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28.01.2025

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

  • Lowest take-up in the last five years
  • Stable take-up of existing space, no new construction contracts signed
  • Regional ranking: Ludwigsburg district remains in 1st place
  • Sector ranking: Manufacturing replaces Retail/Wholesale
  • Ranking of the size classes: No major deal for the first time since 2015
  • Prime rent rises minimally to new provisional high
  • Outlook: Market participants need clarity

Stuttgart, 28 January 2025 - In 2024, all market participants in the greater Stuttgart area signed contracts for a total of 125,200 m² of logistics and industrial space for rent and owner-occupation. This is the conclusion reached by Realogis, Germany's leading consultancy for industrial and logistics properties and commercial land, in its latest market report.

This means that the Stuttgart rental and owner-occupier market for logistics and industrial properties recorded its second consecutive decline in 2024 and the lowest take-up in the last five years. Due to the outlier year 2022 with 316,000 m², the 5-year average take-up of 218,160 m² was also missed by a significant 43 %.

"However, the number of square metres in existing properties that were taken up remained stable," explains Joel Adam, Managing Director of Realogis Immobilien Stuttgart GmbH. While existing properties accounted for 124,900 m² of all transactions in the same period of the previous year, the total between January and December 2024 was 124,200 m². Nevertheless, the 5-year average of 168,000 m² was undercut by 26%.

Apart from two contracts adjacent to the Stuttgart market area and one letting of 1,000 m², no new builds were concluded in 2024. The 5-year average was missed by 49,175 m².

While owner-occupiers accounted for 40,000 m² in the previous year, Stuttgart was a pure rental market in the past year.


Key take-up drivers

Company

Location

Take-up

Category

Industry

Nefab Packaging

Ludwigsburg

9,800 m²

Existing property

Manufacturing

Production company

Esslingen

8,600 m²

Existing property

Manufacturing

Technology company

Rems-Murr

7,900 m²

Existing property

Manufacturing

Natura GmbH

Göppingen

6,500 m²

Existing property

Retail/Wholesale


Ranking of the regions: Ludwigsburg district remains in first place ,increasing importance of Esslingen

The district of Ludwigsburg once again topped the ranking of regions in the greater Stuttgart area in 2024 with 41,500 m². The largest take-up observed in 2024 by Nefab Packaging of 9,800 m² contributed 24% of the take-up in the Ludwigsburg district.

In 2024, the district of Ludwigsburg accounted for a third of the total take-up of space, but has had to accept a significant decline of 39,300 m² or almost halved from 80,800 m² or 37 % in 2023. While the region was still 12 % above its 5-year average last year, it is currently 39 % below this figure at 67,890 m².

In second place is the district of Esslingen with 33,700 m² or 27 %, followed by third place with 35,300 m² or 16 %. Proportionally, the most significant increase in importance was observed here, amounting to 11 percentage points, although there was also a decline in absolute terms, even though the region can be considered comparatively stable year-on-year at -1,600 m² or -5 %. At 8,600 m², around a quarter of take-up in the district of Esslingen was contributed by a manufacturing company. Nevertheless, the year as a whole was well below average: the 5-year average of 55,260 m² was missed by 39 %.

The Rems-Murr district, which previously ranked fourth, followed in third place with 16,100 m² or 13 % (FY 2023: 21,700 m² or 10 %). Around half of the take-up was accounted for by one technology company alone with 7,900 m². Apart from the Stuttgart city area, the Rems-Murr district is the only region that is above the 5-year level; the five-year average of 15,790 m² was exceeded by 2 %.

The district of Göppingen is in fourth place, coming in fifth place with 15,500 m² or 12 %, up from 18,200 m² or 8 %. At 6,500 m², Natura GmbH contributed around 42 % to the region's take-up. The 5-year average of 21,800 m² was missed by 29 %.

Stuttgart's city area, which was previously in last place, is in penultimate place with 12,000 m² or a share of 10 %, up from 8,500 m² or 4 %. The current figure is also 12% above the 5-year average of 10,700 m².

The reason for the rise in the rankings of all regions - with the exception of the district of Ludwigsburg, which remains in first place - is the virtual absence of contract signings in the previously second-placed district of Böblingen. Of all the regions, Böblingen saw the sharpest decline of 46,700 m² or -88 %, leaving only 6,400 m² or 5 % of the 53,100 m² in the region.


Sector ranking: Manufacturing replaces Retail/Wholesale

"Rentals by companies from the manufacturing sector took over from the previously top-ranked retail sector in 2024 with a take-up of 53,300 m² or 43%," reports Joel Adam. The three top deals by Nefab Packaging, a production company and a technology company accounted for around half of this with an accumulated 26,300 m².

Coming in second place with 64,200 m², they fell by 10,900 m², a drop of 17% compared to the previous year, although they are almost at their typical level for the sector (the 5-year average of 54,500 m² was missed by just 2%).

The Retail/Wholesale sector took second place with 35,400 m² or 28 %. Natura GmbH's take-up of over 6,500 m² accounted for 18 % of total retail take-up.

