Prime rent rises to 62 euros/m², vacancy rate stabilises
In the second quarter of the current year, the Munich office leasing market also performed significantly better than in the corresponding period of the previous year. At 182,600 m², take-up was around half the previous year’s figure. For the first half of 2026, this results in a letting volume of 347,500 m² – an increase of one third year-on-year. This means that sales are at the ten-year average and about a fifth above the five-year average.
The good rental result in the second quarter was mainly driven by medium-sized and smaller deals, which, according to Fritz Maier-Hartmann, Senior Team Leader Office Leasing and Branch Manager JLL Munich, “speaks for healthy and sustainable market activity”. A total of 157 degrees were registered from April to June. Only Apple’s owner-occupier deal exceeded the threshold of 10,000 m² with around 29,000 m². In the first quarter, the software company JetBrains and E.ON had ensured large-volume leases with deals of around 21,5000 m² each.
In the first half of the year, the counted deals totaled 282 deals, slightly fewer than in the previous year (299). On average, 1,132 m² were rented per deal. At 8.8 percent, the vacancy rate is quite significantly higher than the previous year’s figure (7.6 percent), but moderately lower than at the end of the first quarter (8.9 percent).
The prime rent in Munich has continued to rise. For top space in prime locations, up to 62 euros/m² are now being charged, which is two euros more than in the first quarter and four euros more than a year ago. Maier-Hartmann expects a further increase in prime rents by the end of the year.
Despite the high rents, the strongest take-up was recorded in the city centre at 109,400 m², followed by the Westend (52,800 m²) and Süden (36,400 m²) sub-markets. The sectors with the highest turnover are industry (118,500 m²) and IT (88,800 m²). “This underlines that the location is still attractive and that medium-sized companies in particular assess their business prospects positively and present themselves as capable of acting and making decisions,” says Maier-Hartmann.
He expects market momentum to continue in the further course of the year: “There are some major searches of more than 20,000 m² in the market. Therefore, the positive development is likely to continue.” However, geopolitical and economic developments led to a certain slowdown in decision-making processes. Despite the very good first half of the year, Maier-Hartmann is therefore sticking to its take-up forecast of 640,000 m² for the year as a whole.
