STABLE INVESTMENT MARKET IN A CHALLENGING ENVIRONMENT
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The commercial investment market confirmed the previous year's result with an investment volume of €25.1 billion. In a challenging market environment, in which geopolitical uncertainties and far-reaching trade policy conflicts in particular had an additional negative impact on the currently structurally weak German economy, the year-on-year difference was small at minus 3%. After a strong start to the year, with the Berlin Upper West as the largest single transaction of the year and with a high level of investor activity in the initiation of deals, the market momentum lost some of its pace in the summer months, only to accelerate moderately again towards the end of the year.
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Prime yields remained largely stable or increased slightly in the logistics and retail sectors. Prime yields in the logistics segment rose by further 10 basis points to 4.50% in the final quarter. For high street properties, an average increase of 5 basis points to 3.81% was recorded in the A-cities. In addition, a slight increase can also be reported for shopping centers (+20 basis points), which are now yielding 5.80% at their peak. For retail parks and supermarkets/discounters, on the other hand, 4.65% and 4.90% respectively can be applied unchanged. All other asset classes are stable. As a result, the net prime yields for offices on average in A-locations remain at 4.36%.