The Cologne office property market remains selective following the first three quarters of 2026. From the tenants’ perspective, the city centre remains particularly in demand, whilst the public sector has so far been cautious about taking on new leases. Although the vacancy rate is likely to rise further for the time being, Cologne still has the lowest vacancy rate when compared with the top seven locations.
There is also activity in the investment market, although this has so far had only a limited impact on transaction volumes. Demand is primarily for smaller transactions of under 50 million euros. In terms of location, investment activity is concentrated in particular in the city centre and Mülheim/Kalk.
For the year as a whole, Colliers expects office space take-up of around 150,000 square metres and a transaction volume of approximately 700 million euros.
