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The Cologne office leasing market achieved 230,100 square meters of annual turnover in 2025, approximately 5 percent above the previous year's 218,200 square meters, driven by a strong fourth quarter that recorded 65,300 square meters. The top rent remained stable at 33.00 euros per square meter while average rents rose to 20.60 euros per square meter (an 8 percent increase from Q4 2024), and the vacancy rate increased to 5.5 percent by December 2025 from 4.8 percent in Q4 2024, though this remained below the level of top-5 markets.

The Düsseldorf logistics market recorded take-up of approximately 227,000 square meters in the first three quarters of 2025, representing a 20% increase year-on-year and 24% above the long-term average, with large-scale contracts accounting for roughly 28% of this activity. Prime rents increased 8% year-on-year to €8.50 per square meter while average rents rose 5% to €6.90 per square meter, driven by high demand for modern ESG-compliant space and limited supply.

In the first three quarters of 2025, Düsseldorf's investment market recorded €766 million in investment volume, matching the previous year but remaining 55% below the 10-year average of €1.7 billion, with the market ranking fourth among A-cities behind Berlin, Munich, and Hamburg. Net prime yields stood at 4.50% for office properties, 3.95% for inner-city retail, and 4.40% for logistics properties, with no transactions exceeding €100 million recorded so far in the year.

Cologne's office leasing market achieved 206,000 m² in space volume during 2024, remaining near prior-year levels, with the vacancy rate rising 90 basis points to 3.8% and top rents declining 7% to €31.50/m² due to shortage of premium stock. The commercial investment market recorded €1.01 billion in transaction volume, up 62% year-over-year, driven primarily by two major acquisitions by the City of Cologne including the Rossio office building, with mixed-use properties representing the largest asset class at €385 million and public entities accounting for 65% of buyer volume.

Düsseldorf's office market recorded take-up of approximately 220,000 sqm in 2024, representing a 21% decline from 2023 due to slow economic recovery, though small spaces up to 2,000 sqm increased by 3% while large contracts exceeding 2,000 sqm fell 49%. Prime rents reached €43.50 per sqm (up 9% year-over-year) and average rents stood at €18.90 per sqm, with vacancy rising to 11.5% overall (though only 8.6% in the city center) and consultancies leading sector demand at 19% of take-up, while the absence of major deals above 10,000 sqm reflected challenging economic conditions despite stable contract numbers compared to the prior year.

This is a data report published by CBRE on December 31, 2025, presenting office market figures for Stuttgart, Germany in the second half of 2025.

Stuttgart's logistics market recorded take-up of 61,000 square meters in the first three quarters of 2025, down 29.9 percent from 87,000 square meters in the same period of 2024, driven almost entirely by small deals under 5,000 square meters with no major contracts exceeding that threshold. Prime rents remained stable at €8.50 per square meter and average rents at €6.50 per square meter, while weak German economic conditions and global trade uncertainties have dampened demand particularly from the automotive sector, though manufacturing continues as the leading user segment at 27.1 percent market share.

The Stuttgart industrial and logistics real estate market recorded 69,600 square meters of space turnover in the first nine months of 2025, declining 27 percent year-over-year and falling 57 percent below the five-year average. Demand remains subdued due to economic uncertainty, with 87 percent of all lettings occurring in properties up to 3,000 square meters, accounting for 60 percent of total area turnover, while top-rents stand at 8.50 euros per square meter and average rents at 7.20 euros per square meter.

Stuttgart's office rental market recorded slightly below-average space turnover in the first three quarters of 2025 due to lack of large contracts in Q3, though broad tenant demand persisted across all size segments and rental revenue remained near the five-year average, while the vacancy rate rose 120 basis points to 6.6% primarily due to obsolete properties in outer districts, contrasting with sustained rent growth in central City and Innenstadt submarkets for modern, high-quality, ESG-compliant office space. The investment market showed early recovery signs in Q3 2025 with transaction volumes exceeding 80 million euros, driven primarily by private investors and family offices on the buyer side, with mixed-use properties representing the dominant asset class at 66% and a top gross yield of 4.8% for office properties.

The Stuttgart industrial and logistics real estate market recorded 45,500 square meters of transaction volume in the first half of 2025, representing a 29% decline from the previous year and 52% below the five-year average, with small-unit spaces accounting for 92% of transactions and 62% of total turnover. Prime rents stood at 8.50 euros per square meter and average rents at 7.20 euros per square meter, with demand concentrated in small-space segments while the absence of automotive sector demand and expiring leases are shifting the market toward a tenant-favorable environment with increased rental incentives.

