Market Report Munich full year 2025

In the Munich logistics and industrial occupier market, tenants leased a total of 320,000 m² throughout 2025. The analysis is based on market data from the REALOGIS Unternehmensgruppe, Germany’s leading consultancy for industrial and logistics properties and commercial development land.

While 2024 was still among the weakest years since records began in 2006, 2025 became the third-strongest year on record. The five-year average of 274,120 m² was exceeded by 17%. The five largest leases in 2025 by TTI (35,700 m²), REPA (32,600 m²), Sonima (17,000 m²), Rohlik (12,800 m²) and Agile Robots (10,200 m²) totalled 108,300 m², contributing 34% of overall take-up.

The upward trend in prime and average rents observed since 2022 therefore remained unbroken in 2025. Both rents had already reached their peak by the end of the first half-year and subsequently remained stable.

Take-up: existing space clearly ahead, brownfield returns

In 2025, leasing deals in existing buildings dominated. They totalled 199,000 m² or 62% of overall take-up, after narrowly missing out on first place in the previous year (2024: 111,400 m² / 49%). In 2025, existing properties recorded the largest absolute increase, up 87,600 m² or 79%. The two key leasing deals by Rohlik (12,800 m²) and Agile Robots (10,200 m²) accounted for 12% of the total.

Greenfield developments ranked second with 77,500 m² or 24%, after they had been in first place in 2024 with 118,200 m² and a 51% share, just ahead of existing buildings. In greenfield developments, lettings fell by 40,700 m² or 34%. The key leasing deals by TTI (35,700 m²) and Sonima (17,000 m²) accounted for 68% of take-up in this segment.

After no deals on former brownfield sites had been recorded in the previous three reporting periods, this segment played a role again in 2025, reaching 43,500 m² or a 14% share. The major lease by REPA accounted for around 75% of the segment result with 32,600 m².

Market structure: tenants dominate the market

Munich remained clearly a rental market throughout 2025.

Building types: “Other” spaces dominate, business parks gain ground

In 2025, the largest contributors to take-up were leases in properties that can be classified neither as big-box space nor as traditional business parks. This “other” segment reached 184,400 m², representing 57% of take-up. Up from 99,900 m² and a 43% share in the previous year, this corresponds to an increase of 84,500 m² or 85%, and an increased share of 14 percentage points.

Big-box space remained in second place with 82,400 m² or a 26% share (2024: 95,400 m² / 43%). This was the only building type to fall short of the previous year, with a decline of 13,000 m² or 14%.

Business park lettings again ranked third with 53,200 m² or 17% (2024: 34,300 m² / 15%). Take-up rose by 18,900 m² or 55%, after having dropped sharply by around half in the previous year.

In second place was the area to the west of the market area, previously ranked third, with 81,600 m² or a 26% market share (2024: 24,200 m² / 11%). This region recorded the strongest percentage increase of all areas, up 57,400 m² or 237% year on year. The five-year average of 55,500 m² was exceeded by 47%. The two deals by TTI (35,700 m²) and Agile Robots (10,200 m²) alone accounted for 56% of take-up in this area.

In the eastern part of Munich, take-up reached 52,700 m² or a 16% share (2024: 83,800 m² / 36%), making it the only area to record a decline. A drop of 31,100 m² or 37% was due to the absence of major leases. The lease by Rohlik (12,800 m²) accounted for 24% of the total.

In the south of Munich, take-up remained lowest, with 17,500 m² and a 5% share (2024: 13,400 m² / 6%). This represented an increase of 4,100 m² or 31% compared with the previous year.

Within Retail/Wholesale, traditional retail dominated with 103,100 m², representing 89% of Retail/Wholesale take-up. Compared with the previous year (2024: 30,100 m² / 38%), take-up increased by 73,000 m², nearly three and a half times higher (243%). The two largest leases by TTI (35,700 m²) and REPA (32,600 m²) alone accounted for 68,300 m² or around two-thirds (66%) of take-up in this subcategory.

E-commerce declined sharply, reaching 12,800 m² or 11%, solely due to Rohlik’s major lease. In 2025, take-up was only about a quarter of the previous year’s volume (2024: 48,400 m² / 62%). The five-year average of 26,840 m² was missed by 52%. The split therefore shifted in 2025 in favour of traditional retail to 89% versus 11%, after traditional retail had been well behind e-commerce in 2024, with a share of 38% to 62%.

In second place was Logistics/Distribution with 104,500 m² or 33% (2024: 48,700 m² / 21%). The increase of 55,800 m² or 115% year on year resulted in a gain of 12 percentage points in share.

Third place went to Manufacturing with 88,500 m² or 28% (2024: 81,100 m² / 36%). The figure stabilised with a moderate increase of 7,400 m² or 9%. The major leases by Sonima (17,000 m²) and Agile Robots (10,200 m²) accounted for 31% of take-up in the sector.

The catch-all category Supply/Others remained in last place with 11,100 m² or a 3% share (2024: 21,300 m² / 9%) and was the only sector to record a decline, down 10,200 m² or 48%.

Units between 3,001 m² and 5,000 m² moved up to third place, reaching 52,700 m² or 16% (2024: 17,100 m² / 7%). The five-year average of 34,750 m² was exceeded by 52%.

Take-up for smaller units between 1,000 m² and 3,000 m² fell to 48,600 m² or 15%, from 49,400 m² or 23% in 2024. The five-year average of 66,480 m² was missed by 27%.

Very small units below 1,000 m² increased to 18,900 m² or 6% (2024: 10,300 m² / 4%).

Outlook 2026: limited supply meets strong demand

Munich is and remains a top logistics location due to its infrastructure. Companies in Munich and the surrounding area continue to be very robust, as evidenced by strong demand for space from the defence industry, research and development, and Manufacturing. The available supply can only partially meet the high level of demand. A short-term easing is not expected.