This publication represents the first chapter ahead of a comprehensive Logistics Trend Report to be released in June 2026 in the run‑up to PROVADA.

Key findings: 

1. Logistics stock expanded to 51.4 million sq m (+64.7% since 2016)
   The national logistics stock increased from 31.2 million sq m in 2016 to 51.4 million sq m at the start of 2026, driven by rising import and export volumes and further supply‑chain centralisation.
2. Vacancy rates are normalising – no structural shift
   Following the historically low level of 2.7% in 2022, vacancy rose to 6.3% at the beginning of 2026, primarily due to speculative completions. Fundamental occupier demand remains intact, indicating a cyclical pause rather than a structural downturn.
3. Logistics remains a mature and resilient investment category
   In 2025, logistics accounted for 15.2% of total commercial real estate investment volume, confirming the sector’s position as a stable and mature asset class. Prime net initial yields normalised from 3.15% (2021) to 4.75% at the start of 2026, driven by increased capital costs and market‑wide repricing.
4. A polarising rental market with stabilising outlook
   Prime locations continue to perform strongly, while secondary locations face pressure from rising costs and evolving supply‑chain strategies. The development pipeline is shrinking to 1.9 million sq m, which is expected to support vacancy stabilisation over the medium term.
5. Take‑up declined, but underlying demand persists
   Take‑up fell to 1.7 million sq m in 2025 as occupiers postponed expansion, consolidation, and relocation decisions. Underlying demand, however, has not disappeared; it has simply become less visible due to longer decision‑making processes and a mismatch between demand and completed transactions.