BNP Paribas Real Estate's H1 2025 Investment Market report for Stuttgart documents commercial real estate transaction activity, finding approximately €183 million invested across the first half of 2025 (€71 million in Q1 and €112 million in Q2), representing 70% below the long-term average despite a marginal 2% year-over-year increase. Logistics assets dominated with 58.4% market share, office investments accounted for 30.6%, prime yields remained stable at 4.40% for office, 4.25% for logistics, and 3.85% for retail, while 69.4% of investment concentration shifted to the periphery driven by logistics deals, with no transactions exceeding €50 million completed.

Stuttgart's industrial and logistics real estate market recorded 125,500 square meters of transaction volume in Q4 2024, representing a 40 percent decline year-over-year, with top rents rising 2 percent to €8.50 per square meter and average rents increasing 3 percent to €7.20 per square meter. Production and manufacturing accounted for 52 percent of demand, the majority of transactions occurred in properties under 3,000 square meters, and Ludwigsburg, Esslingen, and Rems-Murr-Kreis were the three leading submarkets by volume.

Stuttgart's office rental market recorded 197,200 square meters in transaction volume during 2024, up 26 percent year-over-year, driven by large lettings exceeding 10,000 square meters and high public sector activity, though vacancy rose to 5.8 percent with divergence between central locations and peripheral districts. The investment market saw commercial transaction volume of 452 million euros in 2024, up 0.7 percent, with mixed-use properties accounting for 48 percent of deals and private investors/family offices representing the largest buyer group at 40 percent.

This is a market report published by CBRE in March 2026 covering the office sector in Frankfurt, Germany.

BNP Paribas Real Estate's Q1 2026 review of Cologne's office market reports floor turnover of 45,000 square meters, down 33 percent year-over-year and 24 percent below the long-term average, attributed to challenging macroeconomic conditions and prolonged leasing processes. Prime rents remained stable at 33.50 euros per square meter while average rents rose 3.9 percent year-over-year to 21.40 euros per square meter, with vacancy increasing to 515,000 square meters (6.5 percent of total stock) and pre-leasing of new construction at a high 73 percent, though market activity is expected to recover through the remainder of 2026 given numerous large tenant inquiries in process.

Cologne's logistics real estate market achieved 82,000 m² in transaction volume during Q1 2026, representing a 156.3% increase year-over-year and exceeding the ten-year average by 30%, driven largely by a single major logistics service provider contract of 35,000 m² in Bergheim. Prime rental rates for modern logistics properties reached €8.20/m² (up 6.5% year-over-year) while average rents stood at €6.70/m² (up 6.3%), with logistics service providers accounting for 79.3% of market activity, substantially above their long-term average of 32%.

BNP Paribas Real Estate's Q1 2026 Hamburg office market review reports office take-up of 91,000 sqm (down 18% year-over-year) amid challenging economic conditions, with prime rents rising 8.3% to €39.00/sqm as demand concentrates on high-specification space in prime locations like the City, City South, and HafenCity. Vacant space increased marginally to 942,000 sqm (6.4% vacancy rate), with transport and logistics accounting for nearly 22% of take-up led by MSC's 13,000 sqm headquarters relocation, while the outlook notes continued upward pressure on prime rents with the €40/sqm threshold potentially achievable in coming quarters.

The document is a webpage listing BNP Paribas Real Estate's market reports on Munich's investment market, providing quarterly analyses from 2020 through Q1 2026. The page itself contains navigation menus and contact information but does not provide the actual substantive findings of the Q1 2026 report, as the specific transaction volume and key conclusions for that quarter are truncated in the provided text.

Berlin's office market recorded 146,000 sqm of take-up in Q1 2026, representing a 42% year-on-year increase and the largest growth among German A-location office markets, driven primarily by six large lease agreements of 5,000 sqm or more compared to only one in the prior-year quarter. Take-up of modern office space more than doubled, with prime submarkets Mitte, Municipal Area South, and Europacity leading activity, and prime rents reaching or exceeding €50/sqm in select premium properties while €47/sqm remained the primary market benchmark.

