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22.01.2025

Munich region: REALOGIS analyses the market for logistics and industrial properties in 2024

  • Take-up down by 15 %
  • Top year for new-build lettings
  • Regional ranking: Eastern region with significant plus
  • Ranking of the sectors: Manufacturing in 1st place
  • Ranking of size categories: Large spaces account for more than 50 %
  • Prime rent above €11/m² for the first time
  • Outlook: Good demand since the end of Q4 2024
Munich, 22 January 2025 - In 2024, all market participants in the Munich region signed contracts for a total of 229,600 m² of logistics and industrial space for rent. This is the conclusion reached by Realogis, Germany's leading consultancy for industrial and logistics properties and commercial land, in its latest market report.

Take-up was unable to maintain the previous year's level and fell by 40,400 m² or 15% to 229,600 m². The 5-year average of 259,120 m² was undercut by 11 % - similar to the previous year's delta.

"The past year was well above average for new builds," reports Nicolas Werner, Managing Director of Realogis Immobilien München GmbH. In the reporting period, lettings in new-builds and existing properties were unusually close together. With a share of 51 % or 118,200 m² (FY 2023: 40% or 109,000 m²), new-builds even took the lead over existing lettings, which totalled 111,400 m² or a share of 49% (FY 2023: 60% or 161,000 m²). New-build properties also dominated the 5-year average of space take-up. This was 74,600 m² in 2024 and was exceeded by a significant 58 %. Existing properties, on the other hand, fell short of their average of 178,540 m² by a significant 38 %.

Key take-up drivers FY 2024

Company

Market area

Take-up

Building status

Industry

Isar Aerospace

East

40,000 m²

New building

Manufacturing

thyssenkrupp Automotive Technology

North

20,000 m²

New building

Manufacturing

PicNic

North

18,000 m²

New building

E-Commerce

Sahlberg

East

16,000 m²

Existing building

Traditional Retail

E-commerce company

North

12,500 m²

New building

E-Commerce


In terms of building type, big boxes recorded the only increase of 11,400 m² or 14 % (FY 2023: 84,000 m² or 31 %) of all sectors with 95,400 m² or 42 % and expanded their proportionate importance in 2024 with an increase of 11 percentage points in proportionate take-up.

Business park lettings halved their take-up to 34,300 m² or 15 %, down from 68,500 m² or 25 %.

Transactions in properties that could not be assigned to either the big box category or a business park structure totalled 99,900 m² or 43 %. This puts them only just ahead of big boxes (FY 2023: 117,500 m² or 44 %).

Regional ranking: East region with significant growth
At 108,200 m² or 47%, the North region remained the most sought-after market area, with almost every second square metre taken up in the North of Munich in 2024. The agreements signed by thyssenkrupp Automotive Technology (20,000 m²), PicNic (18,000 m²) and an e-commerce company (12,500 m²) accounted for a total of 50,500 m² or almost half of the total take-up in the North region, or 47%.

Based on the above-average result for this submarket in 2023 of 203,800 m², however, the most significant decline of all regions was recorded, both in absolute terms and proportionately, with a delta of 95,600 m², which is almost equivalent to a halving, and a difference of 28 percentage points. Although the 5-year average of 126,580 m² was missed, the 15% shortfall was more moderate than might be expected at first glance.

"The East region recorded its highest take-up in the last five years, which is why the average of the last five years was also significantly exceeded," says Nicolas Werner. The previously third-placed East region took second place with 83,800 m² or 36 %, up from 24,200 m² or 9 % in 2024. At +59,600 m², this region recorded the most significant growth of all market areas, with take-up more than tripling year on year. The agreements signed by Isar Aerospace (40,000 m²) and Sahlberg (16,000 m²) were responsible for a total of 56,000 m² or more than two thirds of take-up in the East region. The 5-year average was 51,220 m² in 2024 and was significantly exceeded by 64 %.

The West region followed in third place with 24,200 m² or 11 %, down one place from 29,700 m² or a share of 11 %. Although the region was proportionally stable compared to the previous year, it fell by 5,500 m² in absolute terms, which corresponds to -19 %. The 5-year average was already undercut by 38 % in the previous year; this gap increased further in the past full year and currently stands at a deviation of 51 % from the 5-year average of 49,780 m². This means that less than half of the level of the last 5 years was achieved.

The South region is in last place with 13,400 m² or 6 %, up from 12,300 m² or 5 % (+1,100 m² or +9 %). At 58 %, take-up in 2024 remained visibly below the 5-year average of 31,540 m². However, the absolute level of the average also shows that the region has been the least dynamic in the past five years.

