Robust growth in a dynamic environment

This article for the magazine IMMOBILIA (2026/11) describes related developments and challenges in Switzerland.

Every day, over 500,000 parcels are delivered in Switzerland. This volume illustrates the enormous importance of logistics in daily life. From a morning online order to the on-time delivery of production components to industrial companies, logistics is the invisible nervous system of our economy. The number of parcels transported per capita has risen from around 15 in 2015 to over 20 in 2025: a growth of more than 30%. This development is directly reflected in the rising demand for specialized logistics properties.

Logistics properties are fundamentally different from other use classes. While office properties primarily provide workplaces and residential properties create living space, logistics properties form the physical infrastructure for modern supply chains. The term covers a broad spectrum: from simple warehouses and highly automated distribution centers to temperature-controlled special solutions.

Modern logistics centers feature sophisticated conveyor technology, automation systems, and, increasingly, charging infrastructure for electric vehicle fleets. While the types of use and the required installations are largely similar for apartments and office workplaces, the processes and technical complexity of logistics properties vary considerably.

Another characteristic is the strategic importance of location. For office properties, proximity to the city center and public transport connections are often paramount. For logistics sites, however, proximity to major transport arteries and accessibility to large catchment areas is crucial. Accordingly, the highest density of logistics buildings is found along the A1 motorway and in the Basel – Solothurn – Zurich triangle.

The Swiss logistics real estate market is showing remarkable momentum. The median rent has continuously risen from CHF 95 per s.qm. per year in 2019 to CHF 110 in 2025, representing growth of almost 16%. This increase significantly outpaces the rental price development in many other use segments and reflects the structurally increasing demand.

The rental price range varies considerably, not least due to differences in technical equipment, ceiling height, and transport connections. Simple, unheated storage spaces range between CHF 70 and CHF 100 per s.qm. per year. For high-bay warehouses, rents of CHF 140 to CHF 200 are common, while cold storage facilities sometimes exceed CHF 200 per s.qm. per year.

In parallel with rental price development, the vacancy rate for investment properties has more than halved, from 7.7% in 2019 to 3.9% in 2025. Taking into account owner-occupied properties—which constitute the majority of logistics buildings—the effective vacancy rate is likely between 1.0% and 2.0%. For comparison, in the office market, vacancy rates in the largest Swiss market regions are between 4% and 6%.

The regional distribution shows interesting differences. The largest supply of space as of mid-2026 was concentrated in the cantons of Vaud, Ticino, Aargau, Bern, and Zurich. Asking rents diverge significantly between individual cantons: while CHF 180 to CHF 260 per s.qm. per year are demanded in the canton of Geneva, the ranges in the cantons of Valais and Fribourg are CHF 60 to CHF 140.

The investment market for logistics properties has fundamentally changed in recent years. Long considered a niche product, the perception among institutional investors has significantly improved. The number of registered transactions has increased, and investment volumes in 2024 and 2025, each exceeding CHF 600 million, were well above the long-term average. The reasons for this are likely diverse. On one hand, the logistics sector is considered a growth sector, which has supported the positive development of rent levels and vacancy rates. On the other hand, uncertainties in other commercial real estate segments (retail, office) have increased, which may lead investors to reallocate a portion of their capital to asset classes with more attractive conditions.

Gross yields in 2025 ranged between 5.2% and 6.9%, with a median of 5.8%. Since the end of 2024, the prime yield for first-class logistics properties has been just under 4% (net). Investors still demand clearly higher yields for logistics properties compared to a core office property, but the difference has narrowed.

In the last two years, the average purchase price of a logistics property was just under CHF 20 million, with individual transactions ranging between CHF 50 and CHF 100 million. Examples include the acquisition of the GXO Logistics property in Sant'Antonino by Deka for around CHF 72 million at a gross yield of approx. 4.8%, or the EK9 building in Meyrin, which changed hands for around CHF 81 million.

Several factors sustainably support this positive development. The e-commerce boom continues, road freight transport is growing, and the electrification of fleets requires new infrastructure. Over 25% of new trucks registered in the first half of 2026 will already be electrically powered. The scarcity of land is becoming more acute. As hardly any new building land is available, modern buildings are increasingly growing in height. At the same time, changing consumer habits are increasing the demand for flexibly usable and smaller, urban logistics hubs.

The Swiss logistics real estate market has evolved from a niche segment into an established asset class. With falling vacancies, rising rents, and compressing yields, a professionalization is evident that is opening up the segment to new institutional investors. The structural growth drivers—from e-commerce and nearshoring to the green transformation—remain intact and promise robust demand for modern logistics spaces in the years to come.

JLL Switzerland has published a detailed research report on the 2026 Swiss logistics market. The report is now available for download.