01.09.2025

REALOGIS Rental Price Map H1 2025: New scope for negotiation opens up for users of new logistics buildings

• Significantly slower rental growth across all locations
• Prime rents: €4.00/m² now separates the top and second-ranked locations
• Munich, Ulm and Bielefeld record the strongest rental price increases of all markets at 13% each
• Prime rents decline most in Leipzig, Zwickau and Magdeburg
• Magdeburg, Hof and Zwickau are the most affordable markets
• Average prime rents rise by 2% across all 33 markets, compared with 7% in the same period last year

Munich, 1 September 2025 – In the latest half-yearly comparison of prime rents for modern logistics properties, Munich has once again defended its top spot in the national ranking with €13.50/m². This puts the market area of the Bavarian capital four euros per square metre ahead of Augsburg in second place (€9.50/m²). The average increase in prime rents across all locations examined was 2% and reached 4% among the top eight markets.

These and other findings are presented by Realogis – Germany's leading real estate consultancy for industrial and logistics properties and business parks – in its latest Germany-wide Realogis rental price map. It provides users of logistics properties such as retail companies, manufacturers and their service providers, as well as banks, institutional investors and project developers, with transparent information on the development of 33 logistics markets based on actual, daily updated asking rents until the end of H1 2025. The spectrum analysed covers the top eight locations of Berlin, Hamburg, Düsseldorf, the Ruhr area, Cologne, Frankfurt, Stuttgart and Munich, as well as 25 regional markets.

Ranking: Munich defends first place
Munich remains in first place with a current price of €13.50/m², which corresponds to a 13% increase from €12.00/m². Augsburg climbs two places to second place with €9.50/m² (+12%, H1 2024: €8.50/m² or fourth place). Third place is occupied by Stuttgart with €9.00/m² (+10%; H1 2024: €8.20/m² and seventh place) and Hamburg (+9%, H1 2024: €8.25/m² and fifth place, up two places). Nuremberg follows in fifth place with a stagnating prime rent of €8.90/m², causing the market area to fall three places.

Ulm ranks sixth with €8.50/m² (+13%, H1 2024: €7.50/m² or 16th place). The increase in the upper end of the rental price range by one euro or 13% has led to a rise of 10 places in the ranking – Ulm is now one of the six most expensive market areas. Frankfurt ranks seventh with €8.30/m² (+5%; H1 2024: €7.90/m² or 10th place), which represents a rise of three places. Just below in eighth place is Düsseldorf, where prime rents remained unchanged at €8.25/m² (down three places). Ninth place is shared by Berlin, Regensburg and Mannheim, all with rents of €8.20/m². In Berlin, the upper end of the rental price range fell moderately by 5%, following a double-digit increase (approx. 10%) in the same period of the previous year (H1 2024: €8.60/m² or third place, down six places).

Berlin is the only top market where prime rents for new-build properties have fallen.

"The prime rent on the Berlin market has stabilised at a high, market-driven level. The fact that the actual contractual rents recently achieved are slightly below the originally ambitious asking prices reflects a healthy market reality and is by no means indicative of a slowdown in rental growth. There is therefore no question of a decline in rents," says Alexander Ego, Managing Director of Realogis Immobilien Berlin GmbH, commenting on developments in the capital market.

Regensburg, on the other hand, has moved in the opposite direction, with prime rents for new-build properties rising by 5% year-on-year (H1 2024: €7.80/m² and 14th place – up five places). Mannheim saw a 4% increase (H1 2024: €7.90/m² and 10th place – up one place).

12th place is also shared by several market areas: Cologne, one of the eight top markets, is at €8.00/m² (prime rents stagnated compared to H1 2024, down three places) together with Hanover (+7% from €7.50/m² and 16th place – up four places) and Mainz/Wiesbaden (+1% from €7.90/m² and 10th place – down two places).

The Ruhr region remains the most affordable top market in terms of the upper end of the rental price range for new-build properties, ranking 17th with a stagnating prime rent of €7.75/m². Compared to the same period last year, the Ruhr region has fallen two places. In the first half of 2024, the increase of 19% was the largest rise of all market areas (H1 2024: €7.75/m² coming from €6.50/m²).

