Market report North Rhine Westphalia 1st half year 2025

Take-up of rental space among all participants in the logistics, warehouse and industrial property market in North Rhine-Westphalia totalled 461,400 m² in the first half of 2025. This was on a par with the previous year’s result for the market according to our analysis.

While total take-up increased significantly by 151,070 m² to 452,800 m² in the first half of 2024, there was little change from the previous year in the first six months of this year, with a slight rise of 8,600 m² (+2 %). Measured against the past five first half-years, the first six months of this year comes mid-range. In fact, the latest figure is just 3 % below the 5-year average of 476,700 m².

The positive momentum of the first half-year is continuing, driven by the strong result in Düsseldorf. Take-up is also increasing in the Ruhr region, while Cologne was the only market to decline, with the result falling by half there.

However, the results in Düsseldorf and the Ruhr region cannot obscure the fact that the general economic situation remains very challenging. Companies are highly cautious in their decision-making, pursuing only the most essential projects. In addition, the key industry, logistics service providers, has to contend with surplus space in its own buildings.

Overall, at 254,300 m² or 55 %, lettings in existing space continued to set the tone, falling from 299,650 m² or 66 %. Although this constitutes a decrease of 45,350 m² or 15 %, existing space still accounts for more than half of the total square meters.

New-builds on former brownfield sites now amount to 118,500 m² or 26 %, placing them in second place. At the same time last year, they ranked last with 57,000 m² or 13 %.

By contrast, greenfield new-builds currently have a combined take-up of 88,600 m², or 19 % of the total market (H1 2024: 96,050 m² or 21 %).

The increase of approximately 61,500 m², driven by lettings in new-builds on former brownfield sites, offsets the decrease from existing properties and greenfield new-build properties amounting to 52,800 m².

The three logistics and industrial property markets of Düsseldorf, Cologne and the Ruhr region remained purely rental markets in the past half-year. As in the previous year, there were no contracts for properties for owner-occupation.

By property type, big-box spaces (i.e. modern spaces greater than 10,000 m²) accounted for 330,300 m² or almost three quarters (71 %) of take-up. Compared to the previous year's take-up of 311,600 m² or 69 %, this category achieved the biggest increase, namely 18,700 m² or 6 %.

Contracts for properties that do not fall under big-box sites or business parks came in second again with 104,500 m² or 23 %. Following big-box properties, this is the second-highest increase of 18,140 m² or +21 %.

By contrast, business parks fell by more than half (-28,240 m² or -51 %), contributing just 26,600 m² or 6 % (H1 2024: 54,840 m² or 12 %).

We see the reasons for the lack of contracts in business parks in the fact that many spaces in business parks are already rented out. Any units that are still available are in the expensive segment, meaning that potential users must want to locate there and be both willing and able to pay the rents.

Retail/Wholesale, which previously topped the ranking, recorded the second-highest take-up figure at 76,600 m² or 17 %. However, this figure is down by more than half (-63 %) from 204,800 m² or 45 %. While Retail/Wholesale accounted for nearly half of total take-up in the same period of the previous year, the ratio now stands at just under one in six. Its take-up is now 55 % below the average for the past five first half-years of 171,140 m². This makes Retail/Wholesale the only sector to fall short of the typical level of the past five first halves. 

Within Retail/Wholesale, both subcategories, traditional retail and e-commerce, posted roughly equal take-up. At 42,100 m² or 55 %, contracts with companies in traditional retail were slightly ahead of contracts with e-commerce companies, which totalled 34,500 m² (H1 2024: 121,400 m² or 59 %).

The market was influenced by a shortage of space alongside high demand, enabling project developers to set their own rents. The strong growth rates for rents seen in previous years are now a thing of the past. The market has adjusted. It is increasingly apparent to us that owners are continuing to insist on their nominal rent. At the same time, they offer significant incentives to tenants, particularly in very peripheral locations, if they have a suitable credit rating.