Compared to the previous year's result, in which the Retail/Wholesale sector took first place with 82,100 m² or 38 %, the sector recorded the most significant delta of all others: a drop of 46,700 m² is equivalent to more than a halving (-57 %). The 5-year average of 59,500 m² was also missed by 41 %.

Within the sector, transactions by traditional, bricks-and-mortar retail companies dominated with 21,700 m² or 61 %. Transactions by companies specialising predominantly in e-commerce accounted for 13,700 m² or 39% (-78% compared to 61,200 m² in 2023 as a whole).

The collective category "other" follows with 32,800 m² or 26%, up from 31,300 m² or 14%, and is the only category to exceed the 5-year average of 24,160 m² (+36%).

With take-up of 3,700 m² or 3 %, Logistics/Distribution slumps by 36,300 m² or 91 % compared to the take-up in 2023. The 5-year average of 80,000 m² was almost completely missed at 95 %.


Ranking of the size categories: No large deals for the first time since 2015
Following the increase in large spaces over 10,001 m² to a total take-up of 120,900 m² in the previous year, not a single contract was signed in this category in the Stuttgart market area in 2024. However, two contracts of this size were signed in the neighbouring Enzkreis district in Illingen by Lapp Kabel for approx. 13,000 m² and in Mühlacker by Porsche for 17,000 m².

Larger spaces between 5,001 - 10,000 m² are thus climbing the winner's ladder among all size categories, rising from third place with 26,900 m² or 12 % to currently 55,200 m² or 44 %, an increase of 28,600 m² (more than double). A significant share of this development is attributable to the top deals, which fall entirely into this category and have contributed a total of 32,800 m² or 59 % of take-up. Apart from the smallest spaces, it is the only size category to exceed the corresponding 5-year average (2024: 52,240 m² exceeded by 6 %).

The size category between 3,001 - 5,000 m² rises one place to third place with 26,800 m² or 21 %, up from 22,400 m² or 10 %. However, the increase of 4,400 m² or 20 % is not enough to reach the 5-year average of 35,000 m² (-23 %).

Space between 1,000 m² and 3,000 m² remained in second place last year with 30,700 m² or 25% (FY 2023: 35,300 m² or 16%; down by a moderate 4,600 m² or 13%). While they were at the level of the last 5 years in the previous year (the average was exceeded by 1 %), they undercut the current 5-year average by 11 % (this is 35,000 m²).

With 12,500 m² or 10% (FY 2023: 12,400 m² or 6%), very small spaces of less than 1,000 m² rose from last place to fourth place due to the lack of large transactions of over 10,000 m² and moved sideways in absolute terms. Of all size categories, micro-space is the most likely to exceed its 5-year average of 10,170 m² by 23 %.

Prime rents increase minimally to a new provisional high
The trend of rising rents continued in 2024. The prime rent reached its new provisional high of €8.50/m², which corresponds to a slight increase of 1% from €8.40/m². The 5-year average of €7.72/m² was exceeded by 10 %.

The average rent is also rising moderately to €7.00/m². Coming from €6.90/m², the increase in rent is also 10 cents/m², which also corresponds to an increase of 1%. The 5-year average of €6.24/m² was exceeded by 12 %.

Outlook
„After a weak previous year, demand on the industrial and logistics property market in the greater Stuttgart area remains subdued for the time being. At present, project business continues to take priority on the user side, with strategic decisions still being put on the back burner. Market participants in Stuttgart as a business location need clarity with regard to political and economic developments so that new market dynamics can develop," comments Joel Adam.


 

Press contact REALOGIS:
SH/Communication - Agency for Public Relations
Silke Westermann
Tel: +49/211/53 88 3-440
E-Mail:
s.westermann@shcommunication.de

Company contact REALOGIS:
REALOGIS Holding GmbH
Silja Schuppler
Marketing
Leopoldstraße 154, 80804 Munich, Germany

Tel: +49/89/51 55 69 17
E-Mail: s.schuppler@realogis.de

www.realogis.de

 

REALOGIS. The No. 1 for industrial and logistics properties

The REALOGIS Group is Germany's leading address for consulting and brokerage services for industrial and logistics properties and commercial land. Founded in 2005, the owner-managed, healthily grown and crisis-proof group of companies knows the German market like no other. In 2023 Realogis generated 982,232 m² of usable space alone in the letting segment. Net commission income from all services totalled around 19 million euros in the 2023 financial year.

REALOGIS won the 2021 German Real Estate Award in the "Commercial Player" category. The award recognises companies for their special commitment, creativity, innovative strength and sustainability.

The group of companies includes eight branches in Berlin, Düsseldorf, Germany South/North, Frankfurt am Main, Hamburg, Leipzig, Munich and Stuttgart.

Around 70 property professionals provide advice and support to national and international companies from the logistics, e-commerce, retail and industrial sectors as well as private and institutional investors. Fast, flexible, regional and customer-orientated.

The four core competences include finding tenants with strong credit ratings for existing and new properties, supporting investors in property investments and in the development of greenfield and brownfield projects, providing a perfect service for finding or selling properties and developing and implementing holistic property strategies. This covers the entire property cycle - from location analysis and optimisation of expansion targets to the sale of assets that are no longer required for operations.

In short: REALOGIS offers "More space for your success" in every respect.

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