Friday, 17 July 2026
Stuttgart’s logistics and industrial property market recorded 129,500 sq m of take-up in the first half of 2026, according to REALOGIS Unternehmensgruppe, marking a clear recovery from the subdued activity of recent years. Warehouse space accounted for 118,100 sq m, or 91% of the total, up 191% year-on-year and 36% above the five-year average. Office space contributed 10,600 sq m, while mezzanine space totalled 800 sq m.
The market was driven by the return of larger transactions. Two leases completed by manufacturing companies totalled 45,460 sq m, representing 35% of total take-up. The largest transaction involved an automotive company leasing 31,720 sq m of existing space in the Ludwigsburg district, while another manufacturing occupier leased 13,740 sq m in the Rems-Murr district.
Joel Adam, Managing Director of Realogis Immobilien Stuttgart GmbH, expects the market to continue stabilising during the second half of the year. He said occupier demand remains selective but is being supported by a broader mix of manufacturing and technology-focused businesses, underpinned by the region’s industrial base, innovation capacity and strong network of small and medium-sized enterprises.
Rental growth continued at the top end of the market. Prime rent increased to a record €8.70 per sq m, up 2% compared with both the first half and the end of 2025 and 5% above the five-year average. Average rent remained stable at €7.00 per sq m, also 5% higher than the long-term average.
Leasing activity remained concentrated in existing buildings, which accounted for 127,000 sq m, or 98% of total take-up. Brownfield developments contributed 2,500 sq m, while no transactions were recorded in greenfield projects. The market was entirely tenant-driven during the first six months of the year, with no owner-occupier acquisitions.
Ludwigsburg was the most active submarket with 48,600 sq m of take-up, followed by Rems-Murr with 24,300 sq m, Esslingen with 22,500 sq m and Böblingen with 21,100 sq m. The City of Stuttgart recorded 7,700 sq m, while Göppingen accounted for 5,300 sq m.
Manufacturing remained the dominant source of demand, accounting for 77,600 sq m, or 60% of total take-up. The Supply/Other category followed with 26,100 sq m (20%), ahead of Logistics/Distribution with 21,900 sq m (17%). Retail and wholesale occupiers represented 3,900 sq m, with traditional retailers accounting for the majority of that volume.
The return of larger occupiers was reflected in the size distribution of transactions. Units exceeding 10,000 sq m accounted for 45,460 sq m, or 35% of total take-up, after no transactions in this size category were recorded during the previous two reporting periods. Units between 3,001 sq m and 5,000 sq m represented 22% of activity, followed by units of 1,000 sq m to 3,000 sq m with 20% and 5,001 sq m to 10,000 sq m with 17%. Units below 1,000 sq m accounted for the remaining 6%.
With warehouse demand recovering, larger occupiers returning to the market and rents remaining resilient, Stuttgart entered the second half of 2026 on a firmer footing than in the previous two years.
