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In the 1st quarter of 2026, take-up on the Munich office letting market amounted to 157,000 m². This corresponds to an increase of 8% compared to the previous year. Compared to the ten-year average, sales were around 8% lower.
The vacancy rate rose by 30 basis points to 9.2% in the 1st quarter of 2026 compared with the previous quarter. Year-on-year, the ratio increased by 170 basis points. The prime rent reached EUR 59.00/m², up 1.7% on the previous quarter. It increased by 9.3% year-on-year. The median rent amounted to EUR 23.50/m² and remained stable compared to the previous quarter. Compared to the previous year, an increase of 4.0% was recorded.
Alexander Meyer, Director and Head of Munich Office at Savills, reports: "In the Munich office leasing market, companies are currently calibrating their space decisions between the reality of use and the price level. The phase of blanket space reductions seems to be coming to an end because many companies are demanding a more binding presence in the office again and aligning their spaces accordingly. Those who organize more cooperation on site cannot densify areas at will without losing functional quality. This can also be seen in large deals in excess of 10,000 m², which are being completed without reduction or even expansion. At the same time, the high rents in the city centre create clear incentives to extend existing contracts if the location and building are functionally convincing, instead of moving to comparable, but significantly more expensive areas. As a result, some of the demand is shifting to inventory, while removals are becoming more selective. For peripheral locations, the window of opportunity opens up if the accessibility and concept are right and they offer an economically viable alternative."
Savills expects take-up in 2026 to exceed the previous year's level. At the same time, the ongoing trend towards high-quality office space is likely to lead to rising prime rents.
