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Analysis Quarterly Report

Office leasing in Leipzig is sputtering

Leipzig's office market remains weak: 31,400 m² were taken up in the 1st half of 2026, around 20% below the previous year and well below the five-year average. Demand for modern space raises the prime rent to €21.50/m², and deals are shifting outside the city. Annual take-up of approx. 80,000 m² expected.

by JLL

Markets Real Estate

Analysis Quarterly Report

Hotel investment market: significantly higher transaction momentum in the 2nd quarter – investment volume at previous year’s level

The German hotel investment market generated around € 790 million in the 1st half of 2026, slightly below the previous year; Q2 contributed €475 million. For the first time since 2019, more than 50 deals were counted (Ø €15 million), with foreign investors holding 52%. Munich and Berlin; the outlook remains positive.

by BNP Paribas Real Estate

Markets Real Estate

Hotelinvestmentmarkt bleibt trotz rückläufigem Transaktionsvolumen von hoher Aktivität geprägt

Analysis Quarterly Report

Hotel investment market remains characterized by high activity despite declining transaction volume

The German hotel investment market generated a volume of EUR 720.9 million in the 1st half of 2026, 23.8% less than in the previous year. Despite the decline, activity remained high, mainly due to smaller deals; Prime yield at 5.25%. CBRE expects more major transactions if the situation stabilizes.

by CBRE

Markets Real Estate

Analysis Quarterly Report

REALOGIS: Lack of large-scale deals slowed down Munich’s logistics and industrial real estate market

In the Munich logistics and industrial real estate market, 115,700 m² was taken up in the first half of 2026 – 18% less than in 2025. The prime rent remained at €13.50/m², while the average rent rose to €9.20/m². existing areas dominated (77%); no deal over 10,000 m².

by REALOGIS

Markets Real Estate

Investmentmarkt Leipzig: gute Halbjahresbilanz, Verkauf der Höfe am Brühl als Umsatztreiber

Analysis Quarterly Report

Leipzig investment market: good half-year results, sale of Höfe am Brühl as sales driver

The Leipzig investment market recorded a transaction volume of €278 million in the 1st half of 2026 – the best half-year balance since 2022. Retail dominates with 60%. Despite higher prime yields, a moderate recovery is expected for the year as a whole.

by BNP Paribas Real Estate

Markets Real Estate

Analysis Report

Berlin’s housing market – The tension in the summer before the election

Ahead of the Berlin parliamentary elections, industry representatives are discussing the situation on the housing market. Political uncertainty and the debate about socialization are slowing down investment; more new construction, legal certainty and a more resilient rent index are demanded.

by RUECKERCONSULT GmbH

Markets Real Estate

Analysis Quarterly Report

JLL: Investment market for logistics real estate picks up speed with major deals

The German investment market for industrial and logistics real estate achieved its best second quarter in five years in Q2 2026 at EUR 1.8 billion. In H1, transactions amounted to EUR 2.9 billion (+22% year-on-year), driven by major deals; Prime yields stable at 4.5–4.6%.

by JLL

Markets Real Estate

Berliner Bürovermietungsmarkt mit starkem erstem Halbjahr – lmmobilieninvestmentmarkt hingegen verhalten

Analysis Quarterly Report

Berlin office leasing market with strong first half of the year – real estate investment market, on the other hand, subdued

Berlin's office letting market grew strongly in the first half of 2026: take-up of 385,500 m², return of large-scale lettings and rising prime rents to €46.50/m². The investment market remained subdued with a transaction volume of €1.9bn, with prime yield stable at 4.6%.

by CBRE

Markets Real Estate

Analysis Quarterly Report

Focus on quality characterises Hamburg’s office letting market, investment market with growth in the first half of 2026

CBRE reports 157,000 m² of office space take-up in Hamburg for H1 2026 (-31% compared to H2 2025) with a stable prime rent of €41/m² and a slight increase in average rent. The investment volume rose to around € 1.2 billion, office with a prime yield of 4.7% is the strongest asset class.

by CBRE

Markets Real Estate

Analysis Quarterly Report

JLL: Lack of major deals slows down take-up in Stuttgart

In the first half of 2026, take-up on the Stuttgart office market amounted to 68,300 m² – around a third less than in the previous year, mainly due to the lack of major deals (only three >2,500 m²; largest letting just under 7,000 m²). JLL expects around 175,000 m² and a prime rent of €38/m² in 2026.

by JLL

Markets Real Estate

Analysis Report

Study reveals disciplined infrastructure lenders focus on project finance and mezzanine

A study by Ocorian Nordic Trustee shows: Disciplined infrastructure lenders prefer non-recursive project financing (33%) and mezzanine (32%); Senior debt with equity co-investment leads the way in terms of risk sharing (62%). Geopolitics strengthens local projects; hybrid and preferred equity structures are on the rise.

by Ocorian Nordic Trustee

Infrastructure Markets Private Debt

Investmentmarkt Frankfurt: Volumen im Vorjahresvergleich mehr als verdoppelt

Analysis Quarterly Report

Overall result on the Leipzig office market declined, but modern take-up increased

Leipzig's office market recorded take-up of around 33,000 m² (-13%) in mid-2026, with an almost stable number of deals (-8%) and growing modern take-up (+19%). Prime rent remains at €21.00/m², Ø rent at €13.50/m²; Vacancy rate rises to 249,000 m² (6.1%).

