BNP Paribas Real Estate publishes investment market figures for Q2 2026

Logistics investment volume down year-on-year

The nationwide logistics investment market achieved an investment volume of almost €2.5 billion in the 1st half of the year. This means that the overall good half-year result for 2025 was missed by 10%. In a challenging environment, which was characterised above all by the armed conflicts in the Middle East, the closure of the Strait of Hormuz and a change in interest rate development, the German logistics investment market proved to be very robust, especially in the second quarter. Investment revenue increased by 16% quarter-on-quarter and amounted to just over €1.3 billion in the second quarter. This is the result of the analysis by BNP Paribas Real Estate.

"In addition to a large number of smaller transactions of up to €10 million, the volume of large deals in the three-digit million range has also risen significantly compared to the same period last year. A total of four transactions fall into this segment, three of which were successfully crossed the finish line in the second quarter. The largest single transaction in the current year continues to be the sale of the Mercedes-Benz logistics center in Bischweier. The average volume per deal is a low €19 million," explains Christopher Raabe, Managing Director and Head of Logistics & Industrial at BNP Paribas Real Estate GmbH.

Net prime yields have risen in several steps over the past twelve months by a total of 35 basis points (including +10 bp in Q2 2026) to 4.60% in the Class A locations. In Leipzig, 4.80% is to be assessed.

High dynamics in the smaller segment

In the major logistics markets of Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Leipzig, Munich and Stuttgart, the transaction volume rose by almost 2% to almost €650 million (-20% compared to the 10-year average). More than a third of the result is attributable to the Hamburg market, where a major deal made a significant contribution. In addition, Düsseldorf has also achieved a significant volume of almost €180 million through a portfolio property.

The distribution of investments by size class currently shows a relatively homogeneous picture, with market shares ranging from just under 11% for deals up to €10 million to around 30% for large transactions of €100 million or more. For an overall higher total volume, there is currently a lack of larger transactions of €50 million or more, which have recently been registered more frequently, but are still well below average.

The market share of foreign investors currently amounts to a high 74%. With a volume of € 1.8 billion, they have placed around 8% more capital in the German logistics investment market than in the same period last year, which underlines the high attractiveness of the logistics location with its growth opportunities. Overall, one third of the nationwide logistics investment volume in the first half of 2026 comes from other European countries and around 26% each from North America and Germany.

Perspectives

In the first half of the year, the German logistics investment market is characterised by a gradual increase in transaction momentum in an environment characterised by geopolitical uncertainties, a lack of economic momentum and rising interest rates. This is a strong signal that underlines the long-term opportunities that exist in this market. Foreign investors in particular are currently taking advantage of the market entry opportunities offered by the German economy, which is undergoing transformation. The strategic location in the center of Europe as well as the robust and broad-based user market form the resilient foundation for market entry. The rising rent level in both existing and new buildings and the emerging sustainable rental price growth potential, in combination with the trend towards rising yields, offer attractive entry opportunities.

"Until the end of the year, an overall stable market momentum seems the most likely scenario, as the underlying conditions are likely to remain challenging. The user market has a positive effect, benefiting from increased demand from e-commerce companies that often use logistics service providers. When making investment decisions, the focus is increasingly on attractive locations and their long-term prospects. Together with the high strategic importance of resilient supply chains, this should further support interest in the logistics asset class," says Christopher Raabe.

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

Über BNP Paribas Real Estate

BNP Paribas Real Estate is a leading international real estate services provider that offers its clients comprehensive services at all stages of the real estate cycle: Transaction, Consulting, Valuation, Property Management, 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 locations 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.

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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 over 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 on the market with a wide range of services from networked business units. Private customers, companies and institutional customers 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