New Colliers study shows increasing importance of operator real estate in Germany

Operator properties have been an integral part of the investment market in Germany for years and are becoming increasingly important. For example, after the end of the interest-rate-driven peak phase and with the slump in commercial transaction volume since 2023, the market share of operator properties has risen by five percentage points to 16 percent. In the first half of 2025, a new high of 21 percent was reached. This is the result of the new report “Operator Real Estate: Real Estate Meets Entrepreneurship” by Colliers. The report analyses market trends, growth drivers and the potential of operator properties in the current investment environment. Furthermore, the individual property types are examined in detail and opportunities for institutional investors are shown.

“Operator properties are less affected by classic real estate cycles, as the rent is not primarily determined by developments in the real estate market, but predominantly by the profitability of the respective business. Long-term income security and low volatility make operator properties an attractive addition to classic real estate investments. The diversity and growth potential are great, but access for institutional investors is often limited. Germany still has development potential, especially in opening up the market to new operator concepts. We want to highlight this market potential with our report and provide investors with a sound basis for decision-making,” comments Dirk Richolt, Head of Capital Advisory & Operational Real Estate at Colliers in Germany.

Francesca Boucard, Head of Market Intelligence & Foresight at Colliers in Germany, adds: “Operator properties offer sustainable opportunities not only in the search for higher-yielding investments. Using different types of use, we show how successful operator concepts offer protection against market risks through their active management approach, are suitable as impact investing or enable entry into systemically important infrastructure investments. However, the heterogeneity of the investment spectrum means that investors have to deal more intensively with the individual types of real estate. With our report, we are creating more market transparency here and providing comprehensive insights into the individual types of use.”