Savills: European logistics market rebounds in Q3 2025
Take up volumes for the period July to September 2025 reached 7.5 million sq m, an increase of 24% quarter on quarter and 22% year on year.
On an annual basis, the Czech Republic (+120.9%), Romania (85.9%) and Dublin (70.8%) have seen the strongest increase in take-up compared to Q3 2024.
Sam Quellyn-Roberts, director in the EMEA industrial & logistics occupational markets team, says: “From a seasonal perspective, this was a strong result, with European logistics take-up 6% higher than the average Q3 over the last ten years.”
Investment volumes for European logistics between January and September 2025 totalled €27.8bn, broadly in line with last year. Looking at the five-year pre-pandemic average, the first three quarters of the year averaged €22.9bn between 2015 and 2019. Whilst investors are selective, total volumes remain ahead of pre-pandemic levels, says the international real estate advisor.
Notably major markets like the Netherlands (86%), Germany (+23%) and Spain (+17%) have all seen growth in investment volumes relative to 2024.
George Coleman, UK & EMEA logistics, Savills, says: “Strategically, investors remain focused on core European logistics markets, with capital concentrating in prime hubs with strong fundamentals and long-term stability given underlying locations and proximity to major infrastructure. Risk appetite has become more selective, with reduced interest in speculative developments or secondary locations. Indeed, a clear preference continues for income-producing assets let to high-quality tenants, in particular, multi-let assets have seen significant depth of demand amongst bidders.”
Andrew Blennerhassett, associate director, UK & EMEA logistics research at Savills, adds: “Looking ahead, there are some positive signs for the further recovery of the European industrial and logistics market as e-commerce penetration across the continent is expected to grow by 7% in 2025. This would bring total penetration to 20.1%, its highest level since the pandemic-era peak in 2021 at 20.9%.”