OFFICES BACK AT THE TOP OF THE ASSET CLASSES - HIGHEST INVESTMENT VOLUMEN IN COMPARISON
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Having lost their dominant position as the most important asset class over the past two years, office investments have regained their leading role in terms of transaction volume this year. With a result of just under €4.47 billion, they have increased last year's figure by around 23%. This equates to around a quarter of investment volume in commercial real estate.
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Notably, this significant increase in turnover was achieved despite the absence of any notable portfolio transactions to date. Single transactions, however, have increased across the board. In cities with between 100,000 and 250,000 inhabitants, for example, transaction volume has quadrupled.
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The market recovery is also evident in the increase in large-volume transactions being concluded. Examples include the sales of the Upper West in Berlin and the Atlantic Haus in Hamburg. A total of five deals each worth over € 100 million were recorded in the first three quarters, contributing well over €1 billion to investment volume.
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The yield compression that many market participants expected in 2025 has not materialised. Consequently, the prime yield across all A locations has remained unchanged at 4.36%. Munich remains the most expensive location at 4.20%, followed by Berlin and Hamburg, which are tied at 4.25%. Cologne and Stuttgart follow with 4.40%. The cheapest and lowest-yielding A locations are currently Frankfurt and Düsseldorf, both at 4.50%.