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

Frankfurt investment market: volume more than doubled year-on-year

The Frankfurt investment market reached a transaction volume of around €600 million in mid-2026 (Q2: €250 million) – an increase of 153% compared to the previous year, but still around 70% below the average. Office properties dominate with 57%. Prime yields stable, logistics 4.60%; Outlook cautiously optimistic.

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

Essen office market: weakest result in over 20 years

In the Essen office market, only 18,000 m² was taken up in the 1st half of 2026 – the weakest result in over 20 years. There were no larger deals of more than 3,000 m², and small areas accounted for over 70%. Prime rent €20/m², Ø rent €13.90/m², vacancy rate 8.5%.

by BNP Paribas Real Estate

Markets Real Estate

Büromarkt Köln: geringe Nachfragedynamik besonders in Q2, spürbar längere Vermarktungsprozesse

Analysis Quarterly Report

Cologne office market: low demand momentum, especially in Q2, noticeably longer marketing processes

The Cologne office market recorded only around 76,000 m² of take-up in the first half of 2026; Q2 brought 31,000 m² and no deal over 1,000 m². Marketing processes take longer. The average rent rose by around 8% to €20.90/m², while the prime rent remained stable at €33.50/m².

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

Above-average result for the first half of 2026 on the Munich office market

The Munich office market achieved an above-average result of 354,000 m² in H1 2026; Q2 contributed 182,000 m², +38% compared to the previous year. Large-scale deals and leading industries are driving demand, with prime rents of €59.50/m² and vacancy rates of 8.0%. For 2026, take-up of around 650,000 m² seems realistic.

by BNP Paribas Real Estate

Markets Real Estate

Verhaltene Halbjahresbilanz auf dem Hamburger Büromarkt

Analysis Quarterly Report

Subdued half-year results on the Hamburg office market

In the first half of 2026, Hamburg's office market recorded take-up of 177,000 m² – 18% below the previous year and 24% below the 10-year average. Q2 was below Q1 at 86,000 m². Prime rent rose by 8% to €39/m² with 6.5% vacancy; BNP Paribas RE expects gradual stabilisation.

by BNP Paribas Real Estate

Markets Real Estate

Düsseldorfer Büromarkt: Flächenumsatz auf Vorjahresniveau, kleinteiliges Flächensegment dominiert Marktgeschehen

Analysis Quarterly Report

Düsseldorf office market: take-up at previous year’s level, small-scale space segment dominates market activity

The Düsseldorf office market achieved 99,000 m² in the 1st half of 2026, which is on a par with the previous year; small space segments dominate, KPMG leased 17,300 m². Prime rent 46 €/m², average 23 €/m²; Vacancy rate up slightly, pipeline 139,000 m², pre-letting 54%.

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

Frankfurt office market: Half-year figures below strong previous year’s result as expected, prime rent continues to rise

The Frankfurt office market recorded around 173,000 m² of take-up after H1 (150,000 m² in the gif area), 53% below the previous year. average rent €28.30/m², prime rent €57.00/m²; some >70 €/m². Outlook: Stabilisation, annual take-up of around 420,000 m².

by BNP Paribas Real Estate

Markets Real Estate

Halbjahresumsatz auf dem Berliner Büromarkt übertrifft bereits Q3-Ergebnis von 2025

Analysis Quarterly Report

Halbjahresumsatz auf dem Berliner Büromarkt übertrifft bereits Q3-Ergebnis von 2025

The Berlin office market generated around 373,000 m² of take-up in the 1st half of 2026, already exceeding the Q3 result for 2025. Q2 with 227,000 m² benefited from large owner-occupier deals by the public sector. Prime rent at €47/m² (top up to €50), vacancy rate 2.1 million m² or 9.6%.

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

Savills examines office letting market in Munich Q2-2026: Isolated demand impulses without broad market recovery

In the first half of 2026, 333,200 m² was taken up on the Munich office market (+16% year-on-year). Vacancy rate rose to 9.4% (+20 bps q1), prime rent to 60.00 EUR/m² (+1.7 % qoq; +11.1 % yoy), median 23.50 EUR/m² (+2.2 % qoq, unchanged yoy). Savills expects higher sales in 2026.

by Savills

Markets Real Estate

Analysis Quarterly Report

Savills examines office letting market in Berlin Q2-2026: More movement with continued high quality standards

In the 1st half of 2026, 405,100 m² of office space was taken up in Berlin (+49% year-on-year); the vacancy rate rose to 9.0%. The prime rent was EUR 50.00/m² (+2.5% quarter-on-quarter), the median rent was EUR 24.00/m². Savills expects more take-up in 2026; Quality remains in demand.

by Savills

Markets Real Estate

Analysis Quarterly Report

JLL: Take-up in Munich’s office market grows by a third

The Munich office letting market grew significantly in Q2 2026: 182,600 m² (~+50% year-on-year); in the first half of the year 347,500 m² (+one third). The prime rent rose to €62/m², and the vacancy rate is 8.8%. JLL expects continued momentum and maintains 640,000 m² full-year forecast.

by JLL

Markets Real Estate

Analysis Quarterly Report

JLL: Substantial increase in take-up on the Berlin office market in the first half of the year

The Berlin office letting market grew strongly in Q2 2026: 238,000 m² of acquisition volume (+77% compared to Q2 2025), totalling 386,100 m² in H1 2026. Top locations remain in demand; the prime rent rose to €48/m². Most rentals in Mitte; JLL expects 600,000 m² for the full year.

by JLL

Markets Real Estate