At a Glance Q4 2022

Investment market Germany

Investmentmarkt Deutschland


The German commercial investment volume totaled €54.1bn in 2022. This is 16% below the comparable figure for the previous year. However, the ten-year average was only missed by 2%. The record result of the first quarter is primarily responsible for this good performance in the longer term, whereas the fourth quarter in particular recorded a very low transaction volume in a historical comparison. As expected, the traditional year-end rally did not take place, what clearly shows how challenging the current macroeconomic and financial market environment is for the commercial investment markets. At € 9.9 billion, the transaction volume in the fourth quarter was half the average of the last five years. The significant rise in interest rates, a weakening economy and inflation at record levels not only create a certain degree of uncertainty about the further development of the real estate markets, but have also contributed to the fact that many large transactions that were already being placed on the market could no longer be realised - many of them postponed to 2023.

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