In the first half of 2026, take-up on the Cologne office letting market amounted to 73,200 m². This represents a decrease of 37% compared to the previous year. Compared to the ten-year average, sales were 46% lower.
The vacancy rate was 5.5% in Q2 2026, an increase of 50 basis points compared to the previous quarter. Year-on-year, the ratio increased by 125 basis points. The prime rent was EUR 33.50/m² and thus remained unchanged compared to the previous quarter. On a year-on-year basis, it fell by 2.8%. The median rent amounted to EUR 17.50/m² and thus remained stable compared to both the previous quarter and the same quarter of the previous year.
Julian Turner, Director and Team Leader Office Agency at Savills in Cologne, comments: "The Cologne office leasing market showed little movement in the second quarter. There was largely no significant impetus – activity was concentrated almost exclusively on very small-scale leases, while hardly any deals were concluded in the medium and large-scale segments. Economic uncertainties and increasing cost sensitivity are prolonging the review processes, especially when it comes to larger land commitments. In addition, many companies are further reducing their space in the course of hybrid working models and, in individual cases, questions about future personnel requirements are also bringing additional uncertainty to space planning through AI. In addition, the public sector is providing significantly less impetus than in previous years, when it was still a significant buyer of land. Modern space in the city and on the outskirts of the city remains in demand, but even when it comes to new construction quality, users are now looking closely at the price. More flexible conditions and adjusted rent expectations of landlords help with individual lettings, but do not yet release the central brake on the market."
Savills expects the prime rent to remain stable in 2026, while take-up is expected to be below the previous year's level.
