Colliers reports that in 2025, office and commercial buildings outside the top 7 were traded for 1.9 billion euros. Manuel Backfisch, Head of Capital Markets B&C Cities Germany at Colliers, explains that investors invest selectively outside the top 7, where location and cash flow are convincing.
The consortium formed by Colliers, the leader, BearingPoint, LWA (Latournerie Wolfrom Avocats) and Allez & Associés, now enriched by the arrival of the Kardham Group, has been renewed on the market of the UGAP (Union of Public Purchasing Groups, a State purchasing centre) "Real Estate Consulting".
The retail real estate market is polarizing, with specialty stores as the resilient core. Experts expect a moderate revival of the transaction markets in 2026 with a sideways movement in prices.
The Munich industrial and logistics real estate market achieved take-up of 236,100 sqm in 2025, which corresponds to an increase of 20% compared to the previous year. The strongest user group was formed by companies from the manufacturing industry.
The German industrial and logistics real estate market achieved take-up of 5.9 million square metres in 2025, which corresponds to an increase of 4 per cent compared to the previous year. Logistics service providers accounted for the largest user group with a share of 39 percent.
In 2025, the German hotel investment market achieved a transaction volume of 1.66 billion euros, an increase of 19 percent compared to the previous year. A-cities such as Munich and Berlin topped the ranking, with a particular focus on core products.
EQT Real Estate has acquired a 50,000 square metre logistics site in Bad Wünnenberg-Haaren. Colliers brokered the sale, which also includes repositioning and new construction.
The German residential investment market recorded a transaction volume of EUR 9.1 billion in 2025, which corresponds to a decline of 15% compared to the previous year. While portfolio transactions fell significantly, individual sales increased by 20%.
In 2025, retail properties worth 5.8 billion euros were traded in Germany, an increase of 16% compared to the previous year. Growth was mainly driven by transaction volume in the fourth quarter.
In 2025, the German industrial and logistics real estate market achieved a transaction volume of 6.0 billion euros, 19 percent less than in the previous year. International investors had a high market share of 61 percent.
In 2025, Germany's largest office letting markets recorded take-up of 2.6 million square metres. While Frankfurt showed a dynamic increase, declining large-scale deals in other cities led to a decline in sales. Prime rents continued to rise, especially in Munich and Frankfurt.
The German investment market recorded a transaction volume of 34.3 billion euros in 2025, with the commercial sector remaining stable and the residential sector declining. Michael R. Baumann of Colliers reports a moderate upswing and stable framework conditions. The leading cities remain Berlin, Munich and Frankfurt, but transactions under 50 million euros dominate.
Barsan Global Logistics has leased 4,500 square metres of logistics space in the north of Cologne to expand its business activities. The property belongs to a Luxembourg investment company and was brokered by Colliers.
A new study by Colliers shows that operator properties are becoming increasingly important in Germany. The market share of these properties has increased by five percentage points since 2023.
2026 will be a year of opportunities for the German real estate industry, characterized by a recovery of the economy and stabilization of the market. Private investors and international interest are shaping the transaction activity, while ESG-compliant space is in high demand.
Colliers analyzes the clustering of legal services in Frankfurt's Central Business District, which focuses on two main areas: the City Highrise Cluster and the Opera Quarter Cluster.
The City of Cologne has concluded a long-term lease agreement for a property at Industriestraße 133 in Cologne. Colliers acted as an intermediary in the lease and OSMAB is the landlord.
Colliers has successfully brokered a residential complex with 98 residential units in Düsseldorf as part of an off-market transaction. The apartments are 100 percent publicly subsidized and offer affordable housing in central and urban locations.
The real estate investor EQT Real Estate has acquired the approximately 36,000 square metre site "Am Schlachthof 4a" in Gelsenkirchen. The seller was the company Westfleisch, which had previously operated the site as an owner-occupier. Colliers acted as an intermediary in the transaction.
Although the population in Germany is declining in the long term, the number of households is growing. In contrast, new residential construction in 2024 slumped by 14% compared to the previous year. By 2027, housing construction could decline by a further 35%.
Take-up in Germany exceeded the previous year's level by 8 per cent. In the top 8, the focus of users continues to be on the small-scale space segment up to 3,000 square metres.
The commercial transaction volume rose to around 1.3 billion euros in the first nine months of 2025 – an increase of 44 percent compared to the previous year. In the third quarter, smaller deals and portfolios dominated. Hotels increased significantly and accounted for 8 percent of the total volume.
The transaction volume was EUR 4.0 billion, 11 percent below the previous year's level. Increasing momentum in the market can be observed above all through portfolio transactions and individual major transactions with volumes in excess of EUR 100 million.
The transaction volume amounted to 3.8 billion euros and is thus still on track for the previous year. In the third quarter, significantly brisk market activity was registered. Large-volume inner-city properties and food-anchored retail park portfolios are once again increasingly shaping market activity.
Take-up in the top 7 reached 2 million square metres, up 5 per cent on the previous year's figure. As expected, the vacancy rate continued to rise and now stands at 8.3 percent.
The transaction volume reached 6.5 billion euros, 13 percent higher than in the previous quarter, but 7 percent below the previous year's level. Individual transactions dominate the market, while portfolios account for only 13 percent.
The transaction volume on the residential and commercial investment market amounted to 23.7 billion euros, just missing the previous year's level. In the commercial segment, the strongest quarterly result since the beginning of the year was achieved.
Institutional and private investors are increasingly focusing on existing properties, ESG-compliant properties and portfolios. Transaction activity is expected to remain high in 2025/2026.
The renowned piano and piano manufacturer Steinway & Sons is opening a new flagship store in Stuttgart and is moving from Silberburgstraße to Büchsenstraße 15. The new location at Kronprinzplatz will open on September 27, 2025. Colliers arranged the rental exclusively.
The paper sheds light on the topic of "architectural monuments" with regard to sustainability requirements.
Market participants are rather critical of the sustainability performance of architectural monuments.
The tenants include a leading Chinese car manufacturer with a growing presence in Europe, a provider of safety-critical communication solutions and an international company from the healthcare sector.
The special machine construction company KRÖNING – Automation continues to grow and acquires an area of around 12,000 square meters in the Dohna industrial park. Colliers acted as an intermediary for the buyer in the sale.
According to Colliers, the German hotel investment market reached a transaction volume of around 830 million euros in the first half of 2025. The market thus continued its recovery.
The Darmstadt-based AI scale-up etalytics continues to grow and is renting around 700 square meters of office space at Leydheckerstraße 10 as part of its expansion.
The German industrial and logistics real estate market generated take-up of around 2.9 million square metres in the first half of 2025. This corresponds to an increase of 12 percent compared to the previous year.
