Real Estate

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

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AnalysisQuarterlyReport

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.

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

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

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

ReportSurvey

Logistics property: Tenants are paying more attention to quality and performance

Europe’s logistics tenants are increasingly demanding high-quality, high-performance space. According to the European Logistics Survey 2026, demand remains stable, decision-making processes are taking longer and many are optimising their portfolios rather than expanding. Electricity supply is becoming a key selection criterion.

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

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