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In the 1st quarter of 2026, take-up on the Cologne office letting market amounted to 45,400 m². This represents a decrease of 36% compared to the previous year. Compared to the ten-year average, sales were around 25% lower.
The vacancy rate was 5.0% in the 1st quarter of 2026 and thus remained stable compared with the previous quarter. Year-on-year, the ratio increased by 100 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 4.3%. 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 started the year with noticeably higher user activity. Many companies are sounding out the market again, but continue to make their decisions cautiously, so that large-scale deals in particular often fail to materialize. Behind this is a clear shift in requirements. Efficient, high-quality space in well-connected locations is sought, while classic portfolios are much more difficult to rent. As a result, demand is shifting to the city, while peripheral locations and older office parks are losing their attractiveness. This is also reflected in the fact that around 60 per cent of take-up and around half of the deals were made in the City submarket. In peripheral locations and in older portfolios, on the other hand, many landlords use contract extensions and incentives to avoid vacancies. Both adjustments to existing leases and new leases often result in space reductions. This explains why although there is more movement in the market, this is only reflected to a limited extent in take-up."
Savills expects prime rents to rise slightly in 2026, while take-up is expected to be slightly below the previous year's level.
Supplementary graphics and data for this press release: Online dashboard for the top 6 office markets.