Düsseldorf's investment market recorded 167 million euros in transaction volume during Q1 2026, representing a 32.8 percent year-on-year decline and marking the weakest first-quarter start in ten years, though deal count remained stable and net prime yields held steady at 4.50 percent for office and logistics properties and 3.95 percent for best-located retail buildings. Retail investments dominated Q1 activity at 50.5 percent of volume due partly to four transactions linked to CENTRUM insolvency, while deals under 50 million euros prevailed, no transactions exceeded 100 million euros, and geopolitical tensions posed ongoing uncertainty despite expectations for increased transaction frequency in subsequent months.

The Stuttgart commercial real estate investment market recorded €177 million in transaction volume during Q1 2026, representing a 50% decline versus the ten-year average of €351 million but an improvement over the weak first quarters of 2024 and 2025, with office assets contributing €110 million of the total and around a dozen deals marking the highest transaction frequency since Q1 2022. Prime yields shifted across asset classes in the twelve-month comparison, with office properties rising 10 basis points to 4.50%, retail rising 15 basis points to 4.00%, and logistics increasing 25 basis points to 4.50%.

JLL's Q1 2026 research report on Cologne's office market documents a subdued start to the year with take-up of 40,400 sq.m., down 43% year-on-year and 38% below the five-year average, driven primarily by the absence of large-volume transactions and tenants postponing relocation decisions. The vacancy rate rose to 5.1% with 407,700 sq.m. available, prime rent remained stable at €32.50/sq.m./month while weighted average rent declined 10% year-on-year to €19.80/sq.m./month, and JLL forecasts full-year 2026 take-up of approximately 230,000 sq.m. with continued slight vacancy rate increases and moderate prime rent growth anticipated.

The Stuttgart logistics and warehouse market achieved take-up of 69,000 sqm in Q1 2026, approximately 60% above the ten-year average and nearly triple the previous year's result, driven largely by a single industrial contract exceeding 30,000 sqm. Prime rents rose 2% to €8.70 per sqm and average rents increased 5% to €6.80 per sqm by end of 2025, with supply in the new-build segment particularly constrained and no new-build take-up recorded in the quarter.

BNP Paribas Real Estate reports that Cologne's commercial real estate investment market achieved approximately €256 million in transaction volume during Q1 2026, a 195% increase year-over-year, with office assets dominating at 79.3% of activity and the highest transaction volume since 2022. Top-tier net yields remained stable at 4.40% for office properties and 4.50% for logistics, while retail yields increased modestly to 4.00%, and the analysis identifies geopolitical uncertainty as a key risk factor for market continuation in subsequent quarters.

Munich's warehouse and logistics lettings market achieved take-up of 57,000 square meters in the first quarter of 2026, representing a dynamic start to the year. BNP Paribas Real Estate's market report provides quarterly tracking of logistics real estate activity in Munich as part of its broader research coverage of German warehouse and logistics markets.

Frankfurt's logistics market achieved 464,000 square meters of take-up in 2025, representing a 13.7% year-on-year increase and positioning it as Germany's strongest logistics market outside the Ruhr region, with prime rents rising 10.7% to EUR 8.80 per square meter and average rents increasing 10.4% to EUR 7.40 per square meter. Manufacturing companies and logistics service providers each accounted for approximately one-third of annual take-up, while contracts exceeding 20,000 square meters tripled to 185,000 square meters, and the report projects Frankfurt's market will likely exceed 500,000 square meters in 2026 driven by economic recovery and increasing supply constraints.

The Stuttgart warehouse and logistics market recorded 136,000 sqm of take-up in 2025, representing a 13% increase over the previous year but 29% below the ten-year average, with fourth-quarter activity accelerating significantly and accounting for more than half of annual volume. Supply shortages, particularly in large-scale segments, have driven prime rents to €8.70 per sqm (+5%) and average rents to €6.80 per sqm (+9%), while no single contract exceeded 10,000 sqm during the year.

Stuttgart's investment market recorded approximately €630 million in commercial investment volume for 2025, representing a 14% year-on-year increase, with the fourth quarter accounting for around 39% of the annual total. Office yields remained constant at 4.40%, logistics yields increased 25 basis points to 4.50%, and prime retail yields rose 10 basis points to 3.95%.

This is a market report published by Colliers on December 31, 2025, covering office leasing and investment activity in Frankfurt during the fourth quarter of 2025. The report addresses both capital markets and office sector conditions in Frankfurt, Germany.
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This is a market report published by Savills at the end of 2025 covering the office letting market in Cologne, Germany during the fourth quarter of 2025.

