Garbe Industrial: Occupier demand triples in Germany

After two years of "fighting for tenants," the European logistics market is seeing a resurgence of occupier demand, while multiple tenants are competing for the same high-quality assets.

Jan Philipp Daun

At MIPIM 2026, Jan Philipp Daun, managing director of Garbe Industrial, met with CRE Media Europe to discuss the evolving dynamics of the German and wider European market.

Daun described a recent experience in Central Germany where three separate parties were vying for a single facility—a sharp contrast to the previous 24 months.

While the volume of interest has reportedly tripled compared to a year ago, the road to a signed lease remains arduous. Decision-making processes remain slow, reflecting broader corporate caution.

The recovery is not uniform across the continent. 

Germany is emerging from a period of stagnant GDP growth and moving toward a more optimistic outlook as tenant and bank activity returns.

Italy is benefiting from stable government, low unemployment, and consistent tenant demand.

CEE continues to outperform, with "zero vacancy" and a stream of large-scale lease signings.

Daun expects Garbe to return to its "peak times" in the next 12 months.

"We think that slightly we will be more active as a developer in the next 12 months than in the past 12 months... the environment will be getting better."

A key driver for this expansion is the selective re-emergence of core capital. For the first time in three years, both German and international institutional investors (particularly from Europe and Asia) are willing to partner on new deals.

Reflecting on the atmosphere in Cannes, Daun notes that while the "2022 hype" has faded, the market is now a place for "real asset managers" willing to work directly with properties on the ground.

"The 2022 hype is over. But if you are a real asset manager, really working with the boats on the ground, it's probably the perfect market."

Branislav Pekic