COMPARABLE VOLUME TO PREVIOUS YEAR
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The Cologne investment market recorded a transaction volume of just under €661 million in the first three quarters of 2026. While well below the strong results achieved between 2017 and 2021, the figure is broadly in line with the five-year average of €677 million. This period was largely shaped by a challenging financing environment. The wider market comparison also puts Cologne’s result into perspective: Munich (€1.7 billion) and Hamburg (€1.2 billion) were the only major markets to exceed €1 billion.
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Another indication that investment activity in Cologne has been more dynamic than the transaction volume suggests is the number of deals. At around 30 transactions between the beginning of January and the end of September, sales activity reached a comparatively high level. The moderate overall volume can therefore primarily be attributed to the low average deal size, which currently stands at just around €21 million.
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The renewed significant rise in capital market interest rates has been reflected in higher prime yields across the board, with yields increasing by 10 basis points in Q3 across all asset classes. Prime yields currently stand at 4.10% for retail assets, while office and logistics properties are both at 4.70%.