BNP Paribas Real Estate publishes market figures for the 1st half of 2026
Düsseldorf’s investment market can look back on a solid first half of 2026. With a transaction volume of € 749 million, the result is around 30% below the long-term average, but the gap is comparatively small compared to the other top locations. This puts Düsseldorf in third place behind Munich and Hamburg, ahead of Berlin and Frankfurt. It is also positive to note that the half-year result is significantly higher than the previous year’s figure (+34%). This is the result of the analysis by BNP Paribas Real Estate.
“Over the course of the year, market activity has noticeably gained momentum. After €167 million in the first quarter, sales amounted to €582 million in the second quarter. Significant impetus came from the sale of the Dreischeibenhaus for well over €200 million, the “Blue Duo” office property and the sale of the “The Tube” distribution centre on the former Vallourec site as part of a portfolio sale. The major transactions underline the renewed interest of institutional investors in the location,” explains Philip Bellenbaum, Düsseldorf branch manager of BNP Paribas Real Estate GmbH.
The continued volatile financing environment and geopolitical uncertainties are partly reflected in the yield development at mid-year. While the net prime yield for commercial buildings in prime locations remains unchanged at 3.95%, office and logistics properties are recording yield increases of 15 and 35 basis points (YoY) respectively. The prime yields are thus quoted at 4.65% (office) and 4.60% (logistics).
Retail & Logistics involved above average
The distribution of the investment volume by size class is currently dominated by the segment above € 100 million. With a market share of 56%, its importance is well above the long-term average of 25%. This was mainly due to the two major transactions mentioned above. In contrast, the medium market segment between € 25 million and € 50 million, which is traditionally important for Düsseldorf, is currently significantly underrepresented. While this size class has contributed an average of 23% to transaction volume over the past ten years, this segment accounted for only 5% of earnings in the first half of 2026.
With € 361 million or 48% of the transaction volume, office investments lead the asset class ranking and at the same time record their best half-year result since the interest rate turnaround. The sale of the Dreischeibenhaus in particular made a significant contribution to this. Logistics and retail properties also have a significant share, with market shares of 24% and 22% respectively. The investment volumes of around €170 million each are also at an above-average level in absolute terms compared to the ten years.
Around 49% of the transaction volume or € 377 million is attributable to investments in the city. This was not only the highest contribution of all locations, but also significantly more investment than the long-term average (Ø10 years: € 253 million). The high transaction frequency also underlines the high attractiveness of the CBD for investors.
Prospects
“The framework conditions for the Düsseldorf investment market have improved somewhat compared to previous years. In particular, the renewed visible interest of institutional investors and the return of large-volume transactions suggest that the market recovery will continue in the further course of the year,” said Philip Bellenbaum.
At the same time, the market environment as a whole remains characterized by uncertainty. Volatile financing costs, geopolitical risks and the continued fragile economic recovery may slow down investment activity. The recent slight increase in prime yields also indicates that pricing in individual segments has not yet been fully completed.
Nevertheless, the high level of activity in the central locations, the broadly diversified demand across several asset classes and a well-filled transaction pipeline speak for a continued market recovery. Against this backdrop, the closing momentum in Düsseldorf is likely to pick up moderately in the further course of the year, although not every quarter can be characterised by extraordinary major deals. From today’s perspective, a higher transaction volume at the end of the year than in the previous year (€1.1 billion) is realistic.
