STRONG FIRST QUARTER; MUNICH BACK ON TRACK
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Following a noticeable upswing in market activity during the second half of 2025, this positive momentum was impressively sustained into the opening quarter of 2026, despite the persistently challenging economic and geopolitical environment. With office take-up totaling 172,000 sqm, the Munich office market delivered a strong first-quarter result, recording an increase of nearly 26% y-o-y. As a result, Munich not only ranked among the few markets to post growth, but also clearly moved to the top of Germany’s major office locations.
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This strong performance was supported by the fact that several large-scale lettings were already concluded within the first three months of the year. Contracts in the size category above 5,000 sqm accounted for approximately 48% of total take-up, significantly exceeding the average of recent years. Among the most important lettings were JetBrains’ lease of more than 21,000 sqm in the centre fringe north and the E.ON letting of around 20,500 sqm in the centre fringe west, which was successfully advised by BNP Paribas Real Estate. Consequently, the centre fringe zones recorded the largest share of take-up, with approximately 64,000 sqm, representing 37% of total volume.
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Rental growth also remained highly dynamic. At €59.50/sqm, the prime rent increased once again, rising by 11% compared with Q1 2025 and moving very close to the €60/sqm mark. Munich therefore continues to be Germany’s most expensive office location, ahead of Frankfurt and Berlin.