Real Estate

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

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Best result since 2022 on the Düsseldorf investment market

The Düsseldorf investment market has achieved a volume of €963 million up to Q3 2026 – the best result since the interest rate turnaround in 2022. Q2 was driven by major deals (including the Dreischeibenhaus at over €200 million), whilst Q3 fell to €214 million. Office property dominated (46 per cent), with prime yields up 10 basis points.

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Expert assessment: The cost-effectiveness of photovoltaic systems on blocks of flats

From 2027, the feed-in tariff for new solar installations is set to be abolished. VREY founder Julius Pahmeier emphasises that PV on smaller blocks of flats with high self-consumption remains profitable: revenue shortfalls often amount to €120–400 per year, cash flows are €5,000–6,000 per year, and the payback period is approximately 10 years.

Energy Real Estate Statements

AnalysisQuarterlyReport

Düsseldorf office market sees take-up exceed the five-year average

The Düsseldorf office market recorded around 200,000 m² of take-up, 8 per cent above the five-year average and just under 28 per cent higher than the previous year; Q3 fuelled this momentum. Uniper leased approximately 37,000 m²; the average rent rose to €24/m², with prime rents at €46/m². By the end of the year: 250,000–300,000 m² is a realistic figure.

Markets Real Estate

AnalysisQuarterlyReport

JLL: Strong performance in retail property investments

After nine months of 2026, the German retail property market has recorded a total of around €3.2 billion across 169 transactions. Q3 accounted for just under €900 million. JLL expects a total of €6–6.5 billion for 2026 and anticipates a broader distribution of deals as well as growing investor interest.

Markets Real Estate

Analysis

Berlin investment market: Big deals are few and far between, but there are plenty of smaller investments

By the end of Q3 2026, the Berlin investment market will have raised around €1 billion, trailing behind Munich (€1.7 billion) and Hamburg (€1.2 billion). There is a lack of major deals (only one worth over €100 million and one worth over €50 million); the picture is characterised by many smaller transactions, with prime yields rising by 10 basis points.

Markets Real Estate

AnalysisReport

DZG: Struggling town centres need a strong hospitality sector!

The ‘Germany City Centre Study 2026/27’ confirms that restaurants and cafés are key strengths and attractions in city centres, scoring top marks and enjoying stable demand. The DZG is calling for better framework conditions to support this: flexible employment, less red tape and planning certainty.

Markets Real Estate

AnalysisQuarterlyReport

Rohrer Immobilien: Quality prevails – Munich’s property market between stabilisation and selection

Rohrer Immobilien continues to view Munich as a stable property market. In the residential sector, value-add properties and conversions are in demand; in the commercial sector, the wheat is being separated from the chaff, with adjusted prices opening up opportunities. Quality, location and ESG compliance remain crucial.

Markets Real Estate

AnalysisQuarterlyReport

DAVE: The property investment market is regaining momentum / Residential property is a source of stability / “The era of blanket investment is over”

The DAVE Market Report 2026/2027 shows that the German property investment market is recovering, with transaction volumes rising in many cities and across many asset classes. Residential property acts as an anchor of stability; in the office sector, quality is key. Austria is still lagging behind in the recovery.

Markets Real Estate

AnalysisForecast

Hotel investment market: low volume, but the highest number of deals since Q1–3 2022

BNP Paribas Real Estate reports a hotel transaction volume of around €1 billion (–27 per cent) for Q1–3 2026, whilst the number of deals rose by 27 per cent – the highest since Q1–3 2022. Foreign investors accounted for approximately 48 per cent (≈€500 million). A total volume of around €1.5 billion is expected for 2026.

Markets Real Estate

AnalysisQuarterlyReport

Hotel investment market: Smaller transactions dominate market activity in the first nine months of 2026

The German hotel investment market recorded a transaction volume of €1.01 billion (−33 per cent) in Q1–Q3 2026. Smaller transactions dominated, with value-add deals accounting for around 49 per cent. The prime yield stood at 5.25 per cent; stable demand (223.8 million overnight stays) is underpinning the market.

Markets Real Estate

AnalysisQuarterlyReport

REALOGIS: Large-scale properties dominate the Berlin logistics property market

REALOGIS reports 332,000 m² of space taken up in the Berlin logistics property market for Q1–Q3 2026, of which 300,500 m² was warehouse space (-9% year-on-year). Rents remain stable: peak of €10.50/m², average of €8.10/m². Large-scale properties and existing assets dominate; key deals include JD Logistics and ASML.

Markets Real Estate

AnalysisArticle

Relocation is outpacing housing supply in Europe. Who is funding the shortfall?

Immigration is causing demand for rental accommodation in Europe to outstrip supply. In Ireland, there were only 1,777 rental properties available in February; in Lithuania, the number of foreign workers has risen from under 7,000 to 170,600 since 2020. Where there is a lack of institutional landlords, platforms such as InRento are set to fill the gaps.

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