Saturday, 22 August 2026
Denmark’s industrial and logistics property market moved in contrasting directions during the first half of 2026, with occupier demand continuing to recover while investment activity declined sharply, according to CBRE. Industrial and logistics investment volume reached DKK 2.9 billion in H1 2026, representing a 53% decline compared with the same period last year. The sector accounted for 9% of total Danish commercial real estate investment and ranked as the country’s third most liquid property sector.
International capital was particularly subdued. Cross-border investment amounted to approximately DKK 0.3 billion, down 92% year-on-year. CBRE recorded 148 transactions during the period, while the largest individual deal was valued at approximately DKK 0.4 billion. Prime logistics yields remained unchanged quarter-on-quarter at 5.00%.
CBRE said international investors continue to show interest in Danish logistics assets, although geopolitical uncertainty and higher interest rates following the escalation of the conflict in Iran have contributed to a more cautious approach to acquisitions. One of the notable transactions during H1 was Catena’s acquisition of a pan-Nordic logistics portfolio from Urban Partners, which included a logistics property in Denmark.
The investment slowdown contrasts with improving conditions in the occupier market. Logistics take-up increased by 8% in the first half compared with H1 2025, while Q2 alone generated approximately 269,000 sqm of leasing activity. Existing properties continue to dominate demand, with second-hand space representing 77% of total take-up during the first half.
The vacancy rate remained relatively tight at 4.39% in Q2. Prime logistics rents in Denmark’s South Corridor were unchanged quarter-on-quarter at DKK 725 per sqm, while approximately 119,000 sqm of new space was completed during the quarter.
Development activity nevertheless remains limited. CBRE reported only a modest increase in owner-occupied and built-to-suit deliveries during Q2, while the overall pipeline of new logistics projects remains constrained. This limited supply could gradually change the balance between landlords and occupiers. Tenants currently retain an advantage in negotiations, with incentives continuing to play an important role, although CBRE indicates that this position is beginning to shift as the availability of new developments remains restricted.
Rent also remains an important differentiator when occupiers compare similar warehouse properties. With relatively little new supply entering the market and vacancy below 5%, the availability and cost of suitable existing facilities could become increasingly important if occupier demand continues to strengthen.
The H1 figures therefore show a widening contrast between Denmark’s logistics investment and occupier markets. Investors have become substantially more cautious, reflected in the 53% decline in transaction volume and particularly sharp reduction in cross-border investment, while demand from companies requiring logistics space is moving in the opposite direction.
If leasing activity continues to recover while development remains limited, Denmark’s logistics market could gradually move towards tighter supply conditions. The combination of a stable 5.00% prime yield, a 4.39% vacancy rate and improving occupier demand suggests that underlying occupational conditions remain comparatively resilient despite the sharp slowdown in investment transactions.
