Although it was already clear at the start of 2026 that the very strong letting performance seen in the same period of the previous year would not be repeated in exactly the same way, the Frankfurt office market can look back on an overall satisfactory performance at the end of September 2026: Whilst the current figure for the Main metropolis – with a take-up of around 300,000 m² in the first three quarters – is 40 per cent below the previous year’s volume, it nevertheless reflects a leasing momentum comparable to that seen in 2023 (around 285,000 m²) and 2024 (307,000 m²). This is according to an analysis by BNP Paribas Real Estate.
“A particularly positive development here is the trend in space take-up in the third quarter of 2026, when, at around 127,000 m², the best quarterly result by far was achieved. Further evidence of the continued strong demand in the Frankfurt office market is that Q3 take-up was above average not only compared with previous quarters but also when compared with the last five years,” explains Riza Demirci, Managing Director and Head of the Frankfurt branch of BNP Paribas Real Estate GmbH. This is also reflected in the large-scale segment: Three of the five largest lettings since the start of the year were recently finalised: the BaFin (21,700 m²) in the RAW development project, and the two banks/financial services providers ODDO BHF (14,700 m²) and AirPlus International (7,900 m²) in the SKYPER and Skylight office towers respectively.
In terms of prime rents, demand for the very best premium spaces in the prime sub-areas has resulted in a 6 per cent increase since Q3 2025, reaching €57 per square metre. In some isolated cases, tenancy agreements have even been concluded at rates exceeding €70 per square metre. Accordingly, the upward trend in the top segment is likely to continue in the medium term.
A broad spectrum of occupiers evident in the sector ranking – only marginal shifts in vacancy rates
On the user side, there is currently a broad range of demand: this is reflected not least in the high share of turnover accounted for by the ‘Other’ category (a collection of smaller individual sectors), which accounts for 21.8 per cent of the market. When considered in isolation, the user groups that stand out most are the banks and financial services providers, which have traditionally been strong players in the Frankfurt market; they accounted for a good 22 per cent of total turnover and 57 per cent of the volume of 5,000 m² or more. This meant they were once again the key driver in the large-scale segment. Other key pillars of the lettings market include consultancy firms (just under 18 per cent) and the public sector (around 12 per cent). The consultancy sector in particular, accounting for just under 21 per cent of all deals, contributes significantly to the strong underlying momentum in the small and medium-sized space segments of the Frankfurt office market. Financial services providers, by contrast, account for only around 10 per cent of all contracts.
The supply of space has been characterised by a persistent sideways trend since the start of the year, meaning that the vacancy rate remains at around 1.8 million m². Of this, 58 per cent features modern fittings and finishes. The total volume of space under construction has fallen further over the past twelve months and currently stands at around 369,000 m². Of this, approximately 125,000 m² is still available. The pre-let rate stands at a healthy 66 per cent. In particular, the supply of space from project developments still available in prime locations is very limited.
Outlook
Overall, the Frankfurt office market is in a position to start the final quarter on a positive note: whilst it was not expected to match the 2025 figure, viewed in the context of the last five years, the market has demonstrated steady growth, with a number of major deals and strong letting activity in the small and medium-sized segments.
For the year as a whole, a take-up of around 420,000 m² therefore appears realistic, which would represent the third-best result in this period after 2022 (472,000 m²) and 2025 (611,000 m²). Demand for space is consistently underpinned, particularly in consultancy-related and financial sectors, by the high attractiveness of Frankfurt as a business location. Furthermore, across all sectors, relocations to better-connected micro-locations and even higher-quality prime space remain key drivers of take-up.
“On the supply side, in central and well-connected locations, there is currently a solid supply of modern space meeting stable demand for prime properties. Against this backdrop, rents are likely to continue their upward trend, with prime rents expected to exceed the €60/m² mark for the first time,” said Riza Demirci.