Outlook

A detailed assessment of the submarkets shows the strong commitment of Asian companies such as Shaoke and Nordlicht. Having received various major requests, we know that this trend is set to continue.

Market report Düsseldorf 1st half year 2025

The market for logistics, warehouse and industrial properties in Düsseldorf achieved its highest take-up in ten years in the first half of 2025.

At the same time, it is the second-highest figure for a first half-year in the Düsseldorf area since we began recording data in 2014. This just falls short of the previous record of 220,000 m² set in the first half of 2015.

With an absolute increase of 82,400 m² compared to the same period last year, this represents the strongest percentage increase since 2014 (+72 %, coming from 113,900 m² in H1 2024). The five top deals in the Düsseldorf market area alone accounted for almost 120,000 m² (118,640 m²), contributing more than half of the total take-up in the first six months.

The high level of enthusiasm among Asian companies to conclude deals was the deciding factor. These companies are focusing on functional logistics facilities in good locations, such as at the port, and on the availability of skilled workers. They prefer new buildings that are compliant with WGK requirements in order to meet their high safety standards and maintain the quality they are accustomed to in their home market. The Düsseldorf market benefited from this development in the first half of the year.

The 5-year average for the first half of the year also reflects the positive result. It currently stands at 147,260 m², exceeding the benchmark by 33 %.

As in the same period last year, contract signings for existing space set the pace with 124,400 m² or 63 %. Coming from 93,450 m², the absolute value increased by 30,950 m² or 33 %, although the dominance of existing space was even higher in the same period last year, accounting for 82 % of total space take-up. Among the top deals, Goodcang contributed 43,200 m² and Nordlicht 20,000 m², which together represent around half of the space take-up in this category.

In contrast to the same period last year, when no deals were recorded, new buildings on former brownfield sites totalled 51,900 m² or 27 % of the Düsseldorf market in the first half of 2025. The most important deals in this category, concluded by an E-Commerce and MIC Logistik, account for a total of 35,440 m² or 68 % of space take-up.

New buildings on greenfield sites accounted for 10 % of total take-up with 20,000 m², all of which was attributable to Tecpro. In absolute terms, this represents a sideways movement from 20,450 m², corresponding to a slight decline of 450 m² or 2 %.

As in the same period last year, the market was dominated exclusively by rental agreements, with no owner-occupier deals observed.

Ranking by building type: Three out of four square metres let in big-box spaces

Modern big-box properties larger than 10,000 m² dominate the market in terms of building type, accounting for 153,600 m². With three out of four square metres transacted (or 78 %), they quadrupled their result from the same period last year (H1 2024: 37,300 m² or 33 %) increasing by 116,300 m² or 312 %.

Properties that do not fall into the business park category or meet the specifications for big-box space account for 29,900 m² or 15 %. This represents a delta of 16,360 m² or 35 %, resulting in a drop from first to second place.

Business parks currently have the lowest market relevance with 12,800 m² or 7 %, down from 30,340 m² or 27 % (also ranked third).

The increase in the big-box category outweighs the combined decline of lettings in business parks and other properties many times over, resulting in a gain of 82,400 m² when comparing the last two half-years.

Industry ranking: Logistics/Distribution in first place with 63 %

Logistics/Distribution is once again the leading sector in Düsseldorf's logistics, warehouse and industrial property market, accounting for 123,000 m² or 63 % of total take-up. Coming from 58,200 m² or 51 %, this represents more than a doubling (+111 %). Large deals by Goodcang, Nordlicht and MIC Logistik totalled 78,460 m² or 64 % of space take-up in this sector.

The past six months have been exceptionally strong in terms of space demand from companies in the Logistics/Distribution sector: the typical level, based on the 5-year average of 86,340 m², has been exceeded by a significant 42 %. However, this development is not an exceptional case, as all sectors, with the exception of Retail/Wholesale, have shown unusually strong take-up of space compared to the last five first half-years and are at least 42 % above their respective averages.

