In 2025, take-up on the Cologne office letting market amounted to 242,100 m². This corresponds to an increase of 10.6% compared to the previous year. Compared to the ten-year average, however, sales were around 14.7% lower.
The vacancy rate increased by 50 basis points to 5.0% in the fourth quarter of 2025 compared with the previous quarter. Year-on-year, the ratio increased by 100 basis points. The prime rent at the end of the year was EUR 33.50/m², 2.8% below the previous quarter. On a year-on-year basis, it fell by 4.3%. The median rent amounted to EUR 17.50/m² and thus remained stable compared to the previous quarter. Compared with the same quarter a year earlier, it rose by 2.9%.
Julian Turner, Director and Team Leader Office Agency at Savills in Cologne, comments: “The market picture of the Cologne office leasing market has diverged noticeably this year. In the city, suitable supply is becoming scarcer, while in the periphery more space is vacant. Although the vacancy rate is around five percent overall, it is rising much faster outside the center than in the city center. This shifts the negotiating power: In peripheral locations, incentives, more flexible terms and price concessions are now much more common. Modern qualities remain in demand, but at the same time the willingness of many users to pay is often below the asking rents. In 2026, individual completions in the city area could provide more choice in the short term. If few new projects start after that, large-scale options will tend to be more likely to be found outside the city.”
Savills expects the prime rent to remain stable in 2026, while take-up is expected to be slightly below the previous year’s level.
Supplemental graphs and data can be found in the Savills online dashboard of the top 6 office markets.
