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In the 1st half of 2026, the transaction volume with office properties amounted to just under 2.3 billion euros, according to Savills. This represents an increase of 10% compared to the same period last year. The 10-year average, on the other hand, was missed by 71%. Savills registered 65 transactions in the 1st half of 2026, a similar number to the previous year. Prime office yields remained unchanged from the previous quarter in five of the top 6 markets*, with only Düsseldorf rising by 10 basis points. On average across all markets, they were just under 4.4% and thus corresponded to the previous year's figure.
Karsten Nemecek, Deputy CEO Germany and responsible for Capital Markets at Savills, comments on the market as follows: "The office investment market is still in the discovery phase. Although supply is increasing, liquidity remains limited – in addition to successfully completed transactions, aborted processes are therefore also part of normal market activity. Regardless of the outcome, each process provides important clues as to which products are tradable and at what prices. For example, smaller core properties are attracting continued high interest from family offices, while large-volume properties across all risk classes often struggle and are punished in pricing. This gain in transparency could lead to sellers and buyers coming together more often in the future. However, the fundamental market dynamics are unlikely to change much in the coming months."
Around three-quarters of the transaction volume was in the top 6 markets*, where transaction volume increased by 74% compared to the same period last year. The number of transactions in the top 6 markets* increased by 8%. Both key figures remain well below the 10-year average.
* Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne and Munich
