Logistics enters the age of megawatts

The European logistics market is changing in ways that extend well beyond the normal property cycle. Leasing activity across Europe reached 6.6 million square metres in the first quarter of 2026, up 6% on the previous quarter, while the Netherlands alone recorded a 41% increase, according to Savills. Cushman & Wakefield, meanwhile, expects the balance of power to continue shifting towards landlords over the next three years, with tenant-friendly markets becoming steadily less common.

Yet the most interesting developments are taking place beneath the headline figures. Industry participants increasingly describe a market in which access to power, rather than access to tenants, is becoming a defining constraint. At the same time, Chinese occupiers are reshaping demand patterns across Europe, while developers face a much more selective environment than the one that prevailed during the post-pandemic logistics boom.