The ongoing geopolitical uncertainties, the gloomy economic market environment and a structural change on the demand side are reflected in the current result on the Essen office market: With take-up of only 18,000 m², the Ruhr metropolis recorded its weakest half-year result in more than twenty years and only reached just over half of the previous year’s figure. Especially in smaller office markets, whose overall result often depends on a few major deals, stronger fluctuations in earnings are not unusual. Against this backdrop, the subdued half-year results in Essen with significantly below-average take-up are only partially surprising. This is the result of the analysis by BNP Paribas Real Estate.
A major reason for the below-average half-year result is the lack of major leases. So far, no deal with an area of more than 3,000 m² has been registered. In contrast, market activity in the segment of small spaces up to 1,000 m² developed much more dynamically. With a market share of just over 70%, this category was even far above the average level (36%). The largest deal to date was concluded in the second quarter by the public administration, which has rented around 2,300 m² of office space in the Weststadt.
“The prime rent has remained unchanged at €20/m² since the end of 2025 and is achieved for modern office space in good city locations. The average rent is currently €13.90/m² and has thus fallen slightly by around 5% compared to the previous year,” explains Amedeo Augenbroe, Essen branch manager of BNP Paribas Real Estate GmbH.
Industrial companies and consultants with the highest number of closed deals
Currently, take-up is mainly dominated by industrial companies, which traditionally occupy a strong position in Essen and account for around a third of the total volume. A number of small to medium-sized deals between 500 and 2,000 m² are particularly important. Public administration follows somewhat behind in second place with a market share of around 15%. The largest letting to date makes a significant contribution to the result. An above-average contribution of just under 15% is also attributable to consulting firms (Ø 10 years: 5%).
The current vacancy volume amounts to around 273,000 m² and is thus quoted at around 4% above the previous year’s figure. Modern office space with correspondingly high-quality furnishings continues to be in particularly high demand. Here, the volume amounts to a low 36,000 m² and thus only about 13% of the total vacancy. The vacancy rate of the Ruhr metropolis is 8.5%. In a comparison of the major German office markets, the city thus occupies fourth place – only in Berlin, Frankfurt and Düsseldorf is it higher.
At the end of the second quarter of 2026, the volume of space under construction was a good 33,000 m². Compared to the same period last year, this corresponds to a decline of just under 6%. At 13,000 m², the category of space still available for the letting market remains at an unchanged low level.
Prospects
Essen’s office market can look back on a subdued first half of 2026. The leasing momentum of previous years has not yet been achieved, which is due in particular to the continued challenging economic environment and the resulting lack of major deals.
If the economic environment stabilises or recovers, a solid annual result for 2026 remains within the realm of possibility. It remains questionable whether the long-term average level of around 90,000 m² can be achieved.
“A moderate further increase in vacancy is expected for the second half of the year, especially for older existing properties. At the same time, the supply of modern and high-quality space is likely to remain scarce, as hardly any additional space from new construction projects will come onto the market in the short term. Against this backdrop, rental price growth in the top segment is likely to consolidate,” says Amedeo Augenbroe.
