Market report North Rhine Westphalia full year 2025

A total of 1,147,000 m² was taken up in the industrial and logistics property market in North Rhine-Westphalia (NRW) over the full year 2025.

Following the results recorded between 2022 and 2024, 2025 therefore represents a noticeable stabilisation. The figures are based on market data covering the sub-markets of Dusseldorf, Cologne and the Ruhr region.

Building types and supply: Existing space remains dominant, brownfield sites gain ground

Despite a slight decline in volume to 587,800 m², existing space once again accounted for the largest share of take-up at 51% (2024: 597,000 m² / 63%).

At the same time, new-build developments on former brownfield sites gained substantial momentum, reaching 350,200 m² or 31% (2024: 156,000 m² / 17%).

New builds on greenfield sites totalled 209,000 m², representing 18% of take-up (2024: 190,100 m² / 20%).

Occupier profile: market dominated by lettings

In 2025, the NRW industrial and logistics market was overwhelmingly driven by lettings. Rental agreements accounted for 1,140,500 m², or 99% of total take-up. Owner-occupiers accounted for just 6,500 m².

Outlook 2026: Positive Trend Continues

Despite a challenging economic environment, North Rhine-Westphalia’s logistics markets have further strengthened their position as an international logistics hub. This is being driven in particular by continued interest from Chinese companies seeking to establish operations in the region, with E-Commerce playing a central role. This trend is expected to consolidate further and generate sustained demand for space across the Dusseldorf, Cologne and Ruhr region sub-markets. In addition, a number of large-scale requirements are currently in the market. Taken together, these factors indicate positive take-up momentum in the first half of 2026.

Market report Dusseldorf full year 2025

In the Dusseldorf market area, tenants took up a total of 299,000 m² of logistics and industrial space in 2025 (2024: 319,500 m²). This was 20,500 m² (6%) below the previous year.

The five largest deals accounted for 42% of total take-up: Goodcang (43,200 m²), GV Logistik (22,890 m²), an E-Commerce company (20,180 m²), Nordlicht (20,000 m²) and Tecpro (20,000 m²).

Even so, the current level remains around 10% above the five-year average of €6.36/m². Compared with H1 2025, both prime and average rents were unchanged.

Take-up: Existing space dominated, brownfields gained, greenfield schemes fell sharply

Once again, the market in 2025 was shaped primarily by lettings in existing buildings, totalling 172,400 m² and accounting for 58% of take-up (2024: 168,400 m² / 53%). This segment rose slightly by 4,000 m² (2%). Within existing space deals, the two large lettings by Goodcang (43,200 m²) and Nordlicht (20,000 m²) together accounted for 37% of existing space take-up.

Second were lettings in new-builds on former brownfield sites, totalling 88,600 m² and a 29% share (2024: 66,600 m² / 21%). The segment increased by 22,000 m² (33%) and gained eight percentage points in share. The two major lettings by GV Logistik (22,890 m²) and an E-Commerce company (20,180 m²) accounted for 49% of Brownfield activity.

Lettings in new-build properties on greenfield sites came last, with 38,000 m² and a 13% share (2024: 84,500 m² / 26%). Take-up fell by 46,500 m² (55%), almost halving the segment’s share. The large letting by Tecpro contributed 53% of this total. The drop in greenfield take-up could not be offset by gains in existing buildings and brownfield sites (combined +26,000 m²), resulting in an overall year-on-year decline of 20,500 m².

Market structure: tenant-led market

The Dusseldorf market remained a pure leasing market in 2025. No owner-occupier transactions were recorded.

Building types: big-box led; business parks down sharply

By building type, big-box space dominated market activity with 210,500 m² and a 71% share (2024: 182,800 m² / 57%). It was the only segment to record growth (+27,700 m² / +15%), after a slight decline of 11% in 2024.

This was followed by other properties that cannot be assigned to either the big-box category or business parks, with 51,600 m² and a 17% share (2024: 66,500 m² / 21%). Take-up fell by 14,900 m² (22%), after rising by 41% in 2024.

