The healthcare investment market in Germany recorded a transaction volume of € 1.4 billion in 2025, which represents an increase in revenue of 18% compared to the previous year. The prime yield remained stable at 4.90%.
The Düsseldorf investment market achieved a volume of €1.1 billion in 2025, which represents a 9% increase in turnover. Despite the positive developments, there was a lack of large-volume portfolio deals, but individual transactions dominated the market in the fourth quarter.
In 2025, Leipzig's office market recorded a 29% decline in take-up compared to the previous year, with a stable prime rent of €21/m². Larger deals were rare, but market recoveries became apparent in the second half of the year.
Düsseldorf's office market in 2025 was subdued with take-up of 218,000 m², despite a slight upturn in the second half of the year. The focus was on smaller spaces, while there were no large-scale lettings.
In 2025, the Cologne office market exceeded the previous year's result by 10% with take-up of 250,000 m². The fourth quarter in particular contributed significantly to this result with a significant contribution from public administration.
The office market in Munich recorded its strongest result since 2022 in the fourth quarter of 2025, despite a slight year-on-year decline. Prime rents could exceed €60/m² in 2026, predicts Michael Morgan.
BNP Paribas Real Estate reports that the Cologne investment market has again reached a transaction volume of €1.16 billion in 2025. Despite global uncertainties, Cologne is characterized by remarkable resilience and expects stable investment sales for 2026 as well.
At the end of 2025, the Frankfurt office market recorded take-up of 611,000 m², the best result since 2019. With an increase of 54% compared to the previous year, Frankfurt is the strongest market in Germany, ahead of Munich and Berlin.
In 2025, around 6.23 billion euros were invested in office properties in Germany, which corresponds to a 20% increase in transaction volume compared to the previous year. Despite the lack of portfolio sales, a stable market is showing positive trends.
In 2025, €1.9 billion was invested in Hamburg's commercial real estate market, a decrease of 17% compared to the previous year. In particular, there is a lack of large-volume transactions for a visible market recovery.
In 2025, Berlin will remain the leading A-location in Germany with an investment volume of 3.25 billion euros. Despite a slight year-on-year decline, Berlin is outperforming the average of the last three years, thanks in particular to significant transactions such as the sale of the Upper West.
The Munich investment market recorded strong growth in the fourth quarter of 2025, with 44% of the annual volume achieved during this period. Particularly noteworthy are two major deals in the city centre, including early Signa properties.
The logistics investment market in Germany reached a volume of €6.2 billion in 2025, which is 10% below the previous year. Individual deals increased by 17%, while portfolio transactions declined significantly.
The retail investment market closed 2025 with a transaction volume of around €6.5 billion, similar to the previous year. Large-volume Signa properties made a significant contribution to sales in the fourth quarter. Retail and food investments will remain in focus for 2026.
Germany's office markets overcame a challenging environment in 2025 and achieved a slight increase in take-up of 1.4% compared to the previous year. Frankfurt achieved the strongest turnover, ahead of Munich and Hamburg. However, the vacancy rate rose by 16% to 8.8 million m².
The German investment market was stable in 2025 and started 2026 with new momentum. With an investment turnover of just under €34 billion, the result fell slightly short of the previous year by 3.5%, with growth recorded in the office and hotel segment.
In the fourth quarter of 2025, the German residential investment market continued its recovery with 8.9 billion euros invested in residential portfolios. Market momentum was supported by increased demand, especially in forward deals.
Intersport, L'Osteria and Celona Halle Gastro GmbH will become new tenants of the former Kaufhof property in Halle/Saale in 2026. BNP Paribas Real Estate brokered the space to the new tenants.
BNP Paribas Real Estate is brokering the "Felsenbirne" residential complex in Leipzig to GRK Immobilien GmbH. Built in 1997, the complex comprises 21 residential units and 45 parking spaces and impresses with its contemporary investment opportunities.
Matthias H. Schräder, Director Corporate Finance & Portfolio Transactions, on a journey of discovery through the diverse world of real estate portfolios.