This is followed by Retail/Wholesale with 33,300 m² or 17 %, up from 22,800 m² or 20 %, meaning that the importance of Retail/Wholesale in terms of total space take-up remains largely stable. In absolute terms, this represents an increase of 10,500 m² or 46 %. Although the Retail/Wholesale sector is the only one with a current take-up figure falling below its 5-year average (38,916 m²), the decline of 14 % represents a significant improvement on the same period last year, when the decline was 42 %. Within the Retail/Wholesale sector, the e-commerce subcategory dominates with 25,300 m² or 76 %, up from 15,000 m² or 66 %, representing an absolute increase of 10,300 m². The top deal in this subcategory was secured by an E-Commerce company with 20,180 m², accounting for more than half of the space take-up in Retail/Wholesale sector.

By contrast, space take-up in traditional retail stagnated at 8,000 m², or 24 %, which is only 200 m² above the previous year's figure for the first half of 2024 of 7,800 m² (+3 %).

The Manufacturing sector came in last with 26,000 m², representing 13 % of total space take-up (H1 2024: 16,000 m² or 14 %). In contrast to the same period last year, one of the top deals in this sector was concluded by Tecpro with 20,000 m², which accounts for 77 % of the sector's total take-up.

The collective category “Other” ranks last with 14,000 m² or 7 %, the only category to record a moderate decline in space take-up of 2,900 m² or 17 %.

While only one transaction was concluded in this category in the same period last year, accounting for the entire 17,500 m², all five of the top transactions currently contribute a total of 118,640 m² or 77 %.

Units between 5,001 and 10,000 m² have slipped to second place, falling from 61,385 m² or 54 % to 37,985 m² or 2 %, the sharpest decline of all size categories (more than halving with -62 %).

Medium-sized units between 3,001 and 5,000 m² account for 4,000 m² or 2 % and are in last place (coming from fourth place – the penultimate place – with 9,200 m² or 8 %).

Smaller to medium-sized spaces between 1,000 and 3,000 m² account for 10,900 m² or 6 % and are thus in third place. Coming from second place with 21,815 m² or 19 %, they declined by 10,915 m², which corresponds to a halving.

Small spaces under 1,000 m² were in second-last place in the past six months with 4,400 m² or a share of just 2 %.

Spaces of 5,001 m² and above account for 90 % of total space take-up, or 9 out of 10 square metres taken up on the Düsseldorf market – this illustrates this segment’s dominance in the first half of 2025. In the same period last year, the figure was 69 %.

Outlook

The Düsseldorf market continues to be characterised by brisk new-build activity. At the same time, units in existing properties are coming onto the market. It remains to be seen how these spaces will be absorbed.

Market report Cologne 1st half year 2025

In the Cologne market for logistics, warehouse and industrial property for lease and owner-occupation, all market participants together generated a lease activity of 80,700 m² in the first half of 2025. This is 38 % below the 5-year average of 130,280 m² for H1 2025.

Brownfield developments now in the leading position

The Cologne market has lost much of the momentum gained in the same period last year. While H1 2024 saw a strong result of 174,100 m², which marked a rise of 101,700 m², take-up fell by 93,400 m² or 54 % in the first six months of 2025, down to 80,700 m². The main cause is weak demand. Many companies are holding on to their existing leases or subletting due to the lack of economic stimulus.

Unlike last year, new-builds on brownfield sites took the lead, accounting for 42,900 m² or 53 % of take-up – a category that had previously been insignificant. Deals by Dachser (23,300 m²), Dico Drinks (9,650 m²), and the Fedrigoni Group (6,450 m²) made up 92 % of this segment.

Second place went to greenfield new-builds with 29,800 m² or 37 %, down from 75,600 m² or 43 % in H1 2024 – a drop of 45,800 m² or 61 %. This category take-up was generated by Barnet Europe (21,000 m²) and the Cologne Wholesale Market (8,800 m²).

