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Analysis Quarterly Report

Logistics investment volume down year-on-year

The German logistics investment market generated around €2.5 billion in the 1st half of 2026, 10% below 2025. In Q2, revenue rose by 16% quarter-on-quarter to just over €1.3 billion. Net prime yields climbed to 4.60% (Leipzig 4.80%), the foreign share was 74%.

by BNP Paribas Real Estate

Analysis Quarterly Report

JLL: Cologne’s office market hardly gets off the ground in the second quarter

The Cologne office letting market experienced a slump in Q2: only 26,900 m² newly let, 45% below the previous year; H1 totals 73,100 m². Many small closures (Ø 482 m²) characterize the picture; City leads the way with 31,800 m². 41,000 m² completed; Prime rent €32.50/m², possible plus by the end of the year.

by JLL

Markets Real Estate

Analysis Quarterly Report

JLL: Space shortage causes rents for top offices in Frankfurt to rise

JLL reports rising top office rents for Frankfurt due to a shortage of space. Take-up in the 1st half of 2026 was 176,900 m², only half as high as in 2025; big deals are rare. The prime rent is €55/m² and could rise to at least €56/m² by the end of the year.

by JLL

Markets Real Estate

Quarterly Report

Office investments once again No. 1 among commercial asset classes – investment volume up a fifth on the previous year

BNP Paribas Real Estate reports around €3.2 billion in office investments for H1 2026 – up 19% year-on-year; Q2 brought in approximately €1.3 billion with over 50 deals. Net prime yields are under upward pressure in some cases; Munich is the strongest location. Stable momentum is expected for H2.

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

Savills examines office leasing market in Hamburg Q2-2026: Uncertainties slow down relocation decisions

In the first half of 2026, take-up in Hamburg amounted to 174,400 m² (-16% year-on-year; 27% below the 10-year average), the vacancy rate rose to 5.9% and the prime rent to EUR 37.00/m². Uncertainties slow down moves; Savills nevertheless expects more sales and rising prime rents in 2026.

by Savills

Markets Real Estate

Analysis Quarterly Report

JLL: Düsseldorf’s office market has class, but it lacks mass

JLL reports 112,200 m² (-8%) in Düsseldorf for H1 2026 and 60,300 m² in Q2 – supported by a KPMG lease of over 10,000 m² in One Plaza. Deals are concentrated on Kennedydamm, City and Nord. 70,200 m² of new construction, vacancy rate 11.8%, prime rent €46.

by JLL

Markets Real Estate

Analysis Quarterly Report

Savills examines office leasing market in Cologne Q2-2026: Hardly any momentum – small-scale deals carry the market

Q2/2026: 73,200 m² were let in Cologne (-37% y/y; -46% compared to the 10-year average). vacancy rate 5.5% (+50 bp q/q); Prime rent 33.50 EUR/m² stable q/q, -2.8 % y/y; Median 17.50 EUR/m² stable. Small-scale deals dominate; 2026 sales expected to be below previous year.

by Savills

Markets Real Estate

News Quarterly

Berlin office market continues recovery in the first half of the year – Engel & Völkers Commercial Berlin with strong half-year results

The Berlin office market continued its recovery in the 1st half of 2026: take-up rose to around 340,000 m² (previous year: 244,000 m²), while rents remained stable. Engel & Völkers Commercial Berlin brokered 21,278 m² in 52 contracts; demand remains quality-oriented. Outlook: stable demand, further recovery depends on large-scale demands.

by Engel & Völkers Commercial Berlin

Dynamics Markets

Analysis Quarterly Report

Savills examines office letting market in Düsseldorf Q2-2026: Selective market between quality demand and rising vacancy rates

Savills analyses the Düsseldorf office letting market in Q2 2026: take-up in H1 2026 at 94,500 m² (-4% y/y; 34% below 10-year average), vacancy rate 9.0%. Prime rent stable at EUR 46.00/m² (+5.7% y/y). demand for modern, central space; Outlook: Revenue at previous year's level.

by Savills

Markets Real Estate

Analysis Quarterly Report

JLL: Hamburg’s office market struggles with fragmentation

Hamburg's office letting market recorded more deals in H1 2026, but 18% less space (189,300 m²). Big deals are missing; the Ø deal size decreases to 709 m². Prime rent remains at €41, vacancy rises to 7.2%; Largest deals include: MSC 13,000 m², InnoGames 8,600 m².

by JLL

Markets Real Estate

Analysis Quarterly Report

Savills examines the office leasing market in Frankfurt am Main: Longer decision-making processes among users; Top space remains in demand

Frankfurt's office letting market: H1 2026 Take-up 157,200 m² (-54% year-on-year; 26% below 10-year average). vacancy rate 14.1% (stable), prime rent 56.00 EUR/m² (+3.1% on the previous quarter; +9.8% on the previous year); Decisions take longer, top locations remain in demand.

by Savills

Markets Real Estate

Analysis Quarterly Report

Retail investment market: Good number of deals not reflected in volume

By mid-2026, the retail investment market is seeing many deals, but a volume down by around 21% to around €2.3 billion. Q2 was weak (approx. €892 million) after €1.37 billion in Q1. A locations are increasing; Prime yields in some cases slightly higher (DIY stores 6.20%, shopping centers 6.00%).

by BNP Paribas Real Estate

Markets Real Estate

Frankfurter Büromarkt: Mietpreise dürften weiter steigen

Analysis Quarterly Report

Frankfurt office market: Rents likely to rise further

Rents on the Frankfurt office market are expected to continue to rise, especially in the CBD. High construction costs and ESG requirements are making supply scarce; since 2020, construction costs have risen by around 52%, while prime rents have risen by only 16%. Newmark expects €54/m² in 2026 and advises tenants to act early.

by Newmark Group, Inc.

