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Quarterly Report

Moderate start to the year overall in Germany’s office markets, but significant increase in take-up in the top markets of Berlin and Munich

The German office markets experienced a moderate start in the first quarter of 2026, with take-up of 603,000 m² and a decline of 14% compared to the previous year. However, Berlin and Munich recorded significant sales growth of 42% and 25.5%, respectively.

by BNP Paribas Real Estate

Markets Real Estate

Transaktionsvolumen Hotel- und Beherbergungsimmobilien Q1-2026 (Bildquelle: Savills)

Quarterly Report

Savills examines the German investment market for hotel and accommodation properties in the first quarter of 2026: Hotel investments in demand despite challenges on the operator side

Savills has analysed the German investment market for hotel and accommodation properties in the first quarter of 2026. The transaction volume was just under EUR 163 million, which corresponds to a decline of 61% compared to the average of the last five years. Despite challenges, investor interest in the German market remains high.

by Savills

Markets Real Estate

Quarterly Report

Munich Investment Market: Increased turnover takes first place in the city ranking

The investment market in Munich recorded a 46% increase in transaction volume to €740 million in the first quarter of 2026. This growth puts Munich in first place in the city ranking of investment markets. Major deals in the central city centre locations made a significant contribution to this result.

by BNP Paribas Real Estate

Markets Real Estate

Bilquelle: Savills

Quarterly Report

Savills examines real estate investment market Munich: Increasing supply meets cautious investors

Savills reports that in Q1 2026, approximately EUR 400 million was traded in the Munich real estate investment market, a decrease of 4% compared to the previous year. Philipp Traumann comments that demand continues to be driven by private capital in the premium segment.

by Savills

Markets Real Estate

News

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

Quarterly Report

Strongest start to the year on the Frankfurt investment market since 2022

The Frankfurt investment market generated a transaction volume of €354 million in the first quarter of 2026, recording the highest Q1 volume since 2022. The increase was driven in particular by the sale of office properties and major transactions.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Logistics investments remain below the previous year overall, individual deals and smaller volumes with high momentum

The logistics investment market will start 2026 with a volume of just under €1.2 billion, which corresponds to a decline of 11% compared to the previous year. Despite the decline, individual deals show high momentum, while portfolio sales declined.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Savills: German office investment market faces acid test: More supply meets restrained capital

In Q1 2026, the German office investment market recorded a 22% year-on-year decline in transaction volume. Karsten Nemecek of Savills emphasizes that despite the increased real estate supply, purchases remain limited by selective capital.

by Savills

Markets Real Estate

Quarterly Report

Office investments slightly above previous year’s level and once again No. 1 among commercial asset classes

BNP Paribas Real Estate reports that the German office investment market made a strong start to the year in the first quarter of 2026 at €1.8 billion and is once again the leading commercial asset class. An increasing number of large-volume deals and a strong commitment from German investors characterize the events.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Cologne investment market with a pleasing start to the year, retail prime yields down slightly since the end of the year

The Cologne investment market recorded a transaction volume of €256 million in the first quarter of 2026, which represents a significant increase compared to the previous year. Significant transactions and positive market signals point to a recovery in office investment.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Savills examines real estate investment market Hamburg: Increasing activity in the core segment in a persistently challenging environment

According to Savills, about 620 million euros were turned over in the Hamburg real estate investment market in the first quarter of 2026, which corresponds to a decline of 8% compared to the same period last year. Prime yields for offices and commercial buildings remained unchanged at 4.2% and 4.3% respectively.

by Savills

Markets Real Estate

Quarterly Report

Savills examines real estate investment market in Cologne: Slow start, but growing supply momentum

In the 1st quarter of 2026, around EUR 180 million was turned over on the Cologne real estate investment market, which corresponds to a decline of 16% compared to the same period last year. Activity among potential sellers has increased, which could bring more properties to the market.

by Savills

Markets Real Estate

Quarterly Report

Investment market Hamburg: Weak Q1 result despite increasing market momentum

The Hamburg investment market generated a transaction volume of €306 million in the first quarter of 2026, which is 33% below the previous year's figure. Nevertheless, interest in investments is growing, especially in the office real estate industry.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