The first nine months of 2025 were promising for the European office market despite the persistently weak economic environment. After two relatively strong quarters, each with take-up of around 2.0 million m², however, the momentum slowed somewhat in the third quarter.
In Leipzig, leases have been signed for a total of around 1,200 m² of office space. The engineering office STEIN Ingenieure GmbH expands its branch, and the LBW Aus- und Fortbildungsgesellschaft relocates.
Data centers are the backbone of modern digital infrastructure and are the focus of investors. But what requirements must be taken into account, and what opportunities does their development offer?
The interest in hotel investments, which has been increasing for some time, is now also reflected in the transaction volume. With total revenue of almost €1.43 billion, hotels increased their volume by almost 44% compared to the same period last year and achieved their best result since 2021.
Even though the retail investment market reported a slight decline in revenue of around €4.1 billion at the end of the third quarter (-16% compared to Q1-3 2024), the lively transaction activity of the first half of the year has continued in recent months.
After office investments had lost their dominant role as the most important asset class in the last two years, they have once again taken the lead in terms of transaction volume in the current year.
The logistics investment market recorded a transaction volume of €4.2 billion in the first nine months of 2025. Earnings at the end of the third quarter fell short of the long-term average (Ø 10 years: €5.2 billion) by just under 20%, but were only slightly below the level of the same period last year (-5%).
In the third quarter of 2025, the German residential investment market continued its market recovery from the first half of the year, although the momentum has recently weakened slightly.
The stabilization of the investment markets has continued and is also reflected in the transaction volume of the first three quarters. With total sales of just under €23.8 billion, earnings are on a par with the previous year.
The German hotel investment market has clearly picked up speed in recent months. After two very stable quarters in the 2nd half of 2024, each with over €400 million, the market had made a comparatively weak start to 2025 due to a lack of product surplus.
The transaction volume on the healthcare investment market amounted to € 943 million after the first six months. Although the result is around 18% below the long-term average, the half-year result from the previous year was significantly exceeded by 66%.
The retail investment market recorded a transaction volume of just over €2.86 billion in the middle of the year, putting it ahead of logistics assets (€2.78 million) and office properties (€2.67 million) by a razor-thin margin of the top three property types.
The logistics investment market generated a volume of €2.8 billion in the first half of the year, slightly below the previous year's level (-2.2%). Overall, the market is very lively with a very significant increase in the number of deals.
The very good start to the year, which also saw the sale of the Upper West in Berlin, was followed by a somewhat quieter second quarter, so that in total there is an increase of a good fifth compared to the same period last year.
In the first half of 2025, the German residential investment market continued its recovery, with a moderate slowdown in momentum in the second quarter compared to the first quarter.
The recovery trend of the German investment markets observed at the beginning of the year took a little breather in the second quarter. Nevertheless, the previous year's result was exceeded by around 2% overall.
Due diligence plays an important role in real estate transactions. The larger the deals, the more complex the check. Without virtual data rooms, this is almost no longer feasible. But they are not only helpful for transactions, reveal Director Data Management Services Alexander Demmelmayr and Nicole Dittrich, Co-Head of DMS.
The multimodal logistics facility comprises approximately 30,000 sqm of contiguous warehouse space and is fully leased. BNP Paribas advised the seller throughout the transaction.
The retail investment market carried the momentum from the year-end business in 2024 into the first quarter of 2025, but without being able to report an extremely high total volume in the interim balance sheet.
In the first quarter of 2025, office properties have regained their traditional leadership role, which they had lost in logistics real estate over the past two years.
Even though the upward trend has not yet been sustainably reflected in the investment data, the hotel division has continued the recovery course of its market environment unabated in the first quarter of 2025.
The logistics investment market started 2025 with an investment volume of just under €1.3 billion, around 8% below the comparable figure for the previous year and 31% below the ten-year average.
The German residential investment market was able to transfer the market recovery that began last year to the new year 2025. The investment volume increased significantly in the first three months compared to the previous year, and € 2.5 billion was invested in larger residential portfolios (from 30 residential units).
The increase in investment turnover in Germany not only continued in the first quarter of 2025, but even accelerated slightly. With a total result of just over €8.4 billion, the transaction volume increased by a good third compared to the previous year.