Business parks ranked third with 36,900 m² and a 12% share (2024: 70,200 m² / 22%). After a fivefold increase in 2024 (+409%), the 2025 result almost halved year on year (-47%).

Sectors: Logistics/Distribution on top; Retail/Wholesale fell sharply

The Logistics/Distribution sector recorded the highest take-up in 2025 at 171,400 m² and a 57% share (2024: 81,500 m² / 26%). With an increase of 89,900 m² (110%), it exceeded the five-year average of 142,680 m² by 20%. Around half of the sector total (86,090 m²) came from the large lettings to Goodcang (43,200 m²), GV Logistik (22,890 m²) and Nordlicht (20,000 m²).

In second place was Manufacturing with 55,200 m² and a 19% share (2024: 29,300 m² / 9%). This represents an increase of 25,900 m² (88%), after the sector posted the steepest percentage decline in 2024 (-60%). At +25%, it outperformed its five-year average of 44,060 m² by the widest margin of all sectors. Tecpro’s 20,000 m² letting alone accounted for 36% of this sector's total.

The Retail/Wholesale sector, which ranked first in 2024, slipped to third place in 2025 with 47,500 m² and a 16% share (2024: 178,400 m² / 56%). After an exceptional increase of 968% in 2024, when 178,400 m² (56% share) marked the highest level of the past five years, take-up fell in 2025 by 130,900 m² (73%). It was the only sector to fall clearly below its five-year average (90,520 m², -48%). Retail/Wholesale recorded by far the biggest decline and was therefore the main driver of the year-on-year drop. A key reason was the absence of major deals: while three of the five largest take-up contributors in 2024 came from Retail/Wholesale, in 2025 only one top deal did so, the letting to an E-Commerce company (20,180 m²).

Within Retail/Wholesale, e-commerce accounted for 36,500 m² or 77% of Retail/Wholesale take-up. Down from 95,000 m² (53% share), e-commerce lost 58,500 m² (62%). The 20,180 m² letting to an e-commerce company represented 55% of e-commerce take-up. Traditional retail contributed 11,000 m² (23%) (2024: 83,400 m² / 47%) and recorded an even sharper decline of 72,400 m² (87%). While e-commerce (53%) and traditional retail (47%) were broadly balanced in 2024, e-commerce dominated in 2025 with 77%.

“Other” sectors ranked fourth with 24,900 m² and an 8% share (2024: 30,300 m² / 9%). This category fell by 5,400 m² (18%) but still exceeded the five-year average of 22,900 m² by 9%.

The 5,001–10,000 m² band fell to 23,400 m² (8%) (2024: 78,300 m² / 25%). The decline of 54,900 m² (70%) was the largest drop across all size bands, alongside a 17-percentage point loss in share.

Space of 3,001–5,000 m² totalled 27,200 m² (9%) (2024: 33,900 m² / 11%), down 6,700 m² (20%). The 1,000–3,000 m² band accounted for 28,800 m² (10%) (2024: 39,500 m² / 12%), down 10,700 m² (27%). Units below 1,000 m² remained a small segment of the market at 9,100 m² (3%) (2024: 4,800 m² / 1%) but recorded the strongest percentage growth (90% / +4,300 m²).

Market report Cologne full year 2025

Cologne’s industrial and logistics property market proved resilient in 2025. Take-up totalled 244,800 m², marginally below the five-year average of 250,660 m², a decline of 2%.

Take-up: existing space leads, brownfield developments emerge, greenfield activity declines

Existing space remained the backbone of the Cologne market in 2025, accounting for 109,900 m² and 45% of total volume (2024: 172,400 m² / 62%). This represents a year-on-year decline of 62,500 m², or 36%, and a reduction of 17 percentage points in market share. The lettings to Sellvin AG (26,026 m²) and ParcelJet (20,000 m²) together made up 42% of existing space activity.

