SUMMARY

Macro volatility has become a defining feature of the European investment landscape. Trade friction, geopolitical tension, higher interest rates, and shifting industrial policy have combined to create an environment where uncertainty is elevated and decision-making cycles are longer. In this context, logistics real estate may be perceived as vulnerable, highly exposed to global trade and therefore at risk as macro headwinds intensify. Macro uncertainty does not appear to be materially undermining logistics demand but rather contributing to a gradual reshaping of it. The sector is moving through a period of adjustment rather than decline, with demand becoming more selective, more location specific and more tightly aligned to resilience, security of supply and operational efficiency.

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