OVERALL MODERATE START INTO THE YEAR 2026
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Overall, the German office markets recorded a moderate start to the year. Across Germany’s key office markets—Berlin, Cologne, Düsseldorf, Essen, Frankfurt, Hamburg, Leipzig and Munich—office take-up totaled 603,000 sqm in the first quarter of 2026, representing a year-on-year decline of 14%. In an environment that remains persistently challenging, however, Berlin and Munich stood out, posting strong positive momentum with take-up increases of 42% and nearly 26%, respectively.
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With office take-up of 172,000 sqm and a 25.5% increase compared with the opening quarter of 2025, Munich has impressively moved to the top of Germany’s office markets. As in the previous year, the Bavarian capital recorded three large-scale lettings within the first three months. Particularly strong signals were sent by the two lettings exceeding 20,000 sqm each, concluded by E.ON SE and the software developer JetBrains. Both contracts—E.ON SE, with the former successfully advised by BNP Paribas Real Estate, as well as JetBrains—were realized in highly attractive office space in established centre fringe locations.
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Berlin ranks second with 146,000 sqm of take-up, reflecting a robust year-on-year increase of nearly 42%. Hamburg follows at a considerable distance, recording 91,000 sqm and a decline of 18% compared with the previous year. Frankfurt takes fourth place with 82,000 sqm of office take-up. As expected, Frankfurt was unable to replicate the exceptional record result achieved at the beginning of 2025, marking a 60% year-on-year decline.