Real Estate

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

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Real Estate forecasts

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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.

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Sideways trend in the office lettings market continues – Berlin, Munich and Düsseldorf record strong take-ups

The top eight office markets recorded a take-up of just under 2.0 million m² in Q3 2026 (−1.6 per cent). Berlin (+49 per cent), Munich (+19 per cent) and Düsseldorf (+28 per cent) are driving the momentum; the vacancy rate remains stable at 9.1 million m². Prime rents in Munich rise to €60/m², with an average pre-let rate of 45 per cent.

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Logistics property investment market continues its growth trajectory in the third quarter of 2026

The German industrial and logistics property investment market continued its growth trajectory in Q3 2026: a transaction volume of €4.71 billion, up 5 per cent on the previous year; 74 per cent of capital was international. The prime yield stands at 4.5 per cent and is expected to rise by the end of the year; €7 billion is within reach.

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Hamburg office market: quality or cost – occupiers must set clearer priorities

The Hamburg office market remains stable: 281,000 m² of take-up in the first three quarters of 2026. Occupiers are prioritising costs, with the focus shifting to total rents; large-scale projects are coming under pressure. Outlook: 370,000–420,000 m² of office take-up for the full year 2026.

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Statements on the Berlin housing market

Four industry experts discussed the situation of Berlin's residential real estate market on 8 July 2026. They emphasize attractiveness and available capital, but demand planning security, faster approvals and less regulation. New construction is considered a central lever.

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Slowed momentum in the retail investment market – opportunities for the second half of the year due to a well-filled sales pipeline

The German retail investment market recorded a transaction volume of EUR 1.9 billion in the first half of 2026 (-25% year-on-year); in the second quarter, it slumped by 41%, and deals halved. The reasons are geopolitical risks and interest rate increases. Colliers sees opportunities for the second half of the year; Forecast: around 5 billion euros.

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"Aengevelt sees rising prices for residential real estate regardless of interest rate developments."

According to Aengevelt, the house price index has risen for six quarters in a row; in the 1st quarter of 2026 by 1.4 percent compared to the previous year. The connection to construction interest rates is loosening. The market diverges regionally: highest growth in apartments in sparsely populated districts, in some cases declines elsewhere.

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Savills expects around 3.5 million square metres of new construction space on the European office market in 2026

Savills expects around 3.5 million m² of new office space in Europe in 2026 – stable compared to the previous year, but 28% below the 2022 peak. 21% of the 2025 projects have been postponed to 2026; In 2027, the volume is expected to fall to 2.7 million m². Speculative pipeline 1.5%, top vacancies 2–3%.

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"Aengevelt: Politics reduces rental housing supply."

Aengevelt predicts a further decline in the supply of affordable rental apartments, as political regulations make renting unattractive. Up to three million apartments could fall out of rent; Small landlords react with sales, vacancies or conversions.

Markets Real Estate

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Avison Young Outlook H2 2026: The real estate market will be slowed down, but the recovery will not be completely slowed down

Avison Young sees a slowed but sustained recovery of the German real estate markets in the H2 2026 outlook: The Iran conflict and higher interest rates are dampening activity and prices. User markets remain cautious; Financing is sometimes reaching its limits. A complete stalling of the recovery is not expected.

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Affordable housing is once again the focus of institutional investors

CBRE once again sees affordable housing as an attractive investment option for institutional investors. Public subsidy programs and tax incentives improve profitability. The focus is shifting towards long-term cash flow strategies.

Markets Real Estate

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"Aengevelt sees the Office asset class facing massive restructuring."

Aengevelt sees the office asset class facing massive restructuring. Working from home, demographics and AI are dampening demand for space; Ifo sees a reduction of 12% by 2030, and a study sees reductions of up to 27%. The "Flight to Quality" strengthens new construction and flexible concepts.

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