Aengevelt analyses subdued office market in Düsseldorf

According to analyses by Aengevelt Research, the office market in the Düsseldorf region
achieved office space take-up (including
owner-occupiers) of around 164,000 m² in the first three quarters of 2025. Compared to the same period of the previous year (Q1 - Q3 2024: 175,000 m²), this represents a decrease of approx. 6 %. Compared to the decade average (Ø Q1-Q3 2015-2024: 275,500 m² p.a.), it is around 40% less.

Around 146,000 m² of total take-up is attributable to the city of Düsseldorf (Q1 - Q3 2024: 155,000 m²) and 18,000 m² to the surrounding area (Q1 - Q3 2024: 20,000 m²).

Christoph Mooren, Head of Commercial Leasing at Aengevelt Düsseldorf, comments: "While there are signs of a market revival in the small-scale rental segment, many companies are continuing to postpone their leasing decisions for larger space dispositions in view of the persistently challenging economic market situation. Accordingly, no significant revival of the market is expected in the short term."

Accordingly, Aengevelt Research forecasts office space take-up of around 210,000 m² for the Düsseldorf region for 2025 as a whole. This would be a decrease of around 9% compared to the previous year (2024: approx. 231,400 m²), and compared to the decade average (Ø 2015 - 2024: 364,400 m² p.a.), it would be around 42% less.

The short-term supply reserve (ready for occupancy within three months) in the Düsseldorf region has increased moderately compared to the same time last year (end of Q3 2024: 1,000,000 m²) to currently around 1,050,000 m².

The vacancy rate has thus risen from 10.6% to currently around 10.9% of the total stock of around 9.6 million m² of office space.

By the end of 2025, Aengevelt Research forecasts a further increase in supply reserves.

In view of the postponement of completions of even large office projects in the previous year, at least 150,000 m² of new office space is expected to be completed in 2025. Compared to the previous year (completion volume in 2024: approx. 70,000 m²), this represents more than doubling. In addition, the completion volume would also be around 88% above the level of the ten-year average (Ø 2015 - 2024: 79,600 m² p.a.).

The rising prime rent level for office buildings is largely driven by the growing demand for sustainable, energy-efficient space in central city locations.

In view of the fact that the supply of ESG-compliant and centrally located office space is still scarce, the prime rent level has risen further year-on-year from around EUR 43.50/m² to currently around EUR 45/m², which corresponds to an increase of around 3%.

Christoph Mooren comments: "Companies are willing to pay higher rents for modern, ESG-friendly offices that also offer appropriate space qualities for the increased demands of employees and optimal accessibility in central locations. Additional costs will be partially compensated for by space reductions."

By the end of 2025, Aengevelt expects a stable to slightly rising prime rent.