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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%.

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.

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.

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.

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.

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 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.

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.

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.

The BNP Paribas Real Estate Q4 2025 Investment Market Berlin report covers Berlin's real estate transaction volume of €3.25 billion, down 8.5% from the previous year but slightly exceeding the three-year average. The report notes that Berlin maintained its position as the leading A-location in Germany, with the largest transaction being the Upper West sale for over €400 million, and reports prime yields of 4.25% for offices, 3.85% for premium retail, and 4.50% for logistics properties.

Frankfurt's commercial real estate investment market recorded €770 million in transaction volume during 2025, a 52.6% decline from 2024, with no deals exceeding €100 million and a weakened office segment representing only 40% of investments compared to its long-term average of two-thirds. The document notes that a substantial pipeline of large-volume properties including Opernturm, Westend Duo, Trianon, and the Wave are in advanced negotiation stages, and forecasts a significant recovery in 2026 driven by strong office leasing fundamentals with 611,000 square meters of space concluded.

The Berlin logistics market recorded 425,000 square meters of take-up in 2025, representing a 55% increase compared to 2024, driven primarily by larger deals above 20,000 square meters which accounted for 35% of total take-up and by strong demand in central, inner-city locations. Prime rents for logistics space with unit sizes above 5,000 square meters rose to €8.25 per square meter, while significantly higher rents were achieved for smaller light industrial spaces within Berlin's city boundaries.

Berlin's office market recorded 362,000 sqm of take-up in the first three quarters of 2025, approximately 14% lower than the prior year, though demand in smaller segments up to 5,000 sqm reached 320,000 sqm, the highest level since 2019. Prime rents increased 2% in Q3 and 4% year-on-year to €47/sqm, with city zones accounting for 60% of take-up and holding 71% of under-construction space.

The Berlin logistics market recorded take-up of 320,000 sqm in Q3 2025, representing a 50% increase year-over-year and returning demand to positive territory after weakness in the prior year, though this figure is 11% below the long-term average when excluding the Tesla plant's outsized 2022 contribution. Rents show a two-tier market with inner-city smaller warehouses exceeding €10 per sqm due to high demand, while large-scale prime and average rents stabilized at €8.20 per sqm and €7.20 per sqm respectively on the city's outskirts.

The Frankfurt logistics market achieved 251,000 square meters of total take-up in the first half of 2025, driven by a strong second quarter of 188,000 square meters that exceeded the ten-year average, with major deals including Eli Lilly's 50,000 square meter pharmaceutical production facility and large-volume transactions above 20,000 square meters representing 39.6 percent of activity. Prime rents remained stable at €8.20 per square meter and average rents at €7.00 per square meter, both showing year-over-year increases of 3.1 percent and 4.5 percent respectively, while the market faces ongoing supply shortages in high-demand areas despite the momentum in large-space leasing.

European residential market review, with investment reaching €12.0bn in Q1 2026, prices up 5.1% annually and rental growth accelerating to 3.9% year-on-year.
European hotel market review, with hotels reaching 11.4% of CRE investment in Q1 2026 and solid but uneven RevPAR growth across key markets.
Cross-asset European commercial real estate forecast, with investment moderating as stakeholders await price clarity and the Eurozone economy projected to grow 1.0% in 2026.
European logistics market review, with take-up up 10% across leading markets and 2.7% rental growth in Q1 2026 against a backdrop of cooling investor confidence.
Pan-European commercial real estate investment review, with total CRE volume down 7% year-on-year in Q1 2026 as recovery momentum slowed amid macroeconomic uncertainty.
Review of office activity across 18 major European markets, with take-up down 16% year-on-year to 1.67m sqm and widening rent gaps between prime and secondary locations.
The quarterly briefing tracks Central London office take-up, supply and prime rents. It continues the firm's coverage of a market where Grade A demand has dominated leasing activity.
The quarterly update reviews Central London office take-up and supply closing 2025, building on year-to-date activity of 8.9 million sq ft through Q3, a 19.3 percent uplift on the same period in 2024. Grade A space continued to drive demand.
The briefing notes Central London office investment up 15 percent year on year and industrial volumes up 13 percent, with cross-border investment into logistics up 27 percent. It frames the UK macro backdrop shaping commercial real estate capital flows.
Q3 2025 take-up reached 2.7 million sq ft, down 12.9 percent on Q2, with Grade A space accounting for 72 percent of activity. West End prime rents held at 170 pounds per sq ft, up 6.3 percent year on year, while supply fell to 23.5 million sq ft.
The quarterly industrial and logistics review tracks UK warehouse take-up, supply and investment trends. It continues BNP Paribas Real Estate's recurring coverage of the sector's leasing and capital market dynamics.

The first-quarter industrial and logistics briefing covers UK warehouse demand, vacancy and rental performance. It forms part of the firm's recurring sector tracking series.