Europe’s logistics real estate market continued to stabilize in the first half of 2026, even amid pressures such as the war in Iran and an ECB rate hike, according to GARBE Research’s latest PYRAMID MAP report, which covers 122 submarkets across 25 countries. A key trend is the rising role of Asian companies, especially Chinese ones, which are shifting from air cargo and direct mailing to building their own regional warehousing networks in Europe. Demand is also being driven by battery storage and by electric-vehicle (EV) and semiconductor manufacturers relocating supply chains to cut tariff risk, with Poland, Germany, France and the United Kingdom as top targets. This has boosted take-up and stabilized vacancies, though it hasn't yet lifted rents broadly.
Rents were largely flat in H1 2026 — 79 of 122 submarkets unchanged, 29 up, 14 down — averaging €7.52 per square meter per month by June. Yields, however, saw mild decompression in 62 submarkets, reversing late-20
