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JLL: Geopolitics clouds the outlook for the office markets

In the first quarter of 2026, Germany's seven largest cities recorded a 17% decline in take-up compared to the same period last year. Despite the challenges, prime rents remain stable, especially in the premium locations of cities such as Munich and Berlin.

by JLL

Markets Real Estate

All posts in this category

Quarterly Report

JLL: Retail investment: Small-scale, but very dynamic at the beginning of the year

In the first quarter of 2026, the German retail investment market recorded an increase in transactions from 56 to 83, which corresponds to a volume of 1.44 billion euros. According to Sarah Hoffmann of JLL, it was mainly retail store products that dominated events.

by JLL

Markets Real Estate

Comment Discussion

Life Science Real Estate segment shows stable development despite crisis

The life science real estate segment remains stable despite the crisis and benefits from global megatrends. Important markets are the United Kingdom, Germany, France, Ireland and the Netherlands, with the latter offering particularly good location factors.

by a.s.r. real estate

Markets Real Estate

Quarterly Report

Savills examines office leasing market in Cologne Q1-2026: Demand concentrated in central locations

In the 1st quarter of 2026, take-up on the Cologne office letting market amounted to 45,400 m², a decline of 36% compared to the previous year. The prime rent remained stable at EUR 33.50/m², while demand is concentrated in central locations.

by Savills

Markets Real Estate

Quarterly Report

Savills examines office leasing market in Berlin: Major deals support sales – focus on space quality

In the 1st quarter of 2026, Berlin's office letting market recorded a significant increase of 45% in take-up compared to the previous year. Large deals of 5,000 square metres or more are favouring this increase, while the supply is being expanded by sublet space.

by Savills

Markets Real Estate

Quarterly Report

Savills examines office letting market in Hamburg Q1-2026: Lack of supply of high-quality space slows down relocations

In the first quarter of 2026, office space take-up in Hamburg fell by 19% year-on-year, while prime rent rose by 2.8%. Savills expects sales in 2026 to exceed the previous year's level.

by Savills

Markets Real Estate

Quarterly Report

Essen office market: moderate start to the year in the Ruhr metropolis

In the first quarter of 2026, the Essen office market recorded take-up of only 10,000 m², which fell well short of the previous year's result. The prime rent is stable at €20/m², while the vacancy rate remains at 8.9%.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Dortmund office market with moderate start to the year – prime rent stable at a high level

The office market in Dortmund recorded a moderate take-up of 21,000 m² in the first quarter of 2026, with stable prime rents of €23.00/m². Public administration and trade dominate the deals, while the construction volume is declining.

by BNP Paribas Real Estate

Markets Real Estate

Bildquelle JLL

Quarterly Report

JLL: Positive start to the year on the Berlin office market

Berlin's office letting market has made a buoyant start to 2026 with take-up of 148,100 m². Larger leases in particular contributed to a dynamic market start, with Strabag's largest deal taking place in the Schöneberg submarket.

by JLL

Markets Real Estate

Quarterly Report

JLL: Düsseldorf office market is waiting for a breakthrough

The Düsseldorf office market recorded a decline in new lettings to 51,200 m² in the first quarter of 2026, the lowest figure in the last ten years. Despite a slight increase in the city, the vacancy rate rose to 11.6 percent, the highest among the seven German metropolises.

by JLL

Markets Real Estate

Quarterly Report

Quiet start on the Leipzig office market – low take-up in the mid-range space segment

Leipzig's office market got off to a subdued start in 2026 with take-up of 15,000 m² in the first quarter, a decline of 6% compared to the previous year. There was hardly any movement in the mid-range segment in particular, although a major contract was concluded in the public sector.

by BNP Paribas Real Estate

Markets Real Estate

Bildquelle: JLL

Quarterly Report

JLL: Major deals drive revenue growth in Munich’s office market

In the first quarter of 2026, large-volume contracts led to a significant increase in sales in the Munich office market. The industrial and IT sectors dominated the market, and further positive developments are expected.

by JLL

Markets Real Estate

Quarterly Report

Hamburg office market: good demand base without high overall result in Q1

In the first quarter of 2026, the Hamburg office market recorded an 18% decline in take-up to around 91,000 m², but remains stable compared to the previous quarters. The prime rent rose to €39/m², with demand for premium space remaining high.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Cologne office market: subdued start to the year against the backdrop of economic slump, prime rent remains stable

The Cologne office market got off to a subdued start in the first quarter of 2026 due to the economic downturn, with take-up of 45,000 m² significantly below the previous year's figure. Nevertheless, the prime rent remains stable at €33.50/m².

