Rising take-up and slowing development starts push European logistics (weighted) vacancy rate down to 5.71%
According to Savills latest research, rising take-up levels and slowing development starts have pushed European logistics (weighted) average vacancy rates down to 5.71% at the end of Q3 2026, a reduction from 5.89% in Q2.
European logistics take-up totalled 21.3 million sq m for the first three quarters of 2026, up 16.2% against the same period last year, says the international real estate advisor. Q3 alone added another 7.6 million sq m, rising 13.4% year on year.
At a market level, quarter-on-quarter performance (Q3 versus Q2 2026) was mixed. The strongest quarterly gains were in Valencia, where take-up surged 191% to 197,000 sq m, and Belgium, up 99% to 304,000 sq m. Dublin (+33%) and Romania (+28%) followed, while the Netherlands grew 13% to 768,000 sq m. Germany, the largest market by volume, rose 8% to 2.0 million sq m, ahead of the Czech Republic (+5%). Italy edged up 4% to 781,000 sq m, driven by Milan (+51% to 185,000 sq m), and Barcelona also rose 4%. Poland rose a more modest 2% to 1.28 million sq m, though take-up was 51% higher year on year, helped by a 173% jump in the Warsaw Suburbs to 195,000 sq m.
Sam Quellyn-Roberts, director in Savills EMEA industrial & logistics occupational markets team, says: “Among the take-up observed, third-party logistics providers (3PLs) have been the largest sector taking space. In the UK, they account for 39% of take-up in 2026. We estimate that Chinese occupiers have already leased 3.45 million sq ft, accounting for 18% of national take-up, exceeding full-year 2025 levels and the 2021 COVID peak. Continental European activity is smaller and uneven, however: France has so far recorded 107,894 sq m, compared with 104,155 sq m in full-year 2025, with the take-up share rising to 5% from 3.1% in 2025.”
The international real estate advisor says that European industrial and logistics investment volumes reached €9.7bn in Q3 2026, slightly up on Q3 2025. This takes total investment to €29.6 billion for the first nine months of 2026, 9% below the five-year average (Q1 – Q3).
George Coleman, director, UK & EMEA Logistics, Savills, says: “Appetite for European logistics remains strong and sector allocations are robust, but a persistently higher cost of capital is putting pressure on underwriting and therefore impacting total transaction volumes. With development activity slowing, take up rising and vacancy falling, we expect a return to outsized rental growth for the right buildings and that will drive returns. Stock selection therefore remains paramount.”