Hamburg's commercial real estate investment market recorded €1.9 billion in 2025, representing a 17.4% decline from 2024's €2.3 billion but ranking third among German A-cities behind Berlin and Munich, with office properties dominating at 38% market share and net prime yields stabilizing at 4.25% for offices while retail rose to 3.85% and logistics increased to 4.50%. The report forecasts that improved investor sentiment combined with federal economic stimulus should drive transaction volumes above €2 billion by end of 2026, supported by Hamburg's stable occupier markets, moderate vacancies, and signs of increasing rent levels in premium office segments beyond €40 per square meter.

The BNP Paribas Real Estate Q4 2025 office market review for Düsseldorf analyzes a weak year marked by 218,000 m² in transaction volume (down 0.9% year-over-year and 18% below the five-year average), with prime rents rising 5.7% to €46/m² and average rents increasing 5.3% to €20/m², while the market is characterized by a strong focus on small-to-medium spaces (86% under 5,000 m²) and a vacancy rate of 12.7% (the highest in Germany), driven primarily by demand from consulting firms (19.4% market share). The report notes that premium modern office space remains scarce despite rising vacancy, with only 4,000 m² of new build-to-suit available in top locations, and forecasts continued modest recovery dependent on slow economic improvement.
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This is a market report published by Savills in Q4 2025 covering the investment real estate market in Cologne, Germany.

According to Cushman & Wakefield's analysis, the Düsseldorf office market (including Neuss and Ratingen) recorded 212,300 m² of space take-up in 2025, representing a 5% decline from the previous year and 21% below the five-year average, with no year-end rally materializing in Q4 at 50,300 m². Prime rents remained stable at €46.00/m² in Q4 2025 but rose 5.7% over the full year, while vacancy rates increased to 11% (1.05 million m²) at year-end, driven primarily by new completions with only 46% pre-letting rates and structural workplace trends such as desk-sharing and flexible work concepts.

Cologne's office market recorded 250,000 square meters of space transactions in 2025, representing a 10.1 percent increase year-over-year but approximately 15 percent below the ten-year average of 292,700 square meters, though performing better than other major German office markets. Prime rents remained stable at 33.50 euros per square meter while average rents increased slightly to 19.00 euros per square meter, with public administration and miscellaneous services accounting for nearly 30 percent and 22 percent of market activity respectively, while overall vacancy rose significantly by 27.4 percent to 497,000 square meters.

Cushman & Wakefield's MarketBeat report on Cologne's office market for Q3 2025 found cumulative take-up of 164,800 m² in the first nine months—4% above the prior year but 21% below the 10-year average—driven by large lettings from Jobcenter (32,000 m²) and mid-sized deals, with the market forecast to reach approximately 200,000 m² by year-end. The vacancy rate increased to 5.5%, prime rent remained stable at €34.00/m²/month, and weighted average rent rose to €22.60/m²/month, reflecting ongoing "flight to quality" toward modern, ESG-compliant spaces with good city-center connectivity.

By the end of Q3 2025, Düsseldorf's office market recorded take-up of approximately 149,000 sqm in the city area, representing a 3% decline year-over-year and 37% below the long-term average of 247,000 sqm, with the market characterized by a shortage of large-scale lettings and strong activity in smaller spaces of up to 5,000 sqm. Prime rents in the city centre reached a record €46.00/sqm (6% higher than the prior year), while average rents stood at €19.90/sqm (a 5% year-on-year increase), driven by limited modern office space availability in prime central locations.

Hamburg's logistics market achieved 276,000 square meters of take-up in the first three quarters of 2025, surpassing the weaker annual totals of 2023 and 2024, with manufacturing and logistics firms accounting for nearly 76 percent of activity and owner-occupier deals representing 38 percent of volume. Prime rents remained stable at €8.50 per square meter while average rents held at €6.50 per square meter, with supply constraints in larger space segments and macroeconomic headwinds expected to maintain upward pressure on rents despite the already elevated pricing level.

This is a market report published by Colliers in September 2025 covering office leasing and investment activity in Frankfurt, Germany during the third quarter of 2025.