Despite a decline in the retail park investment volume in 2024, the asset class is off to a positive start in 2025. The market picked up at the end of the year with 41% of annual sales in Q4. This is the result of the first Grocery Investment Market Report by BNP Paribas Real Estate.
Logistics real estate is becoming increasingly interesting for many investors, and seemingly niche products such as data centers are also becoming increasingly important. Where does that come from?
The topic of ESG should not be missing from any real estate conference or magazine or podcast – that much is clear. But is the topic still a trend or is it already part of the new normal in the finance and real estate industry?
Lederhosen and dirndls, Oktoberfest and hearty food are probably the terms that most people at home and abroad associate with Munich. Most of the time, you also have the strong economy and large Dax corporations in mind. Increasingly, however, the Bavarian capital is also associated with horrendous prices.
Germany's city centres are changing. Highstreets such as Königsallee in Düsseldorf or Maximilianstraße in Munich are confronted with various challenges, starting with the trends of sustainability and entertainment to vacancies and the future of large department stores.
The year 2024 is history. The real estate market has largely continued the expected recovery. Last year, for example, the residential investment market clearly won the asset class comparison. The take-up of office space in Germany's office strongholds has also risen from quarter to quarter.
The healthcare investment market recorded a transaction volume of just under €1.2 billion in 2024. The previous year's result was thus exceeded by 6%, but the year-end result is 51% below the long-term average.
The demand for data centers is increasing – they have now developed into an attractive and high-performance asset class. Advancing digitalization in all areas of life and business is causing the need for data centers to continue to increase.
In today's podcast episode, we want to deal with one of the trending topics of recent years: repositioning. Together with Andreas Völker and Christian Hotz, we clarify why this topic is currently so relevant and which subsequent use actually makes sense.
Sandra Ambrosi, Senior Project Manager ESG, and Robert Schmidt, Director of Technical Property and Project Management, talk about concrete ESG measures that can be implemented in property management.
In today's podcast episode, we look at concrete ESG measures. We have invited Managing Director Jan Schildmeier and Head of Sustainability Hermann Hörster.
Even though the results of the years before 2023 have not yet been achieved, the retail investment market was able to take advantage of the continuously improved market sentiment over the past 12 months and achieve a good overall balance in 2024.
For 2024, an investment volume of around €1.4 billion was registered for the German hotel investment market. Although the long-term average was missed, an increasing market momentum was nevertheless observed over the course of the year.
Office properties were by far the most affected by the difficult economic environment and higher interest rates. In addition, there was a certain uncertainty regarding the future development of the home office quota. But the trend is going back to the office.
Investments in logistics real estate were able to successfully defend their top position in 2024, which they achieved for the first time in the previous year. The nationwide transaction volume amounts to €6.87 billion, which corresponds to 27% of total investment turnover.
The German residential investment market continued its market recovery in the fourth quarter. The investment volume increased significantly in 2024 compared to the previous year, with the result that €9.3 billion was invested in larger residential portfolios (30 residential units or more).
BNP Paribas Real Estate publishes investment figures for 2024: Investment turnover in Germany increased significantly in 2024. The total result amounts to around €35.2 billion, which corresponds to growth of almost 27% year-on-year.
The international investor and asset manager Cabot Properties acquired a logistics property in Linden, Hesse. BNP Paribas Real Estate's advisors acted on behalf of the seller in the transaction.
Is Germany still the safe haven for investors? Which asset classes promise good performance? And what role does ESG play? We answer these questions in an interview with Katrin Hupfauer, Head of Real Estate Transactions at MEAG.
BNP Paribas Real Estate publishes figures on the hotel investment market for Q3 2024: After the first nine months of 2024, an investment volume of just under one billion euros (€992 million) was registered in the German hotel investment market.
In the first three quarters, turnover on the German investment markets was noticeably higher than in the same period last year. This is shown by the latest analysis by BNP Paribas Real Estate.
By the end of the third quarter of 2024, around €3.6 billion had been invested in office properties in Germany. This corresponds to a further decline of around 20% compared to the already very subdued result of the previous year.
