Following two more dynamic years, the Dortmund office market is currently performing at a rather average level. In total, 64,000 m² were let in the first nine months of the year, which is significantly less than in the previous year (-27 per cent). The continuing challenging economic environment and persistent geopolitical risks are having a particular impact on decisions regarding large-scale lettings. To date, no lease agreement for more than 10,000 m² has been signed. These are the findings of an analysis by BNP Paribas Real Estate.
The fact that the 10-year average of 68,000 m² was nevertheless only slightly missed underscores the generally stable demand base. Noteworthy here is the high proportion of 24 per cent (around 15,000 m²), which is accounted for by deals ranging from 2,000 to 5,000 m². “A further 19 per cent is recorded in the segment of 5,000 m² and above. Particularly noteworthy in this context are the leases taken out by the Dortmund Jobcentre for 6,300 m² in the city centre and by Amazon for 5,500 m² in the rest of the city. These contracts also represent the largest to date in the current year,” explains Amedeo Augenbroe, Essen branch manager at BNP Paribas Real Estate GmbH.
At €23 per square metre, prime rents in the best city centre locations continue to reach record levels. Compared with the previous year, this represents an increase of around 2 per cent. The average rent currently stands at €13.30 per square metre, which is a fall of just over 8 per cent since the start of the year.
Current sector breakdown influenced by the largest deals to date
The major lease agreements concluded this year have had a significant impact on the sectoral breakdown of space take-up. Public administration tops the ranking with a share of around 35 per cent. A key factor in this was, amongst other things, the aforementioned lease signed by the Dortmund Jobcentre. Retail companies follow in second place with 18 per cent, to which Amazon’s lease agreement in particular has contributed. The ‘other services’ sector, which includes energy suppliers and private educational institutions, among others, also achieved a double-digit figure of 11 per cent. This underlines the broadly diversified demand base of the Dortmund office market as a whole.
The volume of vacant space has risen slightly over the past twelve months and now stands at around 151,000 m². Of the vacant space, only
17 per cent is in premises with high-quality fittings. At 4.7 per cent, the vacancy rate remains at a relatively low level by national standards.
Construction activity is also currently at a modest level. At the end of September 2026, only around 21,000 m² of office space was under construction. Compared with the same period last year, this represents a significant decline of 49 per cent. At the same time, the pre-let rate stands at a high 67 per cent, meaning that only around 7,000 m² of space from ongoing project developments is available to the market in the short term.
Outlook
“Despite the challenging market conditions, the Dortmund office market appears relatively robust at the end of September 2026. Whilst take-up is in line with the long-term average, there have so far been no large-scale lease agreements exceeding the 10,000 m² mark, which usually make a significant contribution to the overall result,” said Amedeo Augenbroe.
Furthermore, the lettings market was held back by weak economic performance and ongoing geopolitical uncertainties. However, the latest economic forecasts are already painting a more positive picture. Indeed, some of the major German economic research institutes have recently more than doubled their GDP growth forecasts for 2026. Should the economic outlook improve over the next three months, demand for space is expected to rise. Against this backdrop, a solid result for the end of the year appears entirely realistic. Whilst a take-up figure in line with the long-term average of around 100,000 m² remains ambitious, it is certainly an achievable target.
No significant changes are expected on the supply side in the final quarter. At the same time, the shortage of modern, high-quality office space is likely to persist. In the short term, no noticeable relief is foreseeable from additional completions. Against the backdrop of limited supply, there are therefore strong indications that prime rents will continue to rise.
