Mirastar: Cautious optimism and decarbonisation

The logistics sector is entering 2026 with a sense of "renewed confidence", according to Kris Britland, head of Development at Mirastar.

Kris Britland

Speaking to CRE Media Europe from the sidelines of MIPIM, Britland outlined a logistics market that is shaking off the stagnation of the past 24 months, driven by an uptick in occupier enquiries and a focus on decarbonisation.

After a period of hesitant decision-making, the occupational market appears to be reaching a tipping point. Britland noted a distinct shift in momentum over the last two quarters.

"We have seen a real uptake in enquiries for the vacancy that we have in our book... particularly in the UK, we see a real uptake of buyer interest, which is a sign of growing confidence from the customer base."

While the transaction market remains "slower" generally, Britland believes the "glum" mood of previous years has lifted. He attributes this to a backlog of business requirements finally being addressed as market stability returns.

A core pillar of Mirastar’s 2026 strategy is the retrofitting of older stock. With tightening EPC regulations and the Energy Performance of Buildings Directive (EPBD) looming across Europe, "stranded assets" are becoming a primary focus. Additionally, the firm is purchasing underperforming assets and stripping out carbon.

"We’ve carried out some quite significant decarbonisation projects... we actually study the impact of our embodied carbon on our refurbishments. We’ve improved EPCs, added solar arrays, and taken out gas in favour of natural electricity."

Britland argues that the "total cost of a lease" is now inextricably linked to energy efficiency. By developing to EPC A+ and BREEAM Excellent standards, Mirastar is insulating its customers against rising energy costs.

Beyond the buildings themselves, Mirastar is partnering with large corporate occupiers to overhaul their logistics chains. A major priority for 2026 is the electrification of the fleet, helping tenants swap diesel HGVs for electric alternatives.

While speculative development slowed as interest rates and build costs fluctuated, Britland sees the landscape shifting in favour of new projects once again.

"We’ve seen across Europe a consistent contraction in build costs from general contractors... the economics of development look favourable for the future."

Looking ahead to the rest of 2026, Mirastar will be focusing on its newly established strategy for the French market and ongoing solar energy projects in Germany.

Branislav Pekic