Weak take-up in the first quarter of 2026
After a record start last year, the Frankfurt office market has made an extremely cautious start to this year. In the first quarter, a total of 75,200 m² of office space was rented. In the first quarter of 2025, the figure was still 200,100 m² – driven by several very large leases. “The same quarter of the previous year was an absolutely exceptional quarter, in which a large part of the pipeline emptied. The current letting result, on the other hand, is below average and below the usual 100,000 m² of office space take-up in Frankfurt,” sums up Suat Kurt, Senior Team Leader Office Leasing and Branch Manager JLL Frankfurt.
Large and medium-sized closures were a rarity. Only DZ Bank’s owner-occupier deal for 21,200 m² at Mainzer Landstraße 50 made it above the 5,000 m² threshold. Westbridge Advisory follows at a considerable distance with 4,400 m² at Rüsterstraße 7-9 in the Westend. Behind them, a large number of smaller shots dominated the statistics. On the one hand, the range of industries that has rented is striking. On the other hand, with the exception of the banking district, there was no clear focus on one or more sub-markets. The airport, Eschborn, Messe, Ost and City have market shares of between 6.1 and 7.7 percent.
Kurt also identifies a potential new trend. Among the largest leases are three deals in existing buildings in the trade fair submarket. “These may already be the first signs of an evasive movement, as there is no space available in the sought-after locations in the CBD.” The low availability of space is unlikely to change much in the short and medium term. “Currently, only a few new spaces are coming onto the market, a large part of which has already been rented.”
According to Kurt, consultants, banks and law firms feel pressured by the major financial statements of their peer group last year to improve their space as well. However, due to the shortage of supply, the time will come when one or the other company will no longer have a chance. “The exciting question will be how they will then decide: stay in the existing building or switch to a B area in A location or A area in B location.”
Kurt expects the letting volume to increase in the further course of the year. Although the pipeline is not as lavishly equipped as it was a year ago, there are still some applications on the market, including larger ones. Central locations such as Opernplatz 2 are attracting a lot of interest. “We assume that there will still be deals in the high-priced segment in the second quarter.” The prime rent will therefore make a small leap upwards from the current 52 euros/m². Kurt expects an increase of up to three euros by the end of the year.
