Real Estate

Real estate is the dominant asset class in the real assets sector, but also the most versatile.

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Analysis Quarterly Report

Frankfurt investment market: volume more than doubled year-on-year

The Frankfurt investment market reached a transaction volume of around €600 million in mid-2026 (Q2: €250 million) – an increase of 153% compared to the previous year, but still around 70% below the average. Office properties dominate with 57%. Prime yields stable, logistics 4.60%; Outlook cautiously optimistic.

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Analysis Quarterly Report

Essen office market: weakest result in over 20 years

In the Essen office market, only 18,000 m² was taken up in the 1st half of 2026 – the weakest result in over 20 years. There were no larger deals of more than 3,000 m², and small areas accounted for over 70%. Prime rent €20/m², Ø rent €13.90/m², vacancy rate 8.5%.

MarketsReal Estate
Büromarkt Köln: geringe Nachfragedynamik besonders in Q2, spürbar längere Vermarktungsprozesse
Analysis Quarterly Report

Cologne office market: low demand momentum, especially in Q2, noticeably longer marketing processes

The Cologne office market recorded only around 76,000 m² of take-up in the first half of 2026; Q2 brought 31,000 m² and no deal over 1,000 m². Marketing processes take longer. The average rent rose by around 8% to €20.90/m², while the prime rent remained stable at €33.50/m².

MarketsReal Estate
Analysis Quarterly Report

Above-average result for the first half of 2026 on the Munich office market

The Munich office market achieved an above-average result of 354,000 m² in H1 2026; Q2 contributed 182,000 m², +38% compared to the previous year. Large-scale deals and leading industries are driving demand, with prime rents of €59.50/m² and vacancy rates of 8.0%. For 2026, take-up of around 650,000 m² seems realistic.

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Verhaltene Halbjahresbilanz auf dem Hamburger Büromarkt
Analysis Quarterly Report

Subdued half-year results on the Hamburg office market

In the first half of 2026, Hamburg's office market recorded take-up of 177,000 m² – 18% below the previous year and 24% below the 10-year average. Q2 was below Q1 at 86,000 m². Prime rent rose by 8% to €39/m² with 6.5% vacancy; BNP Paribas RE expects gradual stabilisation.

MarketsReal Estate
Düsseldorfer Büromarkt: Flächenumsatz auf Vorjahresniveau, kleinteiliges Flächensegment dominiert Marktgeschehen
Analysis Quarterly Report

Düsseldorf office market: take-up at previous year’s level, small-scale space segment dominates market activity

The Düsseldorf office market achieved 99,000 m² in the 1st half of 2026, which is on a par with the previous year; small space segments dominate, KPMG leased 17,300 m². Prime rent 46 €/m², average 23 €/m²; Vacancy rate up slightly, pipeline 139,000 m², pre-letting 54%.

MarketsReal Estate
Analysis Quarterly Report

Frankfurt office market: Half-year figures below strong previous year’s result as expected, prime rent continues to rise

The Frankfurt office market recorded around 173,000 m² of take-up after H1 (150,000 m² in the gif area), 53% below the previous year. average rent €28.30/m², prime rent €57.00/m²; some >70 €/m². Outlook: Stabilisation, annual take-up of around 420,000 m².

MarketsReal Estate
Halbjahresumsatz auf dem Berliner Büromarkt übertrifft bereits Q3-Ergebnis von 2025
Analysis Quarterly Report

Halbjahresumsatz auf dem Berliner Büromarkt übertrifft bereits Q3-Ergebnis von 2025

The Berlin office market generated around 373,000 m² of take-up in the 1st half of 2026, already exceeding the Q3 result for 2025. Q2 with 227,000 m² benefited from large owner-occupier deals by the public sector. Prime rent at €47/m² (top up to €50), vacancy rate 2.1 million m² or 9.6%.

MarketsReal Estate

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