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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.

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

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

AnalysisQuarterlyReport

Dortmund office market remains close to the average despite a lack of major deals

The Dortmund office market recorded 64,000 m² of take-up in the first nine months of 2026 (-27 per cent year-on-year) and remained close to the 10-year average despite the absence of deals exceeding 10,000 m². Prime rent: €23/m² (+2 per cent); average rent: €13.30/m² (-8 per cent). Vacant space: 151,000 m²; vacancy rate: 4.7 per cent.

Markets Real Estate

AnalysisQuarterlyReport

A sluggish first three quarters on the Essen office market: take-up well below average

The Essen office market remained subdued in the first three quarters of 2026: take-up totalled around 31,000 m², 33 per cent below the previous year and 60 per cent below the long-term average; activity was concentrated primarily on small units. Prime rent stood at €20/m², with a vacancy rate of 8.4 per cent. Annual take-up is expected to be around 50,000 m².

Markets Real Estate

AnalysisQuarterlyReport

Leipzig office market: Take-up remains below last year’s level – momentum picks up slightly as the year progresses

The Leipzig office market recorded 55,000 m² of take-up by Q3 2026 (-13% year-on-year); in the third quarter, activity picked up to 22,000 m². Prime rent remained stable at €21/m², with the average at €13.60/m² (+2%). Vacancy stood at 252,000 m², construction activity at 33,000 m² (-58%), and pre-letting at 79%.

Markets Real Estate

AnalysisQuarterlyReport

Cologne office market: subdued demand – noticeably longer letting processes

The Cologne office market recorded a take-up of 107,000 m² up to Q3 2026, which is significantly below the previous year’s figure (-40 per cent) and the ten-year average (-43 per cent). Demand remains subdued, and letting processes are taking longer; prime rent €33.50/m², vacancy rate 564,000 m² (+19%), pre-let rate 74.5%.

Markets Real Estate

AnalysisQuarterlyReport

Strong results in the Bavarian capital – top rents in Munich break the €60/m² mark

According to BNP Paribas Real Estate, the Munich office market recorded 485,000 m² of take-up in Q1–Q3 2026 (+19 per cent year-on-year). The prime rent rose to €60 per m² within twelve months (+9 per cent), with an average of €26.90 per m². The industrial sector is driving demand; the vacancy rate remains stable at 8.1 per cent.

Markets Real Estate

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Frankfurt office market posts strong quarterly turnover – prime rents have been rising steadily since Q3 2025

Frankfurt’s office market recorded around 127,000 m² in Q3 2026, making it the strongest quarter of the last five years. In the first three quarters, approximately 300,000 m² were let, 40 per cent below the previous year’s figure. Prime rents have risen by 6 per cent since Q3 2025 to €57 per m² and could soon exceed €60 per m².

Markets Real Estate

AnalysisQuarterlyReport

Berlin’s office market: leading the city rankings and even exceeding the long-term average

The Berlin office market recorded a take-up of around 541,000 m² in Q3 2026 (+49 per cent year-on-year), placing it above the ten-year average. Berlin tops the city rankings. Demand is coming from the public sector and the ICT sector, amongst others; the vacancy rate stands at approximately 2.1 million m² (9.6 per cent), with prime rents at €47 per m².

Markets Real Estate

AnalysisQuarterlyReport

Hamburg office market: high number of deals despite a fall in take-up – prime rent just below the €40 mark since Q1 2026

The Hamburg office market recorded a take-up of around 270,000 m² by the end of September 2026, with 7 per cent more transactions than in 2024/2025. Smaller deals of up to 2,000 m² dominate (62 per cent); the prime rent stands at €39/m², whilst the vacancy rate is 6.4 per cent. Outlook: More large-scale searches, sustained upward pressure.

Markets Real Estate

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