Nicolas Werner, Managing Director of REALOGIS Immobilien München GmbH, commented: “2025 was one of the strongest years on record, as companies in Munich and the surrounding region continue to be very resilient. Demand for space, therefore, remains high, while supply continues to lag. There is no sign of short-term easing.”

Rents: prime level rises sharply, average rent increases moderately
Prime rent increased by 23% year-on-year to a new record of €13.50 per sqm (2024: €11.00 per sqm), continuing the upward trend seen since 2022. The average rent rose by 6% to €9.00 per sqm (2024: €8.50 per sqm). Both prime and average rents reached their current peak by the end of the first half-year and have remained stable since.

Take-up: existing stock dominates, brownfield sites re-emerge
Lettings in existing properties dominated the market in 2025, reaching 199,000 sqm, or 62% of total take-up (2024: 111,400 sqm, 49%). Two large transactions by Rohlik and Agile Robots accounted for 12 % of this result. New developments on greenfield sites ranked second with 77,500 sqm, or 24% (2024: 118,200 sqm, 51%). Large lettings by TTI (35,700 sqm) and Sonima (17,000 sqm) together represented 68% of leasing activity in this segment.

After no transactions on former brownfield sites were recorded in the previous three reporting periods, this segment returned in 2025 with 43,500 sqm, or 14%. The major letting by REPA contributed around 75% of the segment total with 32,600 sqm. Munich remained a purely rental market throughout 2025.

Building types: “other” properties gain strongly, big box loses share
By building type, 2025 saw a particular concentration of lettings in properties that could not be classified as either big box facilities or business parks. This collective category accounted for 184,400 sqm, or 57%, of total take-up.

Big box space ranked second with 82,400 sqm, or a 26% share (2024: 95,400 sqm, 43%), making it the only building type to fall short of its previous-year level. Business parks once again placed third with 53,200 sqm, or 17% (2024: 34,300 sqm, 15%).

Regions: North remains in the lead, West records the strongest growth
The northern region further strengthened its leading position, reaching 168,200 sqm and a 53% market share (2024: 108,200 sqm, 47%). This exceeded the five-year average of 140,020 sqm by 20%. Large lettings by REPA (32,600 sqm) and Sonima (17,000 sqm) accounted for 29% of regional take-up.

Second place went to the western region, previously ranked third, with 81,600 sqm and a 26% share (2024: 24,200 sqm, 11%). This region recorded the strongest growth, resulting in a figure well above the five-year average of 55,500 sqm. The two transactions by TTI (35,700 sqm) and Agile Robots (10,200 sqm) together made up 56% of the total take-up here.

The eastern region was the only one to see a decline, ranking third with 52,700 sqm, or 16% of total take-up (2024: 83,800 sqm, 36%). The large letting by Rohlik (12,800 sqm) accounted for 24% of this figure.

The southern region remained at the bottom of the ranking with 17,500 sqm and a 5% share (2024: 13,400 sqm, 6%), although take-up increased by 4,100 sqm, or 31%.

Sectors: retail leads, e-commerce collapses
Retail/Wholesale was the strongest sector in 2025, with 115,900 sqm and a 36% market share (2024: 78,500 sqm, 34%), overtaking industry and production. Within retail, traditional retail dominated with 103,100 sqm, or 89% (2024: 30,100 sqm, 38%). The two largest transactions, TTI (35,700 sqm) and REPA (32,600 sqm), accounted for 66% of take-up in this sub-sector. E-commerce saw a sharp decline. With 12,800 sqm, the letting by Rohlik was the sector’s only transaction, leaving take-up at around a quarter of the previous year’s level (2024: 48,400 sqm, 62%).

Logistics and Distribution ranked second with 104,500 sqm, or 33% (2024: 48,700 sqm, 21%), representing the strongest increase of all sectors at 115%. Manufacturing placed third with 88,500 sqm, or 28% (2024: 81,100 sqm, 36%), recording a moderate rise of 7,400 sqm. The miscellaneous ‘other’ category was the only one to decline, remaining marginal with 11,100 sqm, or 3% (2024: 21,300 sqm, 9%).

Size bands: large units remain dominant, 5,001 to 10,000 sqm gains ground
Large units of 10,001 sqm remained the leading size band with 133,400 sqm, or a 42% market share (2024: 128,900 sqm, 56%). This exceeded the five-year average of 104,020 sqm by 28%. Units between 5,001 sqm and 10,000 sqm ranked second with 66,400 sqm, or 21% (2024: 23,900 sqm, 10%), outperforming their five-year average of 53,120 sqm by 25%.

Mid-sized to larger units of 3,001 sqm to 5,000 sqm climbed to third place with 52,700 sqm, or 16% (2024: 17,100 sqm, 7%). Smaller units, of between 1,000 sqm and 3,000 sqm, slipped to fourth with 48,600 sqm, or a 15% share (2024: 49,400 sqm, 23%). They were the only size band to fall short of their five-year average by 27%. Very small units below 1,000 sqm remained marginal but increased to 18,900 sqm, or 6% (2024: 10,300 sqm, 4%).

Key figures at a glance

• Take-up: 320,000 sqm
• Prime rent: €13.50 per sqm
• Average rent: €9.00 per sqm
• Existing stock: 199,000 sqm | Greenfield development: 77,500 sqm | Brownfield development: 43,500 sqm
• Tenants: 320,000 sqm | Owner-occupiers: None

Press contact REALOGIS:
TARGA Communications
Jochen Goetzelmann and Arne Degener
Tel: +49 (151) 196 933 90
E-Mail: realogis@targacom.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 in industrial and logistics real estate
The REALOGIS Group is Germany's leading address for consulting and brokerage services for industrial and logistics real estate as well as commercial properties. As an owner-managed company with offices in Berlin, Düsseldorf, southern and northern Germany, Frankfurt am Main, Hamburg, Leipzig, Munich and Stuttgart, the company, founded in 2005, has in-depth market knowledge and more than twenty years of experience in the German real estate sector.

Around 70 employees support national and international companies from the logistics, industrial, retail and e-commerce sectors, as well as private and institutional investors. The range of services includes finding tenants for existing and new-build properties, supporting investors with acquisitions and project developments, advising on property searches or sales, and developing and implementing holistic real estate strategies, from location analysis to the utilisation of assets no longer required for business operations.