At a Glance Q1 2024

Investment market Germany

Investmentmarkt Deutschland


  • The first quarter saw a noticeable upturn in activity on the investment markets. As expected, however, this is not yet fully reflected in investment volumes. A good €5.5 billion was invested in commercial properties in Q1 2024. Compared to the weak prior-year figure, this corresponds to an 8% increase. Significantly more turnover was recorded in the portfolio segment in particular. In total, just under €1.15 billion (+88% compared to Q1 2023) was generated with portfolio sales in the first quarter of 2024. Nevertheless, as expected, the result remains far below the volumes of previous years.
  • By far the most was invested in retail properties. With a volume of just under €2 billion, this asset class accounted for almost 36% of total commercial investment turnover. Logistics properties also achieved a strong result once again (€1.4 billion; 25% share). Meanwhile, office properties only contributed around €871 million (16%) to the volume. In a long-term comparison, this is one of the weakest results ever recorded. 
  • After prime yields have risen continuously since mid-2022 due to significantly higher interest rates, they have largely stabilised in the first quarter of 2024, as expected. For offices, they average 4.36% in the A-locations. For logistics properties, it remains at 4.25%. City centre high street properties are also stable and currently achieve an average of 3.76%. The yield for retail parks remains unchanged at 4.75%, while discounters/supermarkets (4.90%) and shopping centres (5.60%) are also at the same level as at the end of 2023.
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