Real Estate: Industrial: Key takeaways from 1H26 EMEA Logistics RE call with Savills

Research evidence excerpt

Real Estate: Industrial: Key takeaways from 1H26 EMEA Logistics RE call with Savills

Equity Research

21 July 2026 | 6:52PM BST

Real Estate: Industrial: Key takeaways from 1H26 EMEA Logistics RE call

with Savills

We highlight key takeaways from our expert call on 1H26 EMEA industrial and Jonathan Kownator

+44(20)7051-2974 |

logistics trends with Savills today (21/07/2026). The discussion highlighted a jonathan.kownator@gs.com

Goldman Sachs International

gradually improving backdrop for the logistics sector. Occupier demand remains

Kuber Sood, CFA

supported by resilient consumer spending and retail-led leasing activity, while Savills +1(332)245-7812 | kuber.sood@gs.com

expects falling speculative development to tighten supply over the coming years. Goldman Sachs India SPL

Rebecca ParkerAlthough transaction activity slowed in Q1 and net absorption remains subdued, +44(20)7051-6646 |

Savills sees early signs of recovery emerging across a number of markets, which they rebecca.x.parker@gs.comGoldman Sachs International

expect will drive rental growth over the next quarters. At the same time, they expect

yields to remain stable for grade A assets, supporting modest valuation growth

driven by rents. Three key components of demand have been online retail and Asian

retailers, manufacturers and 3PLs across Europe.

We are Buy rated on all dedicated logistics player under our coverage including CTP

(on CL), Tritax Big Box, and WDP.

Key debates

n Demand remains resilient, supported by retail occupiers: Retail, including

e-commerce and grocery, continues to account for around two-thirds of

occupier demand. Savills expects strong demand growth in CEE during 2026

before momentum broadens into Western Europe in 2027.