The Düsseldorf office market recorded take-up of 42,000 m² in the first quarter of 2026. This exceeded the result from the prior-year quarter by 8%. Volatile macro and geopolitical developments as well as the stuttering economy continue to determine the market environment. Against this background, it is not surprising that the start of the year in the North Rhine-Westphalian state capital is more subdued than the long-term average (Ø 10 years: 74,400 m²). This is the result of the analysis by BNP Paribas Real Estate.
“The market activity in Düsseldorf is typically determined by small and medium-sized leases of up to 5,000 m², which account for 77% of take-up on a long-term average. So far this year, there has been no deal above this mark,” explains Philip Bellenbaum, Düsseldorf branch manager of BNP Paribas Real Estate GmbH. The largest deal can be traced back to RKW Architektur, which is renting 4,500 m² again as an anchor tenant in the KöTower project. The architectural firm will move its headquarters to the 17-storey high-rise building (scheduled for completion by 2028) at Königsallee 106, for which it will also be responsible for the planning. The lease, which had already been concluded in 2021, had previously been cancelled and renegotiated due to the changed timeline of the project.
The limited supply and the unchanged high demand for high-quality space have caused prime rents to rise further in recent months. It is currently trading at €46.00/m², up 6% on the previous year’s figure. The average rent has risen even more sharply: it now stands at €22.00/m² (+16%) and documents the disproportionately high demand for modern office space.
Consulting firms very present, vacancy volume of modern space declining
The distribution of take-up by sector is clearly led by the traditionally strong consulting firms in Düsseldorf, which are responsible for around a third of take-up. Retail also made an above-average contribution to earnings of 23% (Ø 10 years: 10%). At the beginning of the year, the industry ranking usually does not yet show a typical distribution.
Compared with the same quarter of the previous year, construction activity fell by around 38%. Currently, around 176,000 m² of space is under construction on the Düsseldorf market. Of this, about 100,000 m² is available to the market. The pre-letting rate has thus risen to 43%, but is still below the long-term average. In the short term, the market can thus fall back on a comparatively good supply of new space.
The vacancy volume can be estimated at around 1.26 million m², which corresponds to a sideways movement compared to Q4 2025 and an increase of 10% compared to the level of the same quarter of the previous year. At the same time, however, the modern vacancy rate is declining slightly, which once again underlines the concentration of demand on space with higher-quality furnishings.
Prospects
“Düsseldorf’s office market started the year slightly better than in 2025. However, the current relatively subdued market momentum must be classified against the backdrop of the weakening economy and the macro and geopolitical risks that currently determine the market environment. In the coming quarters, a further increase in vacancies is expected on the supply side. Nevertheless, the vacancy rate of new-build space in the centre of the state capital remains very low. This underlines the fact that high-quality properties in central locations continue to be quickly absorbed by the market,” says Philip Bellenbaum.
Currently, the mood is dominated by the armed conflicts in the Middle East and the associated risks on energy prices and the global economy. In anticipation of a conflict that does not escalate further, the positive demand-inducing factors are nevertheless likely to outweigh the negative factors in the further course of the year. It is to be expected that the fiscal policy measures within the framework of the special budget for armaments and infrastructure will become increasingly visible and also give a boost to the demand for office space. The large-scale searches currently on the market also allow a more positive outlook for the coming months. Thus, a year-end result of 250,000 m² and thus above the two previous years appears ambitious, but not unrealistic.
Link to the market report: https://www.realestate.bnpparibas.de/marktberichte/bueromarkt/duesseldorf-report
