10.03.2025

REALOGIS rent map 2024: Prime rents for existing logistics properties in Germany with significantly lower price momentum­

• Price increase of only 2% across all 33 markets
• Top 8 locations stagnate at the upper end of the range
• Only six markets with double-digit rental growth
• Largest price reductions year-on-year: seven markets fall by single digits

Munich, 10 March 2025 - Realogis - Germany's leading property consultancy for industrial and logistics properties and business parks - has analysed the prime rents of existing logistics properties* in 33 logistics markets in Germany at the end of 2024 compared to the same period last year.

"On average across all 33 locations, the prime rent for existing functional properties has risen by 2% in twelve months. This means that price momentum has slowed significantly by 6 percentage points compared to the same period last year, when it averaged 8%. Compared to the price increase of 12% in 2022, the decline is as much as 10 percentage points," reports Christian Beran, Managing Director of Realogis Immobilien Deutschland GmbH.

An overall analysis of the top 8 shows that they have reached the end of their rental growth for the time being. The prime rent for existing properties at the upper end of the range has stagnated year-on-year and is on a par with the previous year on average. By way of comparison, two years ago the year-on-year increase in Hamburg, Berlin, the Ruhr region, Düsseldorf, Cologne, Frankfurt, Stuttgart and Munich was still 19%.

"Only six of the 33 markets in total still show a two-digit percentage increase in price compared to the two previous years 2023 and 2022, when this was still the case in 13 and 19 markets respectively," says Joel Adam, Managing Director of Realogis Immobilien Stuttgart GmbH.

With Wolfsburg and Kassel, prime rents for existing properties only stagnated in two markets 2023 compared to the same period of the previous year, while a sideways movement can currently be observed in 13 markets. By contrast, Realogis observed a decline in price levels in seven markets, four markets in eastern Germany, two in southern Germany and the top 8 market of Berlin. In 2023, however, the price level declined in only two markets (Ingolstadt and Osnabrück).

All Realogis data is based on actual, daily updated asking rents from owners and not on the analysis of online listings. The Realogis rental price map thus reflects what is actually happening and ensures the greatest possible transparency for all market participants - retailers, manufacturers and their service providers as well as banks and institutional investors.

The current results can be viewed in the REALOGIS rental price map 2024.

Top 8 locations Munich, Hamburg and Stuttgart continue to have the highest rents
The most expensive logistics locations for existing properties in terms of prime rents continue to be the top 8 locations of Munich in first place with €10.00/m², Hamburg in second place with €8.75/m² and Stuttgart in third place with €8.00/m². All three markets also recorded no year-on-year change in rents.

4th place is shared by Augsburg with a stable rent of €7.50/m² (coming from 5th place) and the top 8 market Berlin, despite a decline of 5% (FY 2023: €7.90/m²). Mainz/Wiesbaden increased in price by 4% to €7.20/m² and rose to 6th place, which it shares with Frankfurt (also unchanged at €7.20/m²). Regensburg increased by 4% to €7.10/m² and moved up three places to 8th place from €6.80/m².

Karlsruhe, Ingolstadt, Düsseldorf and Ulm follow in 9th place with €7.00/m² each. While Karlsruhe changed only slightly (+1% from €6.90/m², down one place), the price level for existing properties in Ingolstadt rose by 5% at the top (FY 2023: €6.70/m², up three places). Düsseldorf increased by 2% (FY 2023: €6.85/m² - up one place) and Ulm even rose by 12%, moving up nine places (FY 2023: €6.25/m²).

Cologne remains in 14th place at €6.85/m², which corresponds to an increase of 3% (from €6.65/m²). 16th place at €6.50/m² is shared by the Ruhr area (stable price level compared to the previous year, but down one place) and Dingolfing (+3%, coming from €6.30/m²; unchanged ranking).

Most expensive northern locations: Hanover, Wolfsburg and Bremen at the same high level, significant price increases in Osnabrück and Bielefeld

• At €6.30/m², rents in Hannover have remained constant, but have nevertheless slipped two places to 18th place
• In 25th place, there are four cities with a rent of €5.50/m²: Wolfsburg and Bremen show a stable price trend, but each lose two places in the ranking. Osnabrück recorded the strongest increase in this group at +16% - starting from €4.75/m², the market improved by six places. Bielefeld increased by 10% (previously €5.00/m²), moving up three places.

Most expensive eastern locations: Dresden and Leipzig in decline - Erfurt and Zwickau with double-digit rental growth

• Dresden and Leipzig show the same development and share 21st place with €5.80/m². Both markets recorded a decline of 3% compared to the €6.00/m² from the previous period and each lost two places in the ranking
• Erfurt, on the other hand, shows a significant rent increase of 12% to €5.60/m² (previously €5.00/m²) and moves up four places to 24th place
• With a price increase of a significant 16% (previously €4.75/m²), Zwickau has the highest price increase of the eastern German markets, which nevertheless only leads to 25th place (but a rise of 6 places)

The most affordable markets are Braunschweig, Magdeburg and Hof:

• The third most favourable market is currently Braunschweig with a stable rental price of €5.00/m² compared to the previous year. Despite prices remaining the same, the market lost three places and is now ranked 31st.
• Magdeburg follows in 32nd place, where rents for existing properties have fallen to a peak of €4.75/m² - a decline of 7% (previously €5.10/m²). As a result, the market fell five places.
• Hof remains the cheapest market with an unchanged rent of €4.70/m². There was no change here in terms of either prices or ranking (33rd place).

Highest percentage price increases year-on-year:

• Osnabrück and Zwickau show the same trend in the increase in existing rents: by 16% to € 5.50/m² (FY 2023: € 4.75/m²)
• Kassel with 15% to € 6.00/m² (FY 2023: € 5.20/m²)
• Ulm with 12% to € 7.00/m² (FY 2023: € 6.25/m²)
• Erfurt with 12% to € 5.60/m² (FY 2023: € 5.00/m²)

Largest price reductions year-on-year:

• Magdeburg shows the most significant price decline of all markets in terms of prime rents for existing properties with -7% to €4.75/m² (FY 2023: €5.10/m²)
• Berlin with -5% to € 7.50/m² (FY 2023: € 7.90/m²)
• Halle with -4% to € 5.10/m² (FY 2023: € 5.30/m²)
• Würzburg with -3% to € 5.70/m² (FY 2023: € 5.90/m²)
• Dresden with -3% to € 5.80/m² (FY 2023: € 6.00/m²)

Germany's most favourable entry-level rents at the lower end of the range stagnate
However, across all 33 markets rents at the lower end of the range for existing properties are stagnating, with only the top 8 markets showing a slight increase of 2% on average.

While stagnation was only observed in four markets (Berlin, Wolfsburg, Halle, Magdeburg) in a year-on-year comparison (2023 to 2022), Realogis currently puts the number at 15. This means that slightly less than half of all markets have seen no change in the lower value of the rental price range for existing properties. The number of markets with declining price levels is similarly high year-on-year: seven markets with price declines have currently been registered, compared to eight in 2023 and 2022. Realogis observed a price increase at the lower end of the rental price range for existing properties in 11 markets in 2024, significantly fewer than in the previous year (21).

*According to the Realogis definition, functional existing properties for logistics have a hall height of at least 7.50 metres and/or ground-level access as well as spacious access zones and are equipped with heating. Back