Markets Real Estate

München: Dynamik am Bürovermietungsmarkt nimmt Fahrt auf, Immobilieninvestmentmarkt auf dem Weg zurück zur Normalität

Analysis Quarterly Report

Munich: Momentum in the office letting market picks up speed, real estate investment market on the way back to normality

Munich's office letting market recorded take-up of 335,600 m² in H1 2026; Demand for high-quality city locations drives rents (prime rent €62/m²), vacancy rate falls to 8.1%. The investment market picks up to €1.27 billion, prime office yield 4.40%. Outlook: approx. 600,000 m² annual turnover.

by CBRE

Markets Real Estate

Frankfurter Bürovermietungsmarkt bleibt im ersten Halbjahr 2026 selektiv – Investmentmarkt stabilisierte sich

Analysis Quarterly Report

Frankfurt office leasing market remains selective in the first half of 2026 – investment market stabilised

CBRE reports a selective office letting market for Frankfurt in the 1st half of 2026: At 148,800 m², take-up was below average, the prime rent was €55/m² and the vacancy rate was 11.2%. On the investment market, the volume stabilized at € 251 million, while the prime yield remained at 4.90%.

by CBRE

Markets Real Estate

Comment Weekly

What Ronald Coase could reveal about the future of private markets

Based on Coase's transaction cost theory, the article outlines how AI could change the structure of private markets. AI makes due diligence, matching, sales and secondaries more efficient – with possible effects on platform models and illiquidity discounts.

by Tobias Moroni | Institutional Investment Partners

Cases Markets

Quarterly Report

Berlin’s logistics real estate market continues its upward trend

REALOGIS reports 211,000 m² of take-up in Berlin for H1 2026; Hall space +21% compared to the previous year. Major deals from JD Logistics (41,430 m²) and ASML (27,000 m²), among others, shaped the market. Prime rent €10.50/m², average €8.10/m²; Existing properties dominated.

by REALOGIS

Markets Real Estate

Analysis Quarterly Report

JLL: Prime rents for logistics space are only in Kassel/Bad Hersfeld

JLL reports only one change in logistics prime rents for Q2: In Kassel/Bad Hersfeld +3% to €6.70/m², there were no declines. Munich leads with €11/m², ahead of Berlin (€10.50) and Düsseldorf (€9); in a year-on-year comparison, Bremen recorded the strongest growth (+15%).

by JLL

Markets Real Estate

Investmentmarkt München im Städte-Ranking vorne

Analysis Quarterly Report

Munich investment market at the top of the city ranking

Munich's investment market leads the A-city ranking in 2026: With around €1.24 billion, it was the only city above the billion mark in the middle of the year. City and office deals characterize the events; Prime yields largely stable, logistics at 4.60%. Outlook cautiously optimistic.

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

JLL: Healthcare investments grow significantly at the end of the first half of the year

The investment market for healthcare real estate generated EUR 1.8 billion in H1 2026 (Q2: EUR 690 million; previous year: EUR 460 million). 35 transactions with 145 properties, foreign buyer share 83%. nursing homes dominate (58%); Prime yields approx. 5%, assisted living 50 bps lower.

by JLL

Infrastructure Markets

Investmentmarkt Hamburg: Rang 2 unter den Top-Märkten

Analysis Quarterly Report

Investment market Hamburg: 2nd place among the top markets

Hamburg's investment market generated €967 million in the 1st half of 2026 (+19% year-on-year), the best half-year result since the interest rate turnaround. With €667 million in Q2, Hamburg is in second place behind Munich. Retail and logistics show strength; the outlook is brightening despite the risks.

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

Market activity on the Berlin investment market still subdued in the middle of the year

The Berlin investment market recorded around €633 million in the 1st half of 2026, around 52% below the previous year. Transactions remain fragmented, prime yields rise slightly. An increase in sales is expected for the second half of the year despite an uncertain environment.

by BNP Paribas Real Estate

Markets Real Estate

Analysis Quarterly Report

Savills examines real estate investment market Munich: Transaction processes remain lengthy, buyers act selectively

According to Savills, around 920 million euros were invested in Munich in the 1st half of 2026 – about the same as in the previous year, but 53% below the 10-year average. Transactions drag on, buyers are selective; Prime yields: office 4.0%, commercial buildings 3.9%.

by Savills

Markets Real Estate

Healthcare-Investmentmarkt mit bester Halbjahresbilanz seit 2022

Analysis Quarterly Report

Healthcare investment market with best half-year results since 2022

BNP Paribas Real Estate reports €1.6 billion in the German healthcare investment market for H1 2026 – the best half-year since 2022. Portfolios accounted for 84%, foreign investors accounted for 87%. Prime yield 5.20%. Outlook: Annual volume of €2.5–3.0 billion realistic.

by BNP Paribas Real Estate

Infrastructure Markets

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