Logistics investment market confirms upward trend

Transaction volume of EUR 4.4 billion after nine months, slightly above the previous year

FRANKFURT, 13 October 2026 – The German investment market for industrial and logistics real estate confirmed the positive development of the first half of the year in the third quarter of 2026. After nine months, the transaction volume totals EUR 4.4 billion. That is four percent more than in the same period of the previous year, while the result is around one fifth below the five-year average. A total of 206 transactions were completed, compared with 193 in the same period last year. This is the finding of the analysis by JLL Germany.

"In view of the significant rise in interest rates and the higher yields on German government bonds, this is an appropriate result. The market has adjusted to the new price level and, because market participants do not expect interest rate cuts in the short term, this is creating more pressure to act, or indeed a willingness to act, among players in the transaction market," says Diana Schumann, Head of Industrial & Logistics Investment JLL Germany.

The key figures at a glance

• Transaction volume after nine months of 2026: EUR 4.4 billion, four percent above the same period last year
• Number of deals: 206 transactions, compared with 193 in the previous year
• Seven large transactions of more than EUR 100 million contributed EUR 1.2 billion, or 27 percent of the volume
• The five largest transactions together account for EUR 925 million
• International buyers account for 72 percent of the transaction volume and increased their holdings by around EUR 1.2 billion
• Prime yields: Berlin and Stuttgart 4.8 percent, Düsseldorf and Cologne 4.7 percent, Frankfurt, Hamburg and Munich 4.6 percent
• Outlook for the fourth quarter: around EUR 2 billion in transaction volume

Large deals remain the driver

Large deals remained an important driver of market activity in the third quarter as well. Seven transactions exceeded the EUR 100 million mark, after five in the same period of the previous year. Together, these deals contributed EUR 1.2 billion, or 27 percent of the total volume. The five largest transactions came to a volume of EUR 925 million.

"Many products are tested off-market or in confidential processes with a very selectively chosen group of buyers," explains Schumann. "If the product appeals and the price is acceptable, transactions take place."

Core-plus remains the leading risk class

Investors' risk appetite remains high compared with previous years. Value-add properties accounted for 21 percent of the transaction volume in the first nine months, and opportunistic properties for 11 percent. Core-plus remains the most heavily traded risk class at 50 percent, followed by core at 18 percent.

International investors account for 72 percent of buyers

International investors once again acquired German industrial and logistics properties and increased their holdings by around EUR 1.2 billion. On the buy side, they accounted for 72 percent of the transaction volume.

"With yields that have risen and are expected to rise further, there are currently good opportunities to be found in the market, and very good products can be acquired at a solid price. This is attracting new sources of capital, especially from abroad, into the German market, although almost exclusively with value-add or core-plus strategies," explains Schumann.

The largest group of buyers is asset and fund managers at 39 percent, followed by REITs at 16 percent and developers at 15 percent. On the sell side, corporates dominate with 24 percent, followed by developers at 16 percent and asset and fund managers at 13 percent.

Prime yields continue to rise in the third quarter

Prime yields rose in several cities in the third quarter. Berlin and Stuttgart are now priced at 4.8 percent, Düsseldorf and Cologne at 4.7 percent. Frankfurt, Hamburg and Munich stand at 4.6 percent. In the second quarter, the figures were still uniformly 4.5 or 4.6 percent.

Schumann points out that only a handful of products are traded at these yields each year. "The bulk of transactions are traded at a net initial yield of between five and six percent, depending on the quality of the location, the tenant, the building and its third-party usability, as well as the rent level."

There is still demand for properties with long-term leases of at least 15 years and tenants with strong credit quality, as well as for industrial outdoor storage assets. "There is a lot of foreign capital for this, but little available product. Yields here are above six percent," says Schumann.

Outlook for the end of the year

The portfolio market is still lagging behind expectations and the previous year's results. However, several portfolios, each with a volume of more than EUR 300 million, are in exclusivity. They are expected to be signed by the end of the year. Schumann expects a transaction volume of around EUR 2 billion for the fourth quarter.

Questions and answers on the logistics investment market

How high is the transaction volume on the German logistics investment market after three quarters of 2026?

After nine months of 2026, the transaction volume for industrial and logistics real estate in Germany totals EUR 4.4 billion. That is four percent more than in the same period last year and around one fifth less than the five-year average. 206 transactions were recorded.

How did prime yields develop in the third quarter of 2026?

Prime yields have risen. Berlin and Stuttgart stand at 4.8 percent, Düsseldorf and Cologne at 4.7 percent, and Frankfurt, Hamburg and Munich at 4.6 percent. Most transactions are traded at a net initial yield of between five and six percent.

Who is buying German logistics properties?

International investors account for 72 percent of the purchase volume. The largest group of buyers is asset and fund managers at 39 percent, ahead of REITs at 16 percent and developers at 15 percent. Core-plus is the leading risk class at 50 percent.

What does JLL expect for the fourth quarter of 2026?

Several portfolios of more than EUR 300 million each are in exclusivity and are expected to be signed by the end of the year. For the fourth quarter, JLL expects a transaction volume of around EUR 2 billion.

Contact: Diana Schumann, Head of Industrial & Logistics Investment JLL Germany
Phone: +49 (0) 211 13006 410

About JLL

JLL (NYSE: JLL) is a leading global commercial real estate services and investment management company, with annual revenue of USD 26.1 billion, offices in more than 80 countries and more than 113,000 employees worldwide (as of 31 March 2026). For more than 200 years, clients have trusted JLL, a Fortune 500 company, to help them buy, build, occupy, manage and invest in a range of sectors and property types, including office, industrial, hotel, residential, retail and data centre properties. Driven by the purpose of shaping the future of real estate for a better world, JLL helps clients, employees and communities make the right decisions. Backed by extensive global databases and technology capabilities, the company provides coordinated real estate services for a broad range of global clients. Through LaSalle Investment Management, it invests for clients worldwide in both private assets and listed real estate securities.