The Düsseldorf office market gained significant momentum in the third quarter of 2026. With more than 200,000 square metres of space let in the first three quarters, the result significantly exceeded that of the corresponding period last year. In particular, there were more lettings in new developments – partly due to Uniper’s move into the ‘New Heart on the Block’ – as well as more space expansions by existing tenants than in the previous year. The Düsseldorf investment market has also been dynamic so far this year, recording strong growth compared with the same period last year, with a transaction volume of around 1.24 billion euros. These are the findings of a recent analysis by the global property services firm CBRE.
Office lettings market
Following a period characterised mainly by smaller lettings, medium-sized and larger deals once again came more into focus. Deals in the four-figure square metre range became more common again, and large-scale project lettings further shaped the take-up figures.
“The return of larger deals is an encouraging sign for the Düsseldorf office market. Companies are once again making longer-term location decisions and investing specifically in high-quality working environments. This is also reflected in the high proportion of Grade A space in the total take-up. Modern offices foster collaboration, innovation and staff retention. As a result, quality is becoming increasingly important in leasing decisions,” says Simon Herlitz, Head of Office Leasing Düsseldorf & Cologne at CBRE.
Space take-up continued to be concentrated on modern office space. A-grade lettings accounted for 65 per cent of the total, which was higher than in 2025. Companies prioritised sustainable buildings, flexible concepts and attractive working environments. The sustainable achievable prime rent remained stable at 46.00 euros per square metre per month. The weighted average rent continued its upward trend, reaching just under 24.00 euros – a new all-time high since records began.
An international CBRE analysis focusing on the US market also supports the positive structural outlook for high-quality office space. According to the analysis, artificial intelligence does not pose a fundamental threat to office-based employment. Automation primarily affects routine tasks that are often carried out remotely. Complex, judgement-intensive and collaborative tasks, on the other hand, are gaining in importance and benefit particularly from face-to-face collaboration and high-quality working environments. The analysis, which also covers the German office property market – which lags significantly behind the US market in terms of AI penetration within companies and their internal processes – therefore anticipates benefits for prime office space and greater differentiation from outdated stock.
The supply of available space in the Düsseldorf market area increased slightly, whilst the vacancy rate also continued to rise. However, the additional space stemmed primarily from older properties and the return of leased premises. At the same time, the volume of new-build space available in the short term fell significantly.
“On the supply side, the picture is becoming increasingly polarised. Additional space is coming onto the market primarily from older stock and vacated premises, whilst the supply of new-build space available in the short term is declining. At the same time, the project pipeline has thinned out significantly. As a result, the shortage of modern space is likely to become even more acute in the long term, leading to a further rise in prime rents,” says Herlitz.
Property investment market
“In Düsseldorf, buyers and sellers have recently been closing the gap more quickly than in other prime locations. The increasing pressure on individual property owners to adjust their prices has contributed to asking prices better reflecting the changed market conditions. This has boosted market liquidity and led to more transactions, particularly in the office sector,” says Georg Hölz, City Lead & Head of Investment for the Rhine-Ruhr region at CBRE.
A number of developments have increased the pressure for adjustment in the Düsseldorf office market. These include insolvencies amongst property developers and rising vacancy rates in older existing buildings, as well as sporadic speculative completions and, consequently, a high supply of modern office space in individual sub-markets. This has put particular pressure on established office sub-markets such as Kennedydamm and the harbour.
On the buyer side, the market’s risk structure changed significantly. Core-plus investments emerged as the most important risk category and accounted for a large proportion of transaction activity. The opportunistic segment also gained significantly in importance. The first investors began once again to capitalise on opportunities involving properties with more significant value impairments or in more complex transaction scenarios. By contrast, the value-add segment lost a noticeable amount of market share. Demand in the core segment remained stable, whilst market dynamics were increasingly driven by strategies offering higher expected returns.
“This shift shows that investor strategies are becoming increasingly diverse. Whilst demand for high-quality property and stable cash flows remains high, other market participants are specifically seeking out additional opportunities for returns,” says Hölz.
Among buyer groups, insurance companies and pension funds dominated the market. The two large-scale transactions involving the Dreischeibenhaus and the Deiker Höfe played a significant role in this. Private investors represented the second-largest buyer group. Investors with strong equity positions continued to benefit from being less affected by higher financing costs and the banks’ more restrictive lending practices.
The proportion of portfolio transactions was slightly higher than in the previous year, but remained at a low level overall. The continued selective approach adopted by many investors limited activity in this market segment. Domestic buyers continued to account for a slightly higher share of the transaction volume than international investors. The latter’s share declined compared with the same period last year. However, the capital they invested was almost on a par with that of domestic market participants.
“Prime yields on first-class office properties are likely to rise again in future. The main factors driving this are financing costs and higher bond yields, as well as the resulting higher requirements for distribution yields on the part of institutional investors. Demand for high-quality properties and sentiment amongst market participants, however, remain stable,” says Aykun Bulan, Associate Director of Valuation Advisory Services at CBRE.
Outlook for the rest of the year
“The Düsseldorf office market is likely to become even more polarised. Upcoming relocations and downsizing will bring additional existing space onto the market, initially further increasing the vacancy rate for premises that are no longer up to modern standards. At the same time, modern, sustainable and well-located premises remain in demand. The depleted project pipeline limits future supply in this segment, so we expect rents to continue to rise here,” says Herlitz.
“Capital for investment is available, and many investors are keen to step up their activity in Germany and Düsseldorf once again. However, for a broader market breakthrough to occur, the asking prices of buyers and sellers must converge even further. For the year as a whole, we expect a transaction volume of around 1.5 billion euros, which would represent an increase on the previous year’s level,” says Hölz. The trend in financing costs and the continued convergence of buyers’ and sellers’ asking prices are likely to be key determinants of market activity. At the same time, Düsseldorf could continue to benefit from high market liquidity. Contributing factors include the increasing pressure to adjust prices due to higher vacancy rates, as well as the willingness of individual owners to adapt their asking prices to the changed market conditions.