Düsseldorf office take-up in Q3 2025 reached 58,900 m² (a 7.1% increase year-over-year), but large-scale leases above 5,000 m² were absent, with cumulative nine-month take-up 18% below the five-year average. Prime rents rose to €46.00/m² (up 2.2% quarterly), while office vacancy increased to 10.8% (1.02 million m²), with demand concentrating on modern, ESG-compliant space in central locations while older peripheral stock faced higher vacancy pressure.

Berlin's office market recorded 366,400 square meters of take-up in the first nine months of 2025, down 12% year-on-year and 27% below the five-year average, driven by weak demand from the ICT and public sectors and a shortage of large-scale deals. The market faces subdued economic sentiment among companies citing policy concerns, though Berlin's GDP grew 1.3% in the first half of 2025, vacancy reached 9.8% with 2.11 million square meters available, prime rents remained stable at €45.00 per square meter per month while average rents declined 6% to €26.85, and the outlook anticipates continued vacancy growth exceeding 11% by 2026 despite expected economic recovery from 2026 onwards.

Düsseldorf's office market recorded 39,000 square meters of take-up in the first quarter of 2025, representing a 39 percent decline from the prior year quarter and 53 percent below the ten-year average of 83,000 square meters, driven by a shortage of larger contracts. Prime rents increased 4 percent year-on-year to €43.50 per square meter, while average rents stabilized at €18.90 per square meter amid subdued leasing activity.

This is a market report published by CBRE in December 2025 covering the logistics sector in Hamburg, Germany.

Hamburg's office rental market achieved space take-up of approximately 393,600 m² in 2025, representing a 5 percent decline from the previous year, with 433 total transactions recorded across 100 deals in the final quarter characterized by small-scale lettings. Top rents rose 5.7 percent to £37.00/m² and weighted average rents increased 7.5 percent to £22.80/m², while the vacancy rate stabilized at 6.4 percent with 206,000 m² of completions during the year, of which 81 percent of completed projects were pre-let.

Hamburg's office market recorded 401,000 sqm of take-up in 2025, only 4.5% below the prior year despite macroeconomic headwinds, with prime rents rising 5.6% to €38.00/sqm and a first major deal exceeding €40/sqm signaling sustained upward pressure in the premium segment. Vacant space increased 22% to 924,000 sqm (6.3% vacancy rate), while available space under construction fell to 103,000 sqm, reflecting tight supply of high-quality first-time occupancy space that is driving competition and rent growth in top locations.

Hamburg's residential market recorded the highest rental growth among Germany's eight largest cities in H2 2025, with median offered rents reaching €18.12/m² and growing 9.03 percent annually, while new construction rents surged 12.4 percent year-over-year and 57.7 percent over five years. Across the Big 8 cities analyzed, median offered rents averaged €18.17/m² with 4.4 percent annual growth in H2 2025, though construction completions fell to a 2015-era low of 251,900 units in 2024 with further declines expected in 2025–2026, creating persistent supply shortages despite policy interventions including October 2025's "Bau-Turbo-Gesetz.

Hamburg's office rental market recorded 396,400 square meters of space transactions in 2025, a 5.2% decline from 2024, with prime rents rising 8.6% to €38.00 per square meter and average rents increasing 10.4% to €22.30 per square meter, while the vacancy rate rose 110 basis points to 5.5%. The investment market achieved €1.86 billion in transaction volume (down 1.3% year-over-year), with office properties representing 41% of total volume at a prime yield of 4.6%, and family offices comprising the largest buyer group at 25% of transactions.

Hamburg's investment market achieved €1.3 billion in transaction volume during the first three quarters of 2025, a 27% increase from the same period in 2024 and the strongest three-year result, with office properties leading at €500 million and approximately 50 transactions averaging €28 million per deal. Prime yields remained stable across office (4.25%) and retail (3.75%) segments, while logistics yields rose 15 basis points to 4.40% in Q3, with major transactions including the Pflege & Wohnen care facilities portfolio sale and the Atlantic Haus office tower contributing to market momentum despite the overall German market's decline.

Hamburg's office rental market recorded 311,500 m² of space transacted in the first three quarters of 2025, representing a 7.4% increase year-over-year, with prime rents holding steady at €36.00/m² and average rents rising 4.4% to €21.50/m². The investment market showed stronger momentum with €1.4 billion in commercial transaction volume (up 80.2% year-over-year), with office properties accounting for 35% of total volume at a prime yield of 4.6%, down 40 basis points from the prior year.

