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

JLL: Lack of major deals slows down take-up in Stuttgart

In the first half of 2026, take-up on the Stuttgart office market amounted to 68,300 m² – around a third less than in the previous year, mainly due to the lack of major deals (only three >2,500 m²; largest letting just under 7,000 m²). JLL expects around 175,000 m² and a prime rent of €38/m² in 2026.

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Investmentmarkt Frankfurt: Volumen im Vorjahresvergleich mehr als verdoppelt
Analysis Quarterly Report

Overall result on the Leipzig office market declined, but modern take-up increased

Leipzig's office market recorded take-up of around 33,000 m² (-13%) in mid-2026, with an almost stable number of deals (-8%) and growing modern take-up (+19%). Prime rent remains at €21.00/m², Ø rent at €13.50/m²; Vacancy rate rises to 249,000 m² (6.1%).

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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%.

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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.

MarketsReal Estate
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%.

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