Existing properties, previously in first place, now account for just 8,000 m² or 10 % – only one-tenth compared to 98,500 m² (57 %) in H1 2024. This equates to a significant decline of 90,500 m² or -92 %.

Like last year, the Cologne market remains purely rental-based, with no owner-occupier transactions recorded.

By property type, big-box logistics continues to lead with 44,300 m² or 55 %, despite the largest absolute drop: down by 106,400 m² or 71 % from 150,700 m² in H1 2024.

Properties, which do not fall under big-box sites or business parks, moved up one place with 22,600 m² or 28 % (H1 2024: 8,200 m² or 5 %), the only category to see growth.

Business parks came last with 13,800 m² or 17%, close to last year’s volume of 15,200 m² or 9 %.

Sector Ranking: Manufacturing in first place

More than one in three square meters (36 % or 29,200 m²) were leased by companies in the Manufacturing sector (H1 2024: 8,100 m² or 5 %). This pushes the category from third to first place with the largest absolute increase (+21,100 m²), more than tripling its H1 2024 figure. Barnet Europe and Fedrigoni accounted for 27,450 m² or 92 % of the sector’s lease activity.

Second place goes to Logistics/Distribution with 26,400 m² or 33 %, with Dachser contributing 88 %. However, this represents a 43% decline (20,000 m²) compared to H1 2024 and is 37 % below the 5-year average.

The industry Retail/Wholesale takes third place with 19,400 m² or 24 %. Having led in H1 2024 with 118,100 m² or 68 %, this marks a sharp decline of 98,700 m² or -84 %. Notably, there were no e-commerce deals at all this year (H1 2024: 42,500 m² or 36 %).

The “Other” category comes last with 5,700 m² or 7 % (H1 2024: 1,500 m² or 1 %).

Units between 5,001 and 10,000 m² take second place with 24,900 m² or 31 %, up from 8,100 m² (5 %) – the largest increase in absolute terms (+16.800 m²).

No deals were recorded in the 3,001–5,000 m² range coming from 9,100 m² in H1 2024.

Units between 1,000 and 3,000 m² came third with 9,800 m² (12 %), up from 6,000 m² (3%).

Smallest units (<1,000 m²) rose from last to second-to-last with 1,700 m² (2 %), up from 300 m² in H1 2024.

Outlook

The Cologne logistics and industrial property market lacks impetus from the sectors of its tenants. It remains to be seen whether the average annual leasing volume of around 250,000 m² will be achieved by year-end.

Market report Ruhr region 1st half year 2025

The market for logistics, warehouse and industrial properties for rent in the Ruhr region recorded moderate growth in the first half of 2025. The total space take-up achieved by all market participants rose to 184,400 m² – an increase of 12 % compared with the figure for the first half of 2024 of 164,800 m².

Although growth is noticeably lower at 12 % than in the same period last year at 78 %, the trend remains positive. The current result falls short of the 5-year average of 199,150 m² by a moderate 7 % – a significant improvement on the same period last year, when the deviation from the average of the last five first half-years was 26 %.

Existing leases continue to dominate with 121,900 m² or 66 %. Coming from 107,700 m², this represents an increase of 14,200 m² or 13 %.

Large deals by JD Logistics, Nordlicht and Shaoke Logistics GmbH contributed a total of 86,800 m², which equates to a 73 % share of total take-up in the existing properties category.

Lettings in new buildings (greenfield sites) accounted for 38,800 m² or 21 % of total take-up.

By contrast, deals on former brownfield sites halved their result compared to the same period last year, with a decline in space of 23,700 m² (down 33,400 m² or 58 %). The lion's share of take-up (84 %) was accounted for by JD Logistics, which leased over 20,000 m².

The Ruhr region was purely a rental market in the first half of the year, with no owner-occupier deals observed, as in the same period last year.