In the first quarter of 2026, German commercial property transactions totaled €6.5 billion, representing a 25% increase year-over-year, with office properties comprising 26% of the market share and international capital accounting for 43% of transaction activity. The report projects a 10-15% increase in annual transaction volume to approximately €30 billion, contingent on stable geopolitical conditions, though geopolitical uncertainties and rising energy costs present downside risks to the market recovery.
In Q1 2026, the Munich office lettings market achieved 139,200 m² of take-up, virtually unchanged from Q1 2025 (138,100 m²), with activity stabilized by large deals including an E.ON lease exceeding 20,000 m² at Landsberger Straße, though the number of transactions fell 57 percent to 82 deals. Prime rents rose to €56.00/m² (a 3.7 percent year-on-year increase), average rents reached €27.10/m² (up 3.8 percent annually), and the office vacancy rate increased to 8.8 percent from 7.6 percent in the prior year, with modern Grade A properties showing disproportionately high vacancy increases despite remaining easily lettable.

In the first quarter of 2026, approximately €420 million was invested in Berlin's commercial real estate market, representing a 57% decline compared to Q1 2025, with Berlin ranking second among the top seven German cities. Net prime yields increased across asset classes during the twelve-month period, rising to 4.35% for offices, 3.95% for high street retail, and 4.50% for logistics properties, while investor interest remained strong despite challenging economic conditions and delayed transaction timelines due to financing adjustments.

This is a market report on the office sector in Munich published by BNP Paribas Real Estate in the first quarter of 2026. The report covers office market conditions and activity in Munich, Germany.
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This is a market report published by Savills in December 2025 covering the office letting market in Munich, Germany during the fourth quarter of 2025.

The report analyzes Berlin's office market in Q4 2025, finding overall take-up of around 486,000 sqm representing a 16% decline year-over-year, though smaller and medium-sized deals increased 17% while larger contracts above 5,000 sqm fell significantly by 71%. Prime rents in Berlin increased 4% to €47 per square meter, with Mitte, Charlottenburg/Tiergarten, and Kreuzberg/Neukölln as leading markets by take-up, and location quality remaining the primary driver of leasing decisions across the city.

Frankfurt's office market achieved take-up of 611,000 square meters in 2025, representing a 53.5% increase year-over-year and the first time the market exceeded 600,000 square meters since 2019, making it Germany's strongest office market. Prime rents rose 10.2% to €54.00 per square meter while average rents increased 28% to €30.20 per square meter, driven by strong demand from banks, financial services, and consulting firms including major contracts with Commerzbank, ING-DiBa, and Allianz Global Investors, though vacant space increased 10.4% to 1.88 million square meters and the outlook for 2026 projects take-up above 500,000 square meters with prime rents approaching the €60 per square meter mark.

This is a market report published by Colliers on December 31, 2025, covering office leasing and investment activity in Munich, Germany during the fourth quarter of 2025.

This is a market report published by CBRE on December 31, 2025, covering the logistics sector in Munich, Germany during the fourth quarter of 2025.
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In 2025, Munich's commercial real estate investment market generated approximately 2.4 billion euros in transaction volume, representing a 12 percent decline from 2024 and 53 percent below the ten-year average, with retail properties leading by volume at 930 million euros followed by office properties at 580 million euros. Prime yields for offices stood at 4.0 percent at end-December 2025 (down 10 basis points from the prior quarter), while retail properties maintained a 3.9 percent prime yield, with transactions concentrated within the Altstadt Ring and increasingly dominated by private capital, particularly in insolvency sales where banks have begun accepting more realistic valuations.

This JLL report covers Germany's housing market in the second half of 2025 across eight major cities (Berlin, Hamburg, Munich, Cologne, Frankfurt, Dusseldorf, Stuttgart, and Leipzig), analyzing rental and condominium price developments, construction activity, and supply-demand dynamics. Key findings include: rental growth in the Big-8 cities averaged +4.4 percent annually with significant variation by city (Hamburg +9.0 percent, Berlin +0.2 percent); condominium prices showed recovery with median growth of +2.9 percent in Munich and +5.3 percent in Dusseldorf; construction completions declined to preliminary lows of 251,900 units in 2024 and projected at 220,000–230,000 for 2025; and all analyzed cities face supply deficits ranging from 10 to 40 units per 10,000 inhabitants, with 2026 expected to mark the lowest completion point before recovery.