At a Glance Q4 2023

Investment market Germany

Investmentmarkt Deutschland


A total of just under €23.3 billion was invested in commercial property in 2023. In comparison to the previous year's very good results, the decline in turnover amounts to around 57%, which primarily reflects the significantly changed and difficult financing environment. The 10-year average was also undercut to a comparable extent. The transaction volume therefore remains at a similar level to the years shortly after the financial crisis. The best quarterly result of 2023 was achieved in the last three months of the year with registered investment volume of around €7 billion. The portfolio segment remained comparatively weak in the fourth quarter. Overall, the transaction volume with portfolios totalled €5.66 billion in 2023. This represents a year-on-year decrease of more than two thirds (-68%), which is significantly higher than the decline in single deals (-52%). Individual transactions contribute a good € 17.6 billion to total turnover (-52% compared to 2022), which corresponds to a share of approx. 76%.

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