Sell logistics & industrial in Munich.

Munich warehouse and logistics lettings opened 2026 on a notably dynamic footing. According to BNP Paribas Real Estate, first-quarter take-up reached 57,000 sqm, exceeding the prior-year quarter by 73% and the ten-year average by 14%. The recovery was broad-based: around 30 leases were signed, among the highest deal counts of the past decade, despite persistent geopolitical and economic uncertainty. The largest signing was a 10,000 sqm take-up by a defence-sector technology company in Schwabing-Freimann (tenant not disclosed by the broker), followed by an 8,000 sqm letting to logline express in Schweitenkirchen, with more than two-thirds of volume coming from the small-lot segment. Industrial and production users supplied roughly 36% of take-up and logistics service providers around 33%. Munich defining feature remains severe land scarcity. The region is among Germany most constrained for modern logistics space, and this structural shortage continues to translate into the country highest rents. Prime logistics rent rose 7% to EUR 11.25/sqm/month, while average rent climbed 10% to EUR 9.90. New supply is overwhelmingly delivered through build-to-suit and pre-let schemes rather than speculative big-box, with Panattoni (REPA spare-parts hub in Unterschleissheim), Prologis (Garching DC1, Munich East) and peers concentrating activity along the A9 and A8 corridors where land is more available. For occupiers, the practical consequence is tight choice and rising cost in the core, pushing requirements outward to Schweitenkirchen, the Augsburg axis and other peripheral nodes. The airport corridor around Hallbergmoos retains premium pricing for air-cargo-linked and last-mile uses, while inner-city sites in Gewerbegebiet Nord face acute redevelopment competition. The leasing outlook for the next twelve months is firmly landlord-favourable. With demand reviving and supply structurally capped, prime rents are likely to hold or edge higher, and owners of modern, ESG-certified stock in well-connected submarkets are best positioned. The principal risks are macroeconomic hesitancy denting occupier commitments and the land shortage itself, which both supports rents and threatens to displace growth to competing regions.

take up: 57,000 sqm (Q1 2026); Prime rent: 11.25 EUR/sqm/month; deals count: 30 leases (Q1 2026); average rent: 9.9 EUR/sqm/month.