Savills examines the commercial real estate investment market in Düsseldorf in the 1st quarter of 2026 More supply and increasing willingness to talk creates the basis for rising sales

In the first quarter of 2026, around EUR 311 million was invested in the Düsseldorf real estate investment market, which corresponds to an increase of 58% compared to the previous year. Despite this growth, volume remains below the 10-year average, while market activity and willingness to talk are increasing.

by Savills

Markets Real Estate

Quarterly Report

Investment market Berlin: 2nd place among top 7 cities, improved investor sentiment not reflected in investment volume

In the first quarter of 2026, around €420 million was invested in commercial real estate in Berlin, which corresponds to a decline of 57% compared to the previous year. Berlin currently holds second place in the ranking of the top 7 cities, behind Munich. Despite increased investor interest, this is not fully reflected in the transaction volume.

by BNP Paribas Real Estate

Markets Real Estate

Quarterly Report

NAI apollo: Subdued start to 2026 on the German transaction market for residential portfolios

The German transaction market for residential portfolios recorded a transaction volume of EUR 2.0 billion in the first quarter of 2026, which corresponds to a decline of 11.5 percent compared to the previous year. International investors in particular lost market share, while the public sector expanded its presence and real estate companies invested significantly more.

by NAI apollo

Markets Real Estate

Quarterly Report

Colliers: Challenging environment and selectivity slow down the residential investment market at the beginning of the year

In the first quarter of 2026, the German residential investment market recorded a volume of 2.1 billion euros, a decline of 16 percent compared to the previous year. There were positive developments in individual transactions and in the top 7 cities such as Berlin and Hamburg.

by Colliers

Markets Real Estate

Quarterly Report

German investment market with increase in turnover at the start of the year

The German investment market started 2026 with an increase of 5% compared to the previous year and a transaction volume of €8.8 billion. With a volume of €2 billion, the residential segment remains the most important asset class. Despite increased challenges, the market proved resilient.

by BNP Paribas Real Estate

Markets Real Estate

Symbolbild moderne Wohnanlage (Quelle: Gemini/KI)

Quarterly Report

Savills examines the German residential real estate investment market in the first quarter of 2026: Persistent housing shortage supports investor demand from Germany and abroad

Savills examines the German residential investment market for the first quarter of 2026, with the transaction volume reaching EUR 1.6 billion. Demand remains high both at home and abroad despite geopolitical and financial uncertainties.

by Savills

Markets Real Estate

Bildquelle: JILL Research

Analysis Report

Electricity availability is becoming a key value driver for real estate

Electricity availability is becoming the central value driver for commercial real estate. Energy-secure locations achieve higher rents, especially in industry, logistics and data centres. Energy resilience, storage and self-generated electricity increase attractiveness and values.

by JLL

Energy Markets Real Estate

Analysis

Colliers analyses a real estate market at a standstill in early 2026, marked by geopolitical tensions and a wait-and-see attitude

In Q1 2026, the commercial real estate market is experiencing a sharp slowdown: a fall in investment, a blockage linked to geopolitics and financing, a drop in demand for offices and an increase in vacancy, despite the resilience of certain sectors.

by Colliers

Markets Markets Real Estate

Analysis Report

REALOGIS: Chinese logistics service provider ensures a lively start to the year in Berlin’s logistics real estate market

REALOGIS reports a strong start to the year in the Berlin logistics real estate market with take-up of 106,000 m² in the 1st quarter of 2026.

by REALOGIS

Markets Real Estate

Analysis Article

European Office Fit-Out Costs Normalise As Market Demonstrates Resilience

Cushman & Wakefield’s EMEA Office Fit Out Cost Guide 2026 reveals a market demonstrating resilience despite regular challenges including tariffs and ongoing conflict in the region. Contractor Sentiment Survey shows 60% of respondents expect improved market conditions in 2026.

by Cushman & Wakefield

Markets Real Estate

Quarterly Report

Residential real estate: Transaction market starts 2026 core-heavy

In the first quarter of 2026, the residential real estate market in Germany reached a transaction volume of 2.1 billion euros, which is 12 percent below the previous year. Core and Core+ transactions dominated the market, while large value-add portfolios were rare.

by Lübke Kelber AG

Markets Real Estate