GLOBAL UNCERTAINTIES ARE ALSO REFLECTED IN THE INVESTMENT MARKETS
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The recovery trend observed on German investment markets at the beginning of the year slowed in the second quarter. With a total turnover of just under €11.4 billion in the first half of 2025, last year's result was missed by about 7%.
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At mid-year, retail transactions occupy the top position among the asset classes. With a transaction volume of nearly €2.9 billion, retail transactions accounted for a quarter of commercial investment turnover. However, they recorded a year-on-year decline of 21%. Logistics transactions followed closely behind in second place, with a volume of just over €2.8 billion, accounting for 24% of turnover. This result is roughly on par with that of the previous year (-2%). Office investments lost market share compared to the beginning of the year but contributed around 21% more than last year, reaching €2.7 billion. This growth is largely due to the sale of the Upper West in Berlin, which generated over €400 million in Q1.
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The sideways movement in prime yields continued in the second quarter. So far, no significant changes have been observed in any asset class compared to the beginning of the year. Office properties remain at 4.36% in A-locations. Logistics properties noted at 4.25%. Premium high street properties in prime retail locations have remained stable as well, achieving an average of 3.76%. Retail warehousing yield an average of 4.65%, discounters/supermarkets (4.90%), and shopping centers (5.60%) remain unchanged as well.