Prologis: Navigating Northern Europe’s industrial landscape

At Expo Real 2026 in Munich, CRE Media Europe caught up with Björn Thiemann, senior VP and regional head of Northern Europe at Prologis, who offered an overview of where the industrial and logistics real estate sectors stand across Germany, Benelux, and the Nordics.  

Björn Thiemann

Northern Europe's prime logistics hubs are showing resilient fundamentals, driven by tight supply and sustained demand for modern, high-spec space.

Integrating solar infrastructure, battery storage, and EV fleet charging is no longer an optional add-on—it is a central requirement for occupiers.

Disciplined capital allocation remains essential amidst ongoing construction cost considerations and yield adjustments.

Flight to quality

Reflecting on performance across his region—which encompasses Germany, the Netherlands, Belgium, and the Nordic markets—Thiemann highlighted a marked focus on quality and location. While macro headwinds have slowed broader speculative activity, occupancy rates in core locations remain robust.  

"What we are seeing across Northern Europe is a clear flight to operational efficiency. Tenants aren't just looking for square metres; they are looking for resilience, energy autonomy, and strategic location," noted Thiemann.

The constraint on available land, particularly in top-tier hubs like the Rhine-Ruhr region, the Port of Rotterdam, and major Nordic corridors, continues to keep vacancy rates manageable despite conservative leasing cycles.

Energy solutions & ESG

A central theme of the discussion at Expo Real 2026 was the rapid integration of energy infrastructure directly into real estate portfolios. Thiemann emphasized that logistics facilities are increasingly functioning as decentralized energy hubs.

"Logistics real estate sits right at the intersection of supply chain logistics and energy transition," Thiemann remarked. "Helping occupiers reduce operational carbon while securing reliable green power is now as critical as providing a roof and loading docks."

Strategic outlook

Looking ahead across the remainder of the year and into 2027, Thiemann remains cautiously optimistic. With capital markets gradually recalibrating and tenant demand supported by nearshoring initiatives, Northern Europe remains a core destination for long-term real estate investment.

Branislav Pekic