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 quarterlys

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Cologne investment market: Good number of deals, turnover in line with the five-year average

The Cologne investment market recorded turnover of around €661 million across some 30 transactions in Q1–Q3 2026, which is close to the five-year average. Offices dominated, accounting for just under 71 per cent. Prime yields rose to 4.10 per cent (retail) and up to 4.70 per cent (offices/logistics).

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The Ruhr logistics market sets new records for volume and number of deals

The Ruhr logistics market reached record levels in Q1–Q3 2026, with 484,000 m² of space taken up and a high number of deals. Major deals involving Cencora, Goodcang, Apex and Logicall SCS, amongst others, are driving the momentum; logistics service providers account for around 71 per cent. Rents are rising slightly, whilst supply remains tight.

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Düsseldorf’s logistics market once again posts above-average results

The Düsseldorf logistics market recorded around 202,000 m² of take-up by the end of Q3 2026 – the third consecutive Q1–Q3 period with above-average performance and 12 per cent above the ten-year average, but 11 per cent below the previous year. Logistics operators dominate (56 per cent), whilst rents are rising: peak at €8.85 per m², average at €7.10 per m².

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Berlin logistics market: space take-up slightly down on the previous year

BNP Paribas Real Estate reports 298,000 m² of space take-up in the Berlin logistics market for Q1–Q3 2026 – 7 per cent below the previous year and 18 per cent below the 10-year average. Major deals included those with JD Logistics and ASML, whilst rents remained stable. A figure of over 400,000 m² by the end of the year appears realistic.

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Leipzig investment market: a significant increase compared with the previous year

After three quarters of 2026, Leipzig’s investment market has reached around €341 million – the best result in three years and roughly three times as much as in 2025. Driven by a strong first quarter (including Höfe am Brühl); retail dominates, with foreign investors accounting for approximately 74 per cent, and prime yields have risen slightly.

Markets Real Estate

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Logistics space turnover continues to rise – particularly high volumes in the third quarter

BNP Paribas Real Estate reports logistics space turnover of 5.5 million m² for Q3 2026 (+28 per cent year-on-year); in the third quarter, this stood at just under 2.2 million m² (+23 per cent quarter-on-quarter). Outside the hubs: +51 per cent; top markets: -5 per cent. Logistics service providers: 45 per cent; rents are rising in several locations.

Markets Real Estate

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Logistics market on the rise: new growth sectors are driving a revival

The German industrial and logistics property market grew in Q3 2026: 5.2 million m² of space let, up 18 per cent on the previous year. Large-scale lettings of 10,000 m² or more are making a comeback; Asian occupiers account for 15 per cent of the market. The top eight regions have reached their five-year average, whilst rental growth is picking up.

Markets Real Estate

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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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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.

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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.

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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.

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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.

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