and the public sector in their projects thanks to local expertise in 23 countries (own offices and alliance partners) in Europe, the Middle East and Asia. BNP Paribas Real Estate is part of the BNP Paribas Group, a leading global financial services provider.

As part of its commitment to sustainable cities, BNP Paribas Real Estate aims to take a leading role in the transition to creating more sustainable properties that are low-carbon, resilient, inclusive and conducive to well-being. To this end, the company has developed a CSR policy with the following four objectives: to improve the economic performance and use of buildings in an ethical and responsible way, to enable a low-carbon transition and reduce the environmental footprint, to ensure the development, engagement and well-being of employees, as well as to be an active player in the real estate sector and to build and promote local initiatives and partnerships.

Further information: www.realestate.bnpparibas.com/

About BNP Paribas in Germany

BNP Paribas is a leading provider of banking and financial services in Europe. The company operates in 64 countries and employs more than 180,000 people, including more than 146,000 in Europe. The BNP Paribas Group has been active in Germany since 1947 and has successfully established itself in the market with a wide range of services from networked business units. Private, corporate and institutional clients are served by around 6,000 employees nationwide in all relevant economic regions. BNP Paribas' broad range of products and services is equivalent to that of an innovative universal bank. www.bnpparibas.de