More leases, but major deals are missing
In the first half of 2026, the Essen office market recorded a total take-up of only around 25,000 m², which was around 22% below the previous year’s result (H1 2025: 32,000 m²). According to analyses by CUBION Immobilien AG, around 21,500 m² of this was attributable to lettings and around 3,500 m² to owner-occupiers. While the letting performance increased by around 23% compared to the first half of 2025, owner-occupier demand fell significantly short of the strong prior-year figure. The owner-occupier ratio is currently around 14% and thus below the long-term average (Ø 2016-2025: 18%).
“The Essen office market is in a state of development at the middle of the year and the sales volume has once again fallen short of the weak previous year’s result,” explains Markus Büchte, CEO of CUBION Immobilien AG. “However, the significant increase in the number of leases shows that demand is generally picking up somewhat, albeit at a low level. For higher take-up, there has been a lack of large-volume lettings, which have a significant impact on the market in individual years.”
Significantly more contracts concluded
In the first half of the year, a total of 52 relevant leases were registered, significantly more than in the same period last year (34 contracts). However, the average size of space per lease was considerably lower, as there were no deals above 3,000 m² at all. Around 48% of the letting volume was accounted for by leases between 500 and 2,000 m².
The largest lease in the first half of the year was the lease of the University of Duisburg-Essen for around 2,300 m² at Altendorfer Straße 3. This is followed by JOHANN BUNTE Bauunternehmung with around 1,700 m² at Martin-Kremmer-Straße 14 and a co-working provider has rented around 1,200 m² at Rotthauser Straße 40. The top 5 of the largest leases at the end of the first half of the year are completed by the APM Nursing School with approx. 1,100 m² at Reichsbank 1-7 in the city centre, and the ETL Competence Center with approx. 1,000 m² at Steinstraße 39-41.
Weststadt strongest submarket
The highest demand for space was in the Weststadt, which achieved a market share of around 21%, after being in second place behind the Südviertel in the previous year. This is followed by the city centre, the southern quarter and the other locations in this half-year, each with approx. 14 %. Rüttenscheid and the Zollverein office market zone were also strongly represented, each accounting for around 12% of the letting volume.
Average and prime rents remain stable
The weighted average rent in the stock (excluding new construction contracts) increased slightly year-on-year from EUR 11.50/m² to EUR 11.61/m². The weighted average rent including new construction space was also EUR 11.61/m² at the end of the first half of the year, as no new buildings have been concluded so far. As in mid-2025, the prime rent realised so far in the course of the year is EUR 16.50/m² and was achieved in the southern quarter. However, the generally achievable prime rents for new-build space of the highest quality in the best locations are up to EUR 30.00/m².
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For the rest of the year, CUBION remains only cautiously optimistic for the Essen office market as a whole. The increased number of lease agreements underlines a certain revival and market dynamics. However, the decisive factor for the annual result will be whether larger user decisions are made in the coming months. But even if this were to succeed, it is very unlikely that the medium or long-term average values of over 100,000 sqm of office space take-up could be even remotely achieved.