Rental transactions involving big-box properties continued to account for the majority of space at 132,400 m², representing 72 % of total take-up in the first half of 2025. Compared with the same period last year, when the figures were 123,600 m² and 75 %, this represents a moderate increase of 8,000 m² or 7 %. The importance of the big-box category has therefore remained almost unchanged.

By contrast, leases in the “Other” category, which cannot be assigned to either the big-box category or the business parks, has grown significantly. Coming from 31,900 m², take-up rose by 20,100 m² or 63 % to currently 52,000 m² and, with a share of 28 %, remains the second strongest segment.

No new lease contracts involving business parks were recorded in the current market report period. In the same period last year, they were also of minor importance (H1 2024: 9,300 m² or 6 %).
 

Industry ranking: Logistics/Distribution unchallenged at the top

With 139,000 m² and a 75 % share of total space take-up, the Logistics/Distribution sector maintained its leading position in the first half of 2025 (H1 2024: 77,000 m² or 47 %). 77 % or 106,800 m² of rental space was accounted for by large deals with JD Logistics, Nordlicht and Shaoke Logistics GmbH. This means that three out of every four square metres transacted on the Ruhr market were accounted for by companies in this category.

Although take-up more than halved compared with the first half of 2024 (63,900 m²), Retail/Wholesale remained in second place with 23,900 m² or a 13 % share of total take-up.

Looking at the subcategories, “traditional retail” accounted for the largest share of retail space take-up in H1 2025 with 14,700 m² (62 %). By contrast, deals concluded by e-commerce companies slumped sharply in H1 2025. While 63,900 m² of space was let in the first half of 2024, accounting for 100 % of retail take-up, e-commerce space take-up in the first half of 2025 was only 9,200 m².

With an accumulated share of 88 %, the Logistics/Distribution and Retail/Wholesale clearly dominate the market. However, the delta in e-commerce transactions is 54,700 m² or -86 % compared to the first half of last year. The decline is underscored by the absence of any large lease agreements in this category in the Ruhr region in the first half of 2025.

The Manufacturing sector remains in third place in the current first half of the year with 15,100 m² or 8 %. Compared to the previous year's figure of 14,900 m² or 9 %, this represents virtually no change. The collective category “Other” remains unchanged in last place with 6,400 m^² or 4 % (H1 2024: 9,000 m² or 5 %).

Looking at all sectors as a whole, it is evident that in three out of four cases, the respective 5-year average for the first half of the year was not achieved. The Logistics/Distribution sector is an exception, exceeding the average value of 107,718 m² by a significant 29 %. In the same period last year, this category was still 34 % below the 5-year average. In the other sectors, however, the average value for the last five half-years was missed by at least 9 %. The largest deviation was recorded in the Retail/Wholesale sector, whose current take-up fell 63 % short of the five-year average of 64,748 m².

By contrast, take-up in the 5,001–10,000 m² size category rose significantly. Starting from 13,000 m² or 8 %, the cumulative result improved to 22,600 m² or 12 %, which corresponds to an increase of 9,600 m² and represents the largest absolute and percentage increase among all size categories at +74%.

Units in the size category between 3,001 and 5,000 m² accounted for 19,900 m² and showed no significant change compared with the first half of 2024 (19,500 m²). With an 11 % share of total space take-up, this category ranks third, dropping one place.

Smaller to medium-sized units between 1,000 and 3,000 m² achieved take-up of 9,500 m² in the first half of 2025 and remained in fourth place with a 5 % share.

Very small spaces under 1,000 m² once again played no significant role in market activity.

Outlook

At just under 184,000 m², the current letting performance is very weak – in good times, we have seen figures between 400,000 and 500,000 m². We are a long way from that in 2025. In addition, vacancies are increasing. Even in the Duisburg area near the terminal, it is becoming more difficult to let space. This was last the case in 2009/2010 due to the financial market crisis. Rents that have risen over the last ten years are also causing difficulties in re-letting. Anyone who recently signed a lease for 5 euros per square metre will find it difficult to pay 7.50 euros per square metre for the same property now.