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Earnings on the Düsseldorf office market slightly above previous year’s level

The Düsseldorf office market recorded take-up of 42,000 m² in the first quarter of 2026, which represents an increase of 8% compared to the same period last year. The demand for modern office space is leading to rising rents in the region.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

JLL: Hamburg’s office market is still weakening in medium-sized sizes

Hamburg's office letting market is off to a cautious start in 2026 with take-up of 98,800 m², which is 25 per cent below the previous year's figure. Deals in the size classes between 1,000 m² and 10,000 m² are particularly affected.

by JLL

Markets Real Estate

Quarterly Report

Frankfurt office market: Moderate start to the year with 82,000 m² of take-up

The Frankfurt office market recorded a moderate take-up of 82,000 m² in the first quarter of 2026, which represents a significant decline compared to the previous year. Demand for premium space remains high, while the average rent has fallen slightly.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Berlin office market with highest take-up growth among A-locations

In the first quarter of 2026, the Berlin office market recorded a 42% increase in take-up compared to the previous year, with large contracts of 5,000 m² or more in particular making a significant contribution to the development. Demand is concentrated in central locations and premium space, which could potentially have an impact on rising rental prices.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Savills examines Düsseldorf’s office letting market in the first quarter of 2026: Uncertain environment leads to subdued start to the year

Savills analysed the Düsseldorf office letting market in the first quarter of 2026. Take-up amounted to 38,700 m², which corresponds to a decline of 9% compared to the previous year. The prime rent remained stable at EUR 46.00/m².

by Savills

Markets Real Estate

Quarterly Report

Strong first quarter – Munich office market back on track

The Munich office market recorded take-up of 172,000 m² in the first quarter of 2026, which corresponds to an increase of almost 26% compared to the previous year. Particularly large contracts contributed to this success.

by BNP Paribas Real Estate

Markets Real Estate

Bürovermietungsmarkt in München (Bildquelle: Savills)

Quarterly Report

Savills examines office leasing market in Munich: Major deals ensure a dynamic start to the year

Savills examined the office letting market in Munich in the first quarter of 2026 and recorded take-up of 157,000 m², an increase of 8% compared to the previous year. Despite the rising vacancy rate, prime rents rose by 1.7% compared with the previous quarter.

by Savills

Markets Real Estate

Büroflächenumsatz und Leerstand Frankfurt Q1 2026 (Savills)

Quarterly Report

Savills examines the office leasing market in Frankfurt in the first quarter of 2026: Subdued start to the year and selective demand

Savills has examined the Frankfurt office leasing market in the first quarter of 2026 and reports a 66% year-on-year decline in take-up. Prime rents rose by 2.5% and Savills expects a further increase by the end of the year.

by Savills

Markets Real Estate

Tabelle Industrieinvestmentmarkt Q1 2026 (Bildquelle: Savills)

Quarterly Report

Savills examines the investment market for industrial and logistics real estate in the first quarter of 2026: German investment market for industrial and logistics real estate: Moderate activity at the start of the year amid increasing uncertainty

Savills generated approximately EUR 954 million in the German industrial and logistics real estate market in the first quarter of 2026, a year-on-year decline of 2%. Savills' Bertrand Ehm expressed concerns about rising costs due to geopolitical tensions and the price of diesel. The prime yield on real estate rose to 4.5%.

by Savills

Markets Real Estate

Transaktionsvolumen Frankfurt am Main Q1 2026 (Bildquelle: Savills)

Quarterly Report

Savills examines the real estate investment market in Frankfurt in the first quarter of 2026: Transaction volumes are getting smaller and processes take longer

Savills has analysed the real estate investment market in Frankfurt in the first quarter of 2026. Although transaction volume is up 154% year-over-year, it's 78% below the 10-year average. The processes are more complex and take longer.

by Savills

Markets Real Estate

Quarterly Report

Good start to the year in the retail sector – sales up 7%, specialist stores and high-street assets with high premiums

The retail investment market got off to a good start in 2026 with a 7% increase in turnover. Important contributions came from specialist stores and high-street assets.

by BNP Paribas Real Estate

Markets Real Estate