Market report Stuttgart full year 2025

In the Stuttgart market area, tenants and owner-occupiers took up a total of 113,700 m² of logistics and industrial space in 2025 (2024: 125,200 m², -9%). The evaluation is based on market data from the REALOGIS Unternehmensgruppe, Germany’s leading advisory company for industrial and logistics real estate as well as commercial development land.

The three largest leases resulted from LIDL’s owner-occupier expansion of 9,000 m² in the Esslingen district, Klauss GmbH with 7,000 m² in the Böblingen district, and a logistics service provider with 5,000 m² in the Göppingen district. Together, these contracts totalled 21,000 m² and made up 18% of overall take-up.

The Stuttgart market area was clearly tenant-driven in 2025. Leasing deals totalled 104,700 m² and, at 92%, represented the majority of market activity. Owner-occupiers accounted for 9,000 m² and an 8% share of total take-up.

Types of space: Existing space dominates, new builds play a selective role

Existing buildings clearly shaped market activity in 2025. They accounted for 98,200 m² and thus 87% of take-up (2024: 124,200 m² / 99%). This corresponds to a decline of 26,000 m² or 21%. The 5-year average was missed by 39%.

New builds reached a total of 15,500 m² in 2025, corresponding to a 13% share of total take-up. The majority of this volume was on former brownfield sites (12,900 m² or 83%), with LIDL’s deal in the Esslingen district (9,000 m²) accounting for around 70% of the brownfield volume. Greenfield developments contributed only marginally to new-build lettings, with 2,600 m² (17%).

Böblingen district

Second place with 23,500 m² and a 21% market share (2024: 6,400 m² / 5%). Take-up rose by 17,100 m², more than 3.5 times the previous year’s level. In the previous year, the district had ranked last and was a key factor behind the weak 2024 result. Klauss GmbH’s lease, at 7,000 m², accounted for around one third of take-up.

Ludwigsburg district

Third place with 20,600 m² and an 18% market share (2024: 41,500 m² / 33%). After two years in first place, take-up halved again. With a decrease of 20,900 m², Ludwigsburg recorded the largest absolute decline among all regions, due to the absence of large-volume leases.

Göppingen district

Unchanged in fourth place with 13,000 m² and an 11% market share (2024: 15,500 m² / 12%). The decline amounted to 2,500 m² or 16%. The 5-year average of 24,404 m² was missed by 47%. A 5,000 m² lease by a logistics service provider accounted for 38% of take-up in the district.

City of Stuttgart

8,700 m² and an 8% market share (2024: 12,000 m² / 10%). Over the past five years, the city has never ranked above fifth place. In 2025, the 5-year average was missed by 3%.

Rems-Murr district

Bottom of the ranking with 3,600 m² and a 3% market share (2024: 16,100 m² / 13%). Take-up fell by 78%, resulting in a drop of three ranks. Market share decreased by 10 percentage points. The 5-year average of 13,245 m² was missed by 73%, after having been slightly exceeded in the previous year. In 2024, a larger lease had accounted for around half of take-up in Rems-Murr.

Sector structure: Manufacturing in front, Retail/Wholesale under pressure, Logistics/Distribution with a strong uplift

The sector structure shows clear differences in the development of the individual occupier groups.

Retail/Wholesale

Retail/Wholesale ranked second again in 2025 with 27,900 m² and a 24% market share (2024: 35,400 m² / 28%). Take-up thus fell by 7,500 m² or 21%. In 2024, Retail/Wholesale had already been the most affected sector since sector-specific recording began in 2013, with a decline of 46,700 m² and a halving of its volume. In 2025, Retail/Wholesale take-up was 54% below the 5-year average of 60,169 m², representing the second-largest shortfall across all sectors.

Within Retail/Wholesale, traditional retail and e-commerce developed very differently.

• Traditional retail totalled 22,800 m² and accounted for 82% of Retail/Wholesale take-up (2024: 21,700 m²). This corresponds to an increase of 1,100 m² or 5%. The leases by LIDL and Klauss GmbH accounted for more than two-thirds of the volume.

• E-commerce companies accounted for 5,100 m² and 18% of Retail/Wholesale take-up (2024: 13,700 m²). Take-up thus fell by 8,600 m² or 63%.

The shift within Retail/Wholesale is evident in the changing proportions. In 2023, e-commerce still accounted for 75% versus 25% for traditional retail. In 2024, the split was 39% to 61%, and in 2025 it was 18% to 82%. The decline in Retail/Wholesale take-up compared with the previous year was entirely due to the absence of lettings by e-commerce companies.

Logistics/Distribution

23,900 m² and a 21% market share (2024: 3,700 m² / 3%). Take-up increased by 20,200 m², or 546%. This was the only sector to record growth. The 5-year average was still missed by 67%. Additional lettings offset just under two-thirds of the declines recorded in the other sectors. A 5,000 m² lease by a logistics service provider accounted for 21% of the sector volume.

Supply/Others

22,400 m² and a 20% market share (2024: 32,800 m² / 26%). Take-up decreased by 10,400 m² or 32%. This category missed its 5-year average by the smallest margin – 15%. Overall, all sectors in 2025 were between 15% and 67% below their respective 5-year averages.

3,001 m² to 5,000 m²
34,000 m² and a 30% market share (2024: 26,800 m² / 21%). The increase of 7,200 m² corresponds to 27%. The 5-year average of 38,800 m² was missed by 12%. A 5,000 m² lease by a logistics service provider accounted for 15% of take-up in this category.

1,000 m² to 3,000 m²
45,100 m² and a 40% market share (2024: 30,700 m² / 25%). Take-up increased by 14,400 m² or 47%, representing the largest absolute increase across all size categories. After the 5-year average had been missed by 11% in the previous year, the 2025 figure was 17% above the current 5-year average of 38,677 m².

Below 1,000 m²
18,600 m² and a 16% market share (2024: 12,500 m² / 10%). Take-up increased by 6,100 m² or 49%, representing the strongest percentage increase. The 5-year average of 11,908 m² was exceeded by 56% – the largest margin of all categories.

The declines in size categories from 5,001 m² upwards could not be fully offset by the increases in the smaller segments. Compared with 2024, this results in a difference of 11,500 m². Units up to 5,000 m² accounted for 86% of total take-up in 2025 (2024: 56%).

Outlook 2026: Strategic realignment and gradual recovery

Having passed the cyclical low point, the Stuttgart logistics and industrial real estate market remains in a phase of strategic realignment, with momentum expected to gradually increase from 2026 onwards. Demand remains selective against the backdrop of the overall economic situation and structural challenges, particularly in the automotive industry.

However, the region benefits from strong industrial expertise, advanced technological know-how, and resilient innovation ecosystems. These factors have a stabilising effect and provide the basis for a moderate recovery in take-up over the course of 2026.