In the 1st half of 2026, take-up on the Munich office letting market amounted to 333,200 m². This corresponds to an increase of 16% compared to the previous year. Compared to the ten-year average, sales were 6% higher.
The vacancy rate rose by 20 basis points to 9.4% in the 2nd quarter of 2026 compared with the previous quarter. Year-on-year, the ratio increased by 140 basis points. The prime rent reached EUR 60.00/m², up 1.7% on the previous quarter. It increased by 11.1% year-on-year. The median rent amounted to EUR 23.50/m², an increase of 2.2% compared to the previous quarter. Compared to the same quarter of the previous year, it remained unchanged.
Alexander Meyer, Director and Head of Munich Office at Savills, reports: "After the lively start to the year, the Munich office leasing market became more sober again in the second quarter. Demand from AI and technology companies, as well as defense and robotics, is visible, but does not yet compensate for the reluctance of other user groups. Banks, insurance companies, the automotive industry and the public sector continue to plan cautiously. In many cases, restructuring takes precedence over expansion. The high rent level in inner-city locations reinforces this caution. Those who are well accommodated there are more likely to extend than to pay significantly more for comparable quality. Others examine locations on the outskirts of the city if they can find good building quality there at economically viable conditions. In the short term, supply is unlikely to ease because available new construction space under construction is scarce and new projects usually only start with pre-letting. Munich thus remains a market with individual impulses, but without the broad demand that would support a strong leasing year."
Savills expects take-up in 2026 to exceed the previous year's level. At the same time, the ongoing trend towards high-quality office space is likely to lead to rising prime rents.