New builds on former brownfield sites, meaning previously developed land, featured in the Cologne market for the first time in 2025. A total of 72,500 m² was let in this segment, equating to a 30% share of overall take-up. Two of the five largest transactions, by Dachser and DSV, accounted for 59% of brownfield activity.

New builds on greenfield sites reached 62,400 m² in 2025, representing a 25% market share (2024: 105,600 m² / 38%). Activity in this segment declined by 43,200 m², or 41%. The major letting to Barnet Europe (21,000 m²) contributed around 34% of the total volume in this category.

Market structure: Cologne remained largely tenant-driven

Tenant lettings totalled 238,300 m² in 2025, representing 97% of overall take-up (2024: 278,000 m²). Owner-occupiers accounted for 6,500 m², or 3%, after no transactions were recorded in this category in the previous year.

Building types: big-box units were dominant, other property types gain ground

By building type, big-box units led the market with 147,900 m², equivalent to a 60% share (2024: 234,200 m² / 84%). This marks a year-on-year decline of 86,300 m², or 37%.

Other property types, which cannot be classified as either big-box units or traditional business parks, accounted for 60,100 m², or 25% (2024: 25,400 m² / 9%). This segment increased by 34,700 m², or 137%, compared with the previous year.

Lettings in business parks doubled year-on-year to 36,800 m², representing a 15% share of total take-up (2024: 18,400 m² / 7%).

Occupier sectors: Logistics/Distribution back in first place, Retail declines

The highest level of activity in 2025 came from Logistics and Distribution companies, which accounted for 101,100 m² and a 41% market share (2024: 117,100 m² / 42%). Despite a decline of 16,000 m², or 14%, the sector remained the strongest occupier group. The lettings to Dachser, ParcelJet and DSV contributed 62% of total volume in this segment.

Retail/Wholesale companies followed with 80,100 m², representing a 33% share (2024: 121,300 m² / 44%). Within retail, e-commerce accounted for 40,800 m², or 51%, slightly ahead of traditional retail at 39,300 m², or 49%. The letting to Sellvin AG (26,026 m²) represented 64% of total e-commerce take-up.

Manufacturing occupiers recorded 41,000 m², corresponding to a 17% market share (2024: 38,100 m² / 13%). The letting to Barnet Europe (21,000 m²) accounted for 51% of this sector’s volume. The aggregated category of other sectors totalled 22,600 m², or 9% (2024: 1,500 m² / 1%).

Mid-sized units between 3,001 m² and 5,000 m² amounted to 10,200 m², representing 4% (2024: 16,400 m² / 6%). Small units below 1,000 m² totalled 4,100 m², or 2% (2024: 200 m² / 0%).

Market report Ruhr region full year 2025

In 2025, the industrial and logistics market in the Ruhr region recorded take-up of 603,200 m², marking the first increase in five years. Compared with the previous year, this represents a rise of 257,600 m², or 75% (2024: 345,600 m²).

The five-year average of 521,726 m² was surpassed by 16%, after having been undershot by 39% in the previous year. The largest lettings were signed by Amazon (86,000 m²), FIEGE (55,000 m²), Blitz Distribution (37,000 m²), Winnet (36,000 m²) and JD Logistics (34,000 m²). Together, these accounted for 248,000 m², or 41% of total take-up.

Take-up: existing space in the lead, brownfield developments posting strong growth Existing space

Existing space remained the key market segment in the Ruhr region in 2025, accounting for 305,500 m² and therefore 51% of take-up (2024: 256,200 m² / 74%). Year on year, this equates to an increase of 49,300 m², or 19%. The lettings by Blitz Distribution (37,000 m²) and JD Logistics (34,000 m²) together contributed 23% of the volume in this category.

New-build space on former brownfield sites regained noticeable relevance in 2025. A total of 189,100 m² was let, corresponding to a 31% share of take-up. In 2024, less than half that volume was recorded in this segment at 89,400 m² (26% market share), while in 2023 no deals were registered at all. Two of the five largest take-up drivers, Amazon (86,000 m²) and Winnet (36,000 m²), accounted for 65% of brownfield activity, with Amazon alone representing 45%.

