BNP Paribas Real Estate publishes market figures for Q4 2025
The Düsseldorf investment market will record an investment volume of €1.1 billion in 2025. Although the final quarter was the strongest quarter in 2025, the overall assessment of the improved investor sentiment, similar to the other top locations, is not yet accompanied by a significant increase in investment turnover. However, with over 50 registered deals, the transaction frequency has already increased compared to the previous two years. This is the result of the analysis by BNP Paribas Real Estate.
It is also positive that Düsseldorf was the only top location to exceed its previous year’s result (by 9%). Among the A-cities, the state capital ranks 5th, just behind Cologne and ahead of Frankfurt and Stuttgart.
“The result is largely driven by individual transactions. Portfolios only account for 8%. For a better result, there is therefore a particular lack of large-volume portfolio deals. The two largest deals were registered in the fourth quarter with the sale of two high-street properties in Königsallee with a focus on luxury fashion,” explains Philip Bellenbaum, Düsseldorf branch manager of BNP Paribas Real Estate GmbH.
Office properties yield a constant 4.50%. For inner-city commercial buildings, an unchanged net prime yield of 3.95% is also applied. In contrast, logistics properties recorded an increase in prime yield of 25 basis points to 4.50%.
Logistics and retail with above-average market share
Currently, the majority of the investment volume is accounted for by the segment of medium-sized transactions in the range of € 25 million to € 50 million. At 46%, the market share here is well above the long-term average (Ø 10 years: 25%). The smaller size classes up to €25 million, which account for 31% of the total volume, are also comparatively lively. This shows that the Düsseldorf investment market in 2025 was structured in a much more fragmented way than usual.
When it comes to the distribution of investment volume by location, the periphery and the city dominate the market. The periphery has a market share of 34% (Ø 10 years: 17%), which is due in particular to the strong performance of logistics properties. In peripheral locations, earnings of around € 380 million were also in line with the long-term average in absolute terms. The City also contributes significantly to investment turnover and contributes almost a third.
With a transaction volume of just over €300 million each, both logistics properties (+53%) and retail properties (+27%) perform strongly compared to the ten-year average. The two largest deals in Königsallee played a major role in the good result of the retail asset class.
Prospects
Overall, the Düsseldorf investment market has achieved a good result compared to the other top locations and in view of the market situation. In 2025, the second consecutive increase in sales was recorded after 2024 – the positive trend and the gradual market recovery are thus clearly visible.
The current investment environment continues to be characterised by challenging macroeconomic conditions and geopolitical risks. Nevertheless, there are increasing signs of a gradual improvement in sentiment among investors. The special budgets provided by the Federal Government are likely to provide additional impetus on the economic side, especially in the second half of the year. This will also support Düsseldorf’s occupier markets, which is likely to be reflected in an increase in demand for space. In addition, demand is slowly picking up again in the office asset class. The return of large-volume deals, especially from this segment, could contribute to a stronger increase in investment volumes.
“It is to be expected that the negative factors will be clearly overshadowed by the positive developments. From a current perspective, it seems realistic that investment turnover will return to the 5-year average of €1.7 billion by the end of the year,” says Philip Bellenbaum.
