Investment Dashboard

The German commercial investment market recorded a total transaction volume of around €12.3 billion in the first half of 2026, representing an 8% increase in turnover. With more than 700 transactions completed, it was the strongest first half-year in terms of deal momentum since 2022. A buoyant opening quarter, during which approximately €6.9 billion was invested, was followed by a second quarter in which investment activity slowed markedly (€5.4 billion). Refinancing considerations, more cautious assumptions regarding occupier markets and higher risk premia prompted a reassessment of negotiations in several asset classes. This reduced momentum, but was necessary. After all, the market will not recover on hopes of lower interest rates alone, but through pricing that realistically reflects financing conditions, rental prospects and asset complexity. Over the coming months, however, the investment market environment is likely to brighten gradually. Although geopolitical uncertainty will remain an overarching issue and economic momentum is expected to remain disappointing for the time being, the path ahead for market participants has now become more clearly defined and more predictable, both with regard to capital market developments and the real economy.