Business parks and small-scale Light Industrial Real Estate are experiencing exceptionally strong growth. According to Savills, with €212 million in the first quarter, they recorded a 206% increase over the previous year, clearly setting themselves apart from big-box logistics properties. It is important to look not only at the aggregate figures in the logistics and industrial real estate market, but also at the individual property types.
At the same time, the leasing market remains dynamic. BNP Paribas Real Estate reports a take-up of 1.5 million m² for Q1 2026, a 30% increase for the entire segment. Tenants are securing space, adapting their structures, and investing in their locations. Operational demand is there.
This creates a constellation that defines this phase. On the one hand, a stable, and in some cases growing, user market. On the other, an investment market that does not distribute capital broadly but directs it specifically toward product types that directly reflect this demand.
Business parks are a prime example of this. Multiple tenants, varying floor areas, flexible usage options, and a broader revenue base meet a demand that requires precisely these characteristics.
This is particularly evident in the small-scale Light Industrial sector between 200 and 1,000 m². These spaces are operationally indispensable for many companies. Production, service, workshops, or spare parts logistics cannot be relocated at will. At the same time, there is a lack of new construction precisely in this segment, and supply remains scarce. With the Hanse Gewerbehöfe, a product is being created that addresses this need exactly.
When demand meets limited supply and capital flows selectively to where utilization is most stable, the market balance shifts.
For investors, this means: less focus on the overall segment, more on the quality and functionality of individual property structures. Diversified Cashflows, multiple tenants, and adaptable space concepts are coming to the fore.
The discrepancy in the investment market is therefore not a contradiction. It is an expression of a shift within the asset class, and this is precisely where the actual development of this market phase lies.
