INVESTMENT VOLUME BROADLY IN LINE WITH THE PREVIOUS YEAR
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Between January and September 2026, around €4.4bn was invested in the German office investment market, consequently transaction volume is roughly on a par with the previous year (-1.7%). Offices therefore remain the strongest asset class in terms of transaction volume, ahead of logistics investments at around €4.0bn. Nevertheless, market momentum has slowed somewhat since the outbreak of the war in Iran. At the same time, the interest rate hikes of recent months have triggered renewed price discovery processes, increasingly prolonging transaction timelines. While the year got off to a promising start with a transaction volume of just over €1.8bn, indicating signs of a market recovery, volumes declined to €1.3bn and €1.2bn in the subsequent quarters.
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Against this backdrop, prime net yields already saw some adjustment in the second quarter, a trend that continued across almost all major markets in Q3. By the end of the third quarter, the average prime net yield across the major markets was just over 20 basis points higher than a year earlier, although trends varied considerably between individual cities. Munich remains the most expensive investment market, with a prime net yield of 4.20%, and is the only market where yields have remained stable since the end of 2023. Hamburg currently stands at 4.35% (+10 bp), while Berlin and Frankfurt both record 4.60% (+35 bp and +10 bp, respectively). Cologne follows at 4.70% (+30 bp), slightly ahead of Düsseldorf and Stuttgart at 4.75% (+25 bp and +35 bp, respectively).