STRONG FINAL QUARTER, BUT OVERALL RESULT SLIGHTLY DOWN
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The Munich office market was able to almost confirm its previous year's level with a total take-up of around 581,000 sqm. Overall, however, there was a slight decline of around 4% compared to 2024 (around 606,000 sqm). Looking behind the figures, the continuous upturn in take-up over the course of the year stands out: at around 173,000 sqm, the best quarterly result since Q3 2022 was achieved at the end of the year. The dynamic letting activity of the last three months is also underlined by the fact that almost a third of all contracts were concluded in the period between October and the end of December 2025.
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It is also pleasing that the good development in demand extends across all size segments: the small (up to 1,000 sqm: 37.5%), medium (1,001 - 5,000 sqm: 33.0%) and large (from 5,000 sqm: 29.5%) market segments each account for high shares of take-up.
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Demand continues to focus primarily on the City Centre of Munich (84,500 sqm), which is the office market zone with the highest take-up after the Centre Fringe East (115,300 sqm). Accordingly, it is not surprising that the pressure on rents in the top properties and locations remains high and, in combination with the low vacancy rate in Q4 (City with only 3.4%), has led to a renewed increase in the premium segment (€58.00/sqm). In some cases, contracts even exceed this top level.