LARGE DEALS REMAIN SCARCE, SMALLER DEALS STAY ACTIVE
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At the end of September 2026, Berlin’s investment market posted an unusual result by its own standards. With a transaction volume of around €1.0bn after the first three quarters, the German capital ranks only third among the major investment markets, behind Munich (around €1.7bn) and Hamburg (around €1.2bn). Over the past five years, Berlin had already exceeded the €1bn mark by a wide margin at mid-year, averaging almost €2bn. This year, however, major volume drivers have been almost entirely absent. The partial sale of the prime office properties LindenCorso and Atrium as part of a joint venture remains the only transaction in the triple-digit million-euro range so far.
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The highly fragmented nature of current investment activity is also reflected in the exceptionally low average transaction size of just €18m. This is due to a historically low number of large-scale transactions. So far this year, only one deal above €100m and one further transaction above €50m have been completed. By contrast, the number of transactions in the sub-€50m segment has remained stable.
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Renewed uncertainty in the financial markets is also reflected in rising net prime yields, which increased by 10 basis points across all property types in Q3. Prime yields currently stand at 4.05% for retail properties, 4.60% for offices and 4.70% for logistics assets.