2025-09-24 8:00 CET, Europe, Germany | Investment Management | Press release
Catella has published a new European logistics map. The European Logistics Market Overview Q2 2025 covers 50 markets across 21 countries and provides an up-to-date overview of prime yields, rental levels, and each country’s reliance on exports and imports.
Logistics real estate has once again moved into sharper focus across Europe. In light of global trade conflicts, shifts in customs policy from the current US administration, and economic fluctuations, shorter supply chains and geographical proximity to end markets are becoming increasingly important. Near- and reshoring are driving demand for modern space in Europe – and, against a backdrop of limited supply, are increasingly reflected in rental levels and heightened investor activity.
Dr. Lars Vandrei, Head of Research at Catella Investment Management, explains: “Prime rents for logistics properties in Europe had already been climbing steadily for a long time before they surged with the outbreak of the war in Ukraine. Following the interest rate turnaround, investment activity cooled noticeably – yet at the same time logistics assets caught up with the office sector on the investment market and today rank among the key pillars of the commercial real estate industry.”
Stable yields with localised declines
The unweighted average prime yield across the surveyed markets stands at 5.42%. Future developments are likely to remain stable, with slight further compression possible. This may be the case particularly in France (Lyon, Marseille, Lille), Germany (Berlin, Munich), Poland (Warsaw, Wrocław), Hungary (Budapest), and Slovenia (Ljubljana). Here, the highest net initial yields are still available at 8.75%, followed by Oulu in Finland (8.25%).
Rents at elevated levels
The average prime rent across the analysed markets is €8.10 per sqm per month. The highest values are recorded in London (€27.50/sqm/month), Zurich (€16.50/sqm/month), and Oslo (€15.50/sqm/month). These figures reflect the persistently strong demand for modern logistics space in metropolitan areas. By contrast, the lowest prime rents are found in Wrocław at €4.50/sqm.
Logistics as the backbone of trade
In addition to real estate metrics, the logistics map also provides insight into each country’s trade dependency. The highest goods export ratios are recorded in Slovakia (75.5%), Slovenia (63.0%), and Ireland (58.2%). For imports, Slovakia again leads (75.8%), followed by Slovenia (62.0%) and Hungary (56.8%). The United Kingdom, on the other hand, shows the lowest share of exports in GDP (14.1%), with imports also at comparatively modest levels (22.4%). Nevertheless, the UK registers both the highest logistics rents and the largest transaction market.
Marten Helms, Senior Fund Manager Europe at Catella Investment Management, comments: “Overall, we are seeing stabilisation in the markets. Given the unprecedented uncertainties in global trade, it is all the more important to monitor trade flows closely, identify regions with potential at an early stage, and at the same time maintain our commitment to sustainable assets. At present, we see an attractive window for counter-cyclical investments in the European logistics real estate markets.”
Please download the map here
About Catella Investment Management GmbH
Catella Investment Management GmbH (CIM) is an independent and entrepreneurial real estate investment advisor for funds and mandates with assets under management of approximately EUR 10 billion. As a subsidiary of the Stockholm-based Catella AB, CIM advises more than 25 mutual real estate funds and special real estate funds as well as several mandates across 15 European countries, with a focus on residential, mixed-use, parking, and logistics properties. CIM provides (advisory) services in research, portfolio management, acquisitions, disposals, and asset management. The company operates offices in Berlin, Munich, and Vienna.
For further information:
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Stine Zöchling
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E-Mail: stine.zoechling@catella.de
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