The Leipzig investment market can boast a strong quarterly result at the start of 2026. The investment volume in the first three months of the year amounted to € 209 million. This means that the full-year result for 2025 (€204 million) was already exceeded at the end of March and the average of the past ten first quarters of the year was exceeded by 11%. The latest result is the best since 2021 and the fourth highest in the past decade. This is the result of the analysis by BNP Paribas Real Estate.
In contrast to the previous year, another transaction in the three-digit million range has now been registered. Successfully supported by BNPPRE, Unibail-Rodamco-Westfield (URW) has sold 90.9% of the Höfe am Brühl shopping centre to the Czech investor Investika Real Estate Fund. In addition, the closing momentum in the small and medium-sized segment increased slightly.
“The framework conditions for Leipzig’s investment market remain challenging. As in the other major German investment locations, the weak economic development and geopolitical uncertainties are having a dampening effect on the market overall. As a result, net prime yields have risen slightly in some places over the past 12 months. Commercial buildings are up 20 basis points to 5.00% and logistics properties are up 25 basis points to 4.70%. For premium office properties, it remains unchanged at 5.30%,” says Stefan Sachse, Managing Director of BNP Paribas Real Estate GmbH and Leipzig branch manager.
Retail transactions dominate the market at the beginning of the year
At the beginning of the year, retail transactions dominated the Leipzig investment market, which was mainly due to the acquisition of the majority stake in the Höfe am Brühl shopping centre, with investments also being made in the specialist store format. The retail market share is a high 79.5%. A further 20.5% is accounted for by the other collective category, which includes development properties and nursing homes. To date, no deals have been reported for the office, logistics and hotel asset classes, although various transactions, including larger ones, are also being initiated or negotiated in these segments.
Due to the Höfe am Brühl, the City’s market share is a high 76%. The other deals were made in the periphery, bringing their market share to 24%. In the coming months, this distribution is likely to shift significantly, as investors are currently also offering very attractive investment opportunities on the outskirts of the city and in secondary locations – across all asset classes.
The more homogeneous distribution of the investment volume across the various size classes in a year-on-year comparison is encouraging. In addition to the major transaction in the three-digit million range, transactions of between €25 million and €50 million and between €10 million and €25 million have now also been concluded. Their market share currently amounts to a good 20%.
Prospects
Leipzig’s investment market has made a busier start to 2026, benefiting in particular from the majority stake in the Höfe am Brühl shopping center – the first transaction in the three-digit million range since 2024. At the same time, the increase in the number of transactions in the small and medium-sized segment at the beginning of the year underlines the attractiveness of Leipzig’s investment market. Investor interest in investment opportunities in Leipzig has increased noticeably in recent months and should materialise in further deals in the course of the year. The pipeline of marketable products is well filled in all asset classes, and a large number of marketing and concrete negotiation processes can currently be registered in the market.
“However, Leipzig’s investment market is also under the impression of the armed conflicts in the Middle East. Their potential effects on energy supply, inflation, interest rates and financing conditions bring uncertainty and move investors nationwide. Against this background, a slowdown in the pace of transaction processes can hardly be ruled out in the short term. However, with increasing predictability on the buyer side, the market recovery in the Leipzig market should continue. An investment volume that is slowly returning to the €400 million mark is realistic,” says Hannes Baderschneider, Leipzig branch manager of BNP Paribas Real Estate GmbH.