The most expensive northern markets outside the top locations are Hanover, Bielefeld, Braunschweig and Bremen.

• Hanover: €8.00/m²,  12th rank (+7%, up from €7.50/m², 16th place)
• Bielefeld: €7.00/m², 19th rank(+13%, up from €6.20/m², 26th place)
• Braunschweig: €6.75/m², 22nd rank (+4%, up from €6.50/m², 23rd place)
• Bremen: €6.75/m², 22nd rank (+4%, up from €6.50/m², 23rd place)

"In Bielefeld, there is a built-to-suit option for a modern, 20,000 m² logistics building. It will be available approximately 18 months after the lease agreement is signed," says Christian Beran, Managing Director of Realogis Immobilien Deutschland GmbH, explaining the development of the prime rent in Sennestadt. The most expensive eastern markets outside the top locations are Dresden, Leipzig and Erfurt.

• Dresden: €6.60/m², 25th rank (+6%, up from €6.20/m², 26th place)
• Leipzig: €6.50/m², 26th rank (-10%, coming from €7.25/m², 19th place)
• Erfurt: €6.20/m², 29th rank (+11%, up from €5.60/m², 32nd place)

"In Leipzig, there is a large supply, including completed new-builds for first-time occupancy, coupled with low demand. As a result, there has been a reduction in prime rents," reports Christian Beran. "In Erfurt, on the other hand, the rent growth is driven by a larger area consisting of an existing property and a development site. This property development is currently under construction."
  The most expensive southern markets outside the top locations are Augsburg, Nuremberg and Ulm.

• Augsburg: €9.50/m², second rank (+12%, up from €8.50/€, fourth place)
• Nuremberg: €8.90/m², fifth rank (price stagnation, drop of three ranks)
• Ulm follows in sixth place with €8.50/m² (+13%, up from €7.50/m² and 16th place).

Based on the upper end of the rental price range for new buildings, the most affordable markets overall are Halle, Magdeburg, Hof and Zwickau. None of these four market areas saw any price increases. Prime rents either stagnated or fell:

• Halle remains in 30th place with a top rent of €5.75/m² (-4%, down from €6.00/m²).
• Magdeburg ranks 31st with €5.65/m² (-9%, down from €6.20/m² and 26th place) – a drop of five places.
• Hof is in 32nd place with a stagnating prime rent of €5.50/m² (coming from last place).
• Zwickau brings up the rear in 33rd place with €5.40/m² (-10% from €6.00/m², a drop of three places from 30th place).

The largest increases in prime rents for new-build properties in the first half of the year were observed in Munich, Ulm and Bielefeld:

• Munich with +13% to €13.50/m², up from €12.00/m²
• Ulm with +13% to €8.50/m², up from €7.50/m²
• Bielefeld with +13% to €7.00/m², up from €6.20/m²

"The A7/A8 motorway junction near Ulm has created ideal conditions for medium-sized regional companies to establish themselves in the area over the past two years. Property developers have recognised the attractiveness of this location. As a result, a brownfield development has already been added to the market and is fully let. A second green property with high ESG standard is currently under construction," says Nicolas Werner, Managing Director of Realogis Immobilien München GmbH, explaining the price jump in Ulm.

On average across all locations considered, prime rents rose by 2% compared with the first half of 2024. This means that the rate of increase has slowed by 5 percentage points (in H1 2024, it was still +7%).

The price trend is more dynamic when looking at the top eight locations, where the average increase for new-build properties is 4%. Overall, prices rose in 16 market areas, prime rents stagnated in nine markets, and a decline was recorded in eight market areas. In the top markets, prime rents rose in four areas, stagnated in three, and fell only in the Berlin market.
The most significant price declines were in Magdeburg, Zwickau and Leipzig.

• Magdeburg fell by 9% to €5.65/m², down from €6.20/m².
• Zwickau with -10% to €5.40/m², coming from €6.00/m²
• Leipzig with -10% to €6.50/m², coming from €7.25/m²

Back