Düsseldorf region: REALOGIS analyses the market for logistics and industrial properties for the full year 2024

Düsseldorf, 20. February 2025 - In Düsseldorf, all market participants signed contracts for a total of 319,500 m² of logistics and industrial space for rent and owner-occupation in 2024. This is the conclusion reached by Realogis, Germany's leading consultancy for industrial and logistics properties and commercial land, in its latest market report.

"The Düsseldorf rental and owner-occupier market for industrial and logistics properties has recorded an increase in take-up for the second year in a row. 2024 was characterised by good market momentum, resulting in an increase of 52,400 m², which represents an increase of 20%," comments Bülent Alemdag, Managing Director of Realogis Immobilien Düsseldorf GmbH.

The overall result for 2024 is the second-best result in the last five years; only in 2021 did all market participants take 350,000 m² more industrial and logistics space. At the same time, the 5-year average of currently 279,400 m² was topped by 14% in 2024.

The most significant contribution was again made by lettings in existing buildings with 168,400 m² or 53%, which further expanded their position. Coming from 148,900 m² or 56% in 2023, they achieved an increase of 19,500 m² or 13% and are therefore still responsible for more than every second square metre taken up.

This was followed by lettings in new buildings on greenfield sites with 84,500 m² or 26%, which were not observed in the previous year and recorded the most significant absolute and pro rata growth.

Lettings of properties on revitalised brownfield sites amounted to 66,600 m² or 21% in 2024 as a whole, up from 118,200 m² or 44% in the previous year.

"The growth in existing lettings and new builds on greenfield sites more than compensated for the decline in lettings of new builds on former brownfield sites," explains Bülent Alemdag. The delta amounts to 51,600 m² or 44% and was offset by the growth in the other categories totalling 104,000 m², leaving a total increase of 52,400 m² for the market as a whole.

Key take-up driversThe companySpace turnoverIndustryKind LIDL 64,000 m² Retail/Wholesale New building (large meadow) Woltu 32,000 m² E-Commerce New building (brownfield) Goodcang 17,500 m² Logistics Existing building Karaca 15,000 m² Retail/Wholesale Existing building TP LINK 11,500 m² Manufacturing Existing building Contracts concluded by owner-occupiers played no role in 2024 (FY 2023: 5,200 m² or 2%).

Rentals in big boxes continue to lead in terms of building type, albeit no longer as dominant, at 182,800 m² or 57% (FY 2023: 206,300 m² or 77%). They were the only category to fall in absolute terms by 23,500 m² or 20 percentage points.

This was followed by 70,200 m² or 22% of lettings in business parks, which were previously in third place with 13,800 m² or 5% and increased their take-up by 56,400 m², which corresponds to a five-fold increase (FY 2023: 13,800 m² or 5%).

"In 2024, business parks played a larger role in the Düsseldorf market than in the previous year and exceeded the take-up by 56,400 m². This represents the most significant growth among all building types. The reason is that new buildings that were already being realised were completed and marketed, including the completion of the Düsseldorf wholesale market in a Panattoni business in Hilden. Other reasons for the high letting performance are the expiring rental agreements and subletting in some business parks," says Bülent Alemdag.

Other space that cannot be allocated to business parks or big boxes accounted for 66,500 m² or 21% (FY 2023: 47,000 m² or 18%) and thus recorded growth of 19,500 m² or 42%.

Sector ranking: Retail/Wholesale storms to the top
Retail/Wholesale increased its take-up tenfold in 2024 compared to the previous year, or by 161,700 m². The sector, which was in last place in 2023, shot from 16,700 m² or 6% to the top of the sector ranking with 178,400 m² or 56%. As a result, the 5-year average of 98,570 m² was exceeded by a significant 81%.

"The high decrease in the Retail/Wholesale category is extraordinary, something we have not seen in the past five years. Just under 100,000 m² is attributable to the two highest large-scale deals, Lidl and Woltu," comments Bülent Alemdag.

Within the category, e-commerce and traditional Retail/Wholesale deals were at comparable levels. E-commerce accounted for 53% or 95,000 m², up from 13,600 m² or 81% in the previous year, which corresponds to a seven-fold increase or +81,400 m². Contracts signed by traditional Retail/Wholesale companies totalled 83,400 m² or 47%, up from 3,100 m² or 19%, which corresponds to an increase of 80,300 m² or a factor of 27. Contracts signed by the Retail/Wholesale companies LIDL, Woltu and Karaca contributed a total of 111,000 m², which corresponds to 62% of take-up in the sub-sector.

The Logistics/Distribution sector followed in second place with 81,500 m² or 26% (FY 2023: 143,200 m² or 54%). Goodcang's take-up of 17,500 m² contributed 21% of the sector's take-up.

At -61,700 m² or -43%, Logistics/Distribution saw the sharpest decline of all sectors in absolute terms. In a 5-year comparison, the current take-up is the lowest in the sector and falls 36% short of the 5-year average of 127,120 m².

The collective category "Other" accounted for 30,300 m² or 9% (FY 2023: 34,400 m² or 13%).

Rentals by companies from the industrial/manufacturing sector totalled 29,300 m² or 9% (FY 2023: 72,800 m² or 27%, second place), which corresponds to a slump of 43,500 m² or 60% compared to the previous year. Nevertheless, the current 5-year average of 33,800 m² was only undercut by 13% because the sector performed well above average in the previous year. The top take-up in the sector was achieved by wifi manufacturer TP Link, which was responsible for 39% of take-up in this category with a contract for 11,500 m².

Ranking of the size categories: Three quarters of take-up was accounted for by space larger than 5,000 m²
Large spaces of 10,001 m² or more continued to be the leading category on the Düsseldorf market in 2024 with 163,000 m² or 51%. All major deals were in this size category and accounted for a total of 140,000 m² or 86% of take-up. However, coming from 186,000 m² or 70% in the previous year, they were significantly less dominant.

In contrast, larger spaces between 5,001 - 10,000 m² once again took second place with 78,300 m² or 25% (FY 2023: 33,300 m² or 13%) and scored with a significant increase of 45,000 m² (more than doubling and also the highest increase in proportionate importance of 12 percentage points).

The space category of medium-sized to larger spaces between 3,001 and 5,000 m² continues to rank in fourth place with 33,900 m² or 11%, up from 14,100 m² or 5% (+19,800 m² or more than a doubling of take-up year-on-year).

Small to medium-sized spaces between 1,000 and 3,001 m² are again in third place with 39,500 m² or 12% (FY 2023: 28,600 m² or 11%), an increase of 10,900 m² or 38%). Micro spaces of less than 1,000 m² continue to be the least important for the Düsseldorf market at 4,800 m² or 1%, down from 5,100 m² or 2%.