The German industrial and logistics real estate market fi nished out 2021 with a new record transaction volume of over €9.2bn. This tops 2017’s previous record result of roughly €8.7bn by around 8%, thanks to an exceptional end-of-year rally. It is particularly worth mentioning that 2017’s result could largely be attributed to 3 high-volume portfolio acquisitions in the billion-euro range, while not a single deal of this size was recorded on the German market in 2021. That means the high level of market activity alone led to this exceptional result.