BNP Paribas Real Estate publishes market figures for Q4 2025
The transaction volume in 2025 will only reach € 770 million, which has more than halved the already moderate result of the previous year (-53%). A comparably weak investment turnover was only registered in the Main metropolis in 2009, i.e. immediately after the financial crisis. The sobering result is mainly due to the lack of major deals, a number of which are in the sales process but could not be finalized last year. In the small and medium-sized market segments, on the other hand, there was definitely a lively and slightly increasing demand. This is the result of the analysis by BNP Paribas Real Estate.
In a nationwide comparison, Frankfurt occupies an unusual position and only ranks sixth in a comparison of the investment volumes of the A-locations. Currently, the gap to the top performers – Berlin (€3.2 billion), Munich (€2.6 billion) and Hamburg (€1.9 billion) – is disproportionately large. "With the first large-volume transactions, especially in the office segment, Frankfurt will catch up with the strongest locations at the moment, albeit with a time lag, but then quickly," explains Riza Demirci, Managing Director and Frankfurt Branch Manager of BNP Paribas Real Estate GmbH.
There are different trends in prime yields. While they remain stable for offices (4.50%) and premium commercial buildings in prime locations (3.75%), they have risen by 25 basis points to 4.50% in the logistics segment over the course of the year.
No major deal over €100 million, office investments with a smaller share than usual
In 2025, not a single deal in the three-digit million range could be recorded, and even the second-largest market segment between €50 million and €100 million accounted for just over 15% of sales. Against this background, it is not surprising that total sales were significantly underestimated. If, on the other hand, one looks at the market segments up to € 50 million, a revival could certainly be observed, which is reflected in an absolute increase in sales. The result of 2023 was also exceeded in these size classes.