New builds on greenfield sites reached 108,600 m² in 2025, equal to an 18% market share. No deals were recorded in this segment in the previous year. In 2023, new builds in this segment had still dominated the market with 248,600 m², or a 55% share. The second-largest letting, by FIEGE (55,000 m²), accounted for 51% of the volume.

Market structure: tenants drove the market

Over the full year 2025, the Ruhr region remained a pure leasing market; no owner-occupier deals were registered.

Building types: big-box space remained dominant

By building type, big-box space retained its leading position with 506,800 m² and an 84% market share (2024: 237,800 m² / 69%). This represents a significant increase of 269,000 m², or 113%, compared with the previous year.

Other properties that cannot be assigned to either the big-box or business park categories followed with 94,000 m² and a 16% share (2024: 79,700 m² / 23%). This means an increase of 14,300 m², or 18%.

Business parks played only a minor role with 2,400 m² and a market share of under 1%. Compared with 28,100 m² and an 8% market share in the previous year, take-up fell significantly by 25,700 m², or 91%.

Occupier sectors: Logistics/Distribution clearly ahead, Retail/Wholesale in second place

In the sector analysis, 2025 volumes increased across all sectors except the “Other” category. The ranking remained unchanged compared with 2024. The highest activity in 2025 came from companies in the Logistics/Distribution sector. The sector accounted for 413,700 m², or a 69% market share (2024: 168,600 m² / 49%). Year on year, this corresponds to an increase of 245,100 m², or 145%, and a gain in significance of 20 percentage points. The five-year average of 264,845 m² was therefore exceeded by 56%. Key deals in this occupier group included lettings by FIEGE (55,000 m²), Blitz Distribution (37,000 m²), Winnet (36,000 m²) and JD Logistics (34,000 m²). Together, these four lettings accounted for 162,000 m², or 39% of the sector’s take-up.

Second place was taken by deals signed by Retail/Wholesale companies with 133,600 m² and a 22% market share (2024: 126,800 m² / 37%). The increase was moderate at 6,800 m², or 5%. The five-year average of 194,095 m² was missed by 31%. Within Retail/Wholesale, e-commerce dominated with 113,900 m² and an 85% share of Retail/Wholesale take-up (2024: 109,900 m² / 87%). Amazon contributed 86,000 m², equating to 76% of e-commerce volume. Traditional retail reached 19,700 m², or 15% (2024: 16,900 m² / 13%), increasing by 2,800 m² (17%) from a low base.

Manufacturing recorded 49,500 m² in 2025 and an 8% market share (2024: 26,300 m² / 7%), representing the strongest result of the past five years. In percentage terms, this sector posted the largest increase, at 88%, equivalent to 23,200 m² in absolute terms. The five-year average of 33,523 m² was exceeded by 48%.

Take-up in the “Other” category fell to 6,400 m², or a 1% market share (2024: 23,900 m² / 7%). The decline amounted to 17,500 m² (73%). The five-year average of 29,263 m² was missed by the widest margin (78%).

In both absolute and percentage terms, take-up increased by 269,000 m², or 113%, compared with the previous year, accompanied by a gain in significance of 15 percentage points. All five of the largest deals, each comprising at least 30,000 m², were recorded in this size band. Units between 5,001 m² and 10,000 m² contributed 49,500 m², or 8% (2024: 40,200 m² / 12%). Taken together, the two largest size categories from 5,001 m² upwards accounted for 92% of market activity in 2025 (2024: 80%).

Deals in units up to 5,000 m² declined by a total of 20,700 m² in 2025. The segment between 3,001 m² and 5,000 m² recorded 34,600 m² and a 6% share (2024: 41,500 m² / 12%), falling by 6,900 m² (17%). Units between 1,000 m² and 3,000 m² reached 12,300 m² and a 2% share (2024: 25,000 m² / 7%). Here, take-up fell by 12,700 m², or 51%. Very small units under 1,000 m² played no role, as in the previous year.