The growth of 60,700 m² in the East and South regions could not compensate for the overall delta of -101,100 m² in the North and West market areas. This resulted in a year-on-year difference of 40,400 m², which is almost entirely attributable to the Munich North region.

Ranking of the sectors: Manufacturing in 1st place
In the past full year, Manufacturing took 81,100 m² or 36% of take-up, putting it at the top of the ranking of all take-up sectors after coming second in the previous year (FY 2023: 92,300 m² or 34%). 60% of take-up is due to the two largest deals in 2024 by Isar Aerospace (40,000 m²) and thyssenkrupp Automotive Technology (20,000 m²), which together contributed 48,300 m² to the sector's result. The 5-year average of 84,660 m² was missed by just 4%.

The previously third-placed retail sector followed in second place with 78,500 m² or 34 %, coming from 31,100 m² or 12 %, with the only year-on-year increase in take-up totalling 47,400 m² or a more than doubling. Both traditional retail and e-commerce transactions contributed to this. The market was dominated by PicNic (e-commerce, 18,000 m²), Sahlberg (traditional retail, 16,000 m²) and an e-commerce company (e-commerce, 12,500 m²) with a total of 46,500 m² or 59 %.

E-commerce recorded an increase of 27,800 m² and thus increased its take-up to 48,400 m², which is more than double the previous year's figure of 20,600 m². Take-up by the traditional retail sector increased by 19,600 m² to a current 30,100 m², which corresponds to an increase of 19,600 m² and represents the higher percentage growth: Here there is almost a tripling . Despite the significant growth, the past year cannot be categorised as above average for both sub-categories: While e-commerce achieved a significantly above-average result (80 % above the 5-year average of 26,880 m²), traditional retail is 18 % below its usual level of currently 36,900 m².

Logistics/Distribution, which was previously in first place, followed in third place with 48,700 m² or 21 %, down from 118,200 m² or 44 % (-69,500 m² or -59 %), which missed its 5-year average of 85,800 m² by 43 %.

The "Other" category remains in last place with 21,300 m² or 9 %, down from 28,400 m² or 10 %.

Ranking of the size categories: Large spaces account for more than 50 %
"Large spaces of 10,001 m² or more are once again of crucial importance for the Munich market," comments Nicolas Werner. At 128,900 m², they accounted for more than every second square metre (56%) of take-up in 2024 and were the only category to record year-on-year growth of +27,900 m² or +28%. "Their share of total take-up in the Munich market is remarkably high: in the last five years as a whole, there has not been a single year in which the category has achieved a share of 50% - let alone the 56% achieved," says the industrial and logistics property expert. The five largest deals in 2024 accounted for four out of five square metres taken up, or a total of 106,500 m² in the category, and were therefore decisive for the strong result.

Larger spaces between 5,001 and 10,000 m² ranked third with 23,900 m² or 10 %, down one position from second place with 63,900 m² or 24 % (the most significant decline of all size categories was 40,000 m² or 63 %). The 5-year average of 57,300 m² was missed by 58 %.

Medium to large spaces between 3,001 and 5,000 m² are still in fourth place with 17,100 m² or 7 % (FY 2023: 27,950 m² or 10 %, -10,850 m² or -39 %; 5-year average:
37,710 m² was missed by 55 %).

The previously third-placed small to medium-sized spaces between 1,000 and 3,000 m² rose one place to 49,400 m² or 23 % (FY 2023: 63,200 m² or 24 %; -13,800 m² or
-22 %; 5-year average of 66,920 m² missed by 26 %).

Very small spaces of less than 1,000 m² achieved take-up totalling 10,300 m² or 4 % for the year as a whole and thus remain in last place, coming in at 13,950 m² or 5 %
(-3,650 m² or -26 %; 5-year average of 15,190 m² missed by 32 %).

Prime rent above €11/m² for the first time
The prime rent rose by a slight 2% to a new provisional high of €11/m² at the end of 2024, up from €10.80/m² at the end of 2023. The 5-year average of €9.71/m² was exceeded by a significant 13%.

The average rent increased more significantly by 8%, rising from €7.85/m² to a provisional high of €8.50/m². The 5-year average of € 7.46/m² was exceeded by 14 %.

Outlook
"We have seen good demand from the market since the end of the last quarter. We are very positive about the new year," says Nicolas Werner.

 

 

 


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 Manager
Leopoldstraße 154, 80804 Munich

Phone: +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 achieved a turnover of 982,232 m² of lettable space in the letting segment alone 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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