BNP Paribas Real Estate publishes office market figures for the 4th quarter of 2025
Düsseldorf’s office market was comparatively subdued in 2025: although the weak previous year’s result was almost offset with take-up of 218,000 m², the 5-year average remained unmatched (-18%). The below-average performance is due to subdued letting activity in the first half of the year, with the disappointing first quarter (39,000 m²) being particularly noteworthy. On the other hand, the slight market recovery in the second half of the year should be noted positively. The fourth quarter was the best quarter of the year (63,000 m²). In total, 93% of the total result, around 203,000 m², is attributable to the Düsseldorf urban area. Almost a quarter of this was implemented in central city locations. This is the result of the analysis by BNP Paribas Real Estate.
“Currently, the focus of market activity is much more on small and medium-sized spaces. Around 86% of total take-up is attributable to the space segments up to 5,000 m². There were no large-scale lettings with more than 10,000 m² of office space,” explains Philip Bellenbaum, Düsseldorf branch manager of BNP Paribas Real Estate GmbH.
The development of rents in the absolute top segment is remarkable. The increase in prime rents by a further €2.50/m² (+6%) to €46/m² is largely attributable to project developments around Königsallee. As in most other German office locations, high demand for modern space in absolute premium locations meets a comparatively low vacancy volume in Düsseldorf.
Consulting firms continue to lead the way
In 2025, consulting firms again topped the industry ranking with a market share of a good 19% or around 42,000 m². They benefited in particular from a high number of deals (62) in the small and medium-sized space segment. Nevertheless, the Rhine metropolis has a broad demand base. This is underlined by the fact that five user groups have a share of the result with shares of just under 11% and almost 20% respectively. The largest deal in the Düsseldorf city area over the course of the year was concluded by Landesbank Hessen-Thüringen with almost 8,000 m² in the Kennedydamm submarket. Three of the five largest deals were concluded regardless of the location in the new building for the first time, which underlines the demand focus on modern space in the market.
The vacancy rate in the overall market increased by 1.2 percentage points year-on-year to 12.7%. This brings the vacancy volume to around 1.28 million m². In the modern space segment, too, growth was recorded over the course of the year due to the completion of some new construction projects that have not yet been fully let. Nevertheless, premium space in central locations remains scarce. For example, the volume of new-build first-time occupancy areas in the top locations amounts to only 4,000 m². Accordingly, large-volume requests in this quality segment cannot be met in the short term. Rather, these can only be presented in project developments with a longer lead time.
Prospects
For the second year in a row, the Düsseldorf office market registered a weak year. Rental activity continues to be below the long-term average. The still tense macroeconomic situation is having a dampening effect on demand. Large contracts could not be successfully concluded in 2025. Current market activity is primarily driven by stable demand in the small and medium-sized segment. Against the backdrop of an expected, albeit very slow, economic recovery, a slight revival in take-up is expected in the coming year. It remains to be seen to what extent the result can approach the long-term average (330,000 m²).
“On the supply side, a further, albeit moderate, increase in vacancies is likely. Demand remains concentrated on high-quality office space with very good transport connections. Therefore, vacancy rates are likely to continue to rise, especially among older existing buildings in peripheral locations. Construction activity is likely to continue to decline. At 154,000 m², the current construction volume is around 45% below the previous year’s level,” says Philip Bellenbaum.
In view of the excess demand in the premium space segment, the pressure on prime rents is likely to continue in the coming year.
