BNP Paribas Real Estate publishes office market figures for the 4th quarter of 2025
The Leipzig office market achieved take-up of 85,000 m² in 2025, around 29% below the previous year’s result. The persistently challenging macroeconomic situation continues to have a dampening effect on leasing activity. Although there was brisk movement in the smaller space segment up to 500 m² throughout the year, it was not possible to compensate for the low take-up in the area of larger deals. In the first two quarters in particular, the low number of contracts over 2,000 m² had a noticeable impact on the result. In the second half of the year, however, the market picked up slightly. The two largest leases of the year by Deloitte (8,000 m²) in the Graphisches Viertel/Prager Straße and by Deutsche Bahn (5,600 m²) in the Ringlage office market zone made a significant contribution to this. This is the result of the analysis by BNP Paribas Real Estate.
“The office market zone Graphisches Viertel/Prager Straße was again the submarket with the highest turnover in 2025. With take-up of around 22,000 m², it contributes an above-average 26% to the result and is well ahead of the city centre with 15,000 m²,” explains Stefan Sachse, Managing Director and Leipzig Branch Manager of BNP Paribas Real Estate GmbH.
The prime rent in Messestadt has stabilised at €21/m² over the course of the year and continues to be achieved for high-quality space in very good locations in the city. Overall, an upward trend was observed in rental price levels. In most sub-markets, the respective prime rents have risen slightly. Meanwhile, the average rent of the overall market is trading at €13.50/m² (+4% year-on-year).
Consulting firms above average
In the distribution of turnover by sector, the collective category of other services has repeatedly taken the lead with a share of just under 28%. Almost a quarter of the volume is accounted for by consulting firms, which find themselves in second place. Supported by the Deloitte contract, they were able to increase their earnings by almost 18 percentage points compared to the previous year. Public administration comes in third place with around 12%. Companies from the transport industry rank fourth with an above-average market share of 11%. In addition to the conclusion of Deutsche Bahn from Q3, other medium-sized leases are to its credit.
The vacancy rate on the Leipzig office market rose to 230,000 m² last year (+24% compared to the previous year). At the same time, the space offered for subletting has also increased, totalling around 29,000 m². The growth in modern space, which is primarily in demand, was much more extensive. They account for around 116,000 m², which corresponds to an increase of 73% compared to the end of 2024. The decisive factor for this is the completion of the new construction projects that have not yet been fully let. Despite the increased vacancy rate, the vacancy rate of 5.7% is also at a low level in a nationwide comparison. Construction activity, on the other hand, continues to decline significantly with around 51,000 m² of space under construction (-52% compared to the previous year). Around 55% of this space has already been let, which exacerbates the excess demand for premium space in prime locations.
Prospects
The economic uncertainties were also noticeable on the Leipzig office market in 2025. Accordingly, rental activity was below the long-term average. While market activity in the smaller segment was comparatively dynamic throughout the year, there was a lack of major contracts in particular in the first half of the year, so that the previous year’s result could not be achieved. Against the backdrop of continuing challenging conditions and assuming a slowly recovering economy, the most likely scenario for 2026 is that letting performance will remain roughly constant to slightly higher.
“On the supply side, a further increase in vacancy is expected in the coming year, albeit at a slower pace. Older existing properties in particular, which no longer meet today’s user requirements, are likely to record further growth, while modern first-occupancy areas are expected to be quickly taken up by the market. The pre-letting rate is already at 55%, while the construction volume continues to decline,” says Hannes Baderschneider, Leipzig branch manager of BNP Paribas Real Estate GmbH.
Despite the noticeable shift in demand towards modern, contemporary space, a sideways movement in the rent level for 2026 is to be expected, taking into account the high vacancy volume.
