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This is a quarterly data report on the Edinburgh office market published by Savills in September 2025, presenting occupational office figures for the third quarter of 2025.
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.
London's hotel market achieved 4.0% RevPAR growth in Q3 2025 versus the prior year, recovering from a 2.6% decline in the first half, with upper-mid and upscale hotels reaching over 90% occupancy and upper-upscale hotels recording the strongest ADR growth of 2.8%. Payroll costs continued to pressure profitability, rising 5.7% per available room in the six months since April, while serviced apartments was the only segment to record year-to-date GOPPAR growth ahead of 2024, achieved through cost reduction despite a 2% RevPAR decline.
During Q1–Q3 2025, Bristol office take-up totalled 439,420 square feet across 78 transactions, with Grade A and Prime space comprising 61% of activity and rents reaching £50 per square foot, up 2% from the prior quarter. Supply at end-Q3 stood at 1.3 million square feet with a 10.5% vacancy rate, while the Insurance & Financial Services sector led demand with 130,352 square feet leased, followed by Property Company, Development & Construction at 71,114 square feet.
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.
Knight Frank's Q3 2025 London Office Market Report assesses conditions in the London office market, finding that despite persistent inflation at 3.8% and elevated interest rates, London business activity outpaced other UK regions for a third consecutive quarter, with take-up reaching 2.7 million square feet (down 23.3% quarterly but 19.8% ahead year-over-year). The report identifies softer leasing activity, a constrained development pipeline, falling investment volumes of £1.6 billion (offset by rising assets under offer at £3.0 billion), and overall market resilience marked by improved sentiment, though vacancy rates increased marginally to 9.0% and structural undersupply of best-in-class space is projected to persist through 2029.
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.
Edinburgh's office market in H1 2025 recorded 197,411 square feet of take-up across 60 transactions (21% higher than H1 2024), with Grade A space particularly strong at 112,588 square feet, while overall availability decreased to 1.7 million square feet with a 12.9% vacancy rate and Prime headline rents holding steady at £48 per square foot. Savills forecasts Prime rents reaching £53–£55 per square foot by end-2029, with the Professional sector leading activity at 27% of take-up and the Business & Consumer sector accounting for 25%.
Bristol's office market in the first half of 2025 recorded 211,653 square feet of take-up across 44 transactions, with Grade A and Prime space accounting for 47% of total activity, while availability decreased to 1.97 million square feet and the vacancy rate fell to 9.5%, indicating constrained supply. Prime rent increased 2% to £49 per square foot—the highest across UK Big 6 markets—with projections anticipating growth to £54 per square foot by 2027, driven by expected 16% GVA growth and 7,920 new jobs in the professional, tech and scientific sector over the next decade.
Bristol's office market faces a critical supply-demand mismatch, with strong occupier demand for high-quality flexible space constrained by a limited pipeline of prime commercial developments; prime rents have grown 28% since end-2019 and are projected to reach £54 per square foot by 2029, with the University of Bristol's £500 million Temple Quarter Enterprise Campus expected to catalyze commercial growth and refurbishment activity. The document identifies refurbished offices as increasingly competitive alternatives to new builds amid supply shortages, with Grade A and Prime buildings accounting for 41% of H1 2025 take-up, while Bristol also positions itself as a leading UK hub for artificial intelligence research backed by £21 million in UKRI funding and home to major aerospace companies valued at over £2.7 billion.
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.
This is a Q1 2026 data-focused report published by Savills presenting occupational office market figures for Birmingham, UK.
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.
JLL's Q1 2026 Birmingham Office Market Dynamics report covers leasing activity, rental rates, and vacancy levels in the Birmingham office market during the first quarter of 2026. The report states that 106,700 square feet transacted in Q1 2026, prime rents rose to £52.00 per square foot, overall vacancy increased to 9.9% while Grade A vacancy remained tight at 4.6%, and space under construction declined as completions exceeded new starts.
Manchester's office market recorded 286,200 square feet of take-up in Q1 2026, with the Government Property Agency accounting for the largest transaction at 114,967 square feet. Total vacancy stood at 10.9% at quarter-end, comprising Grade A vacancy of 5.1% and new build vacancy of 1.9%, while prime city centre rents remained stable at £45.00 per square foot.
The JLL Q1 2026 report analyzes Central London's office real estate market, finding that leasing activity remained strong due to increased pre-letting and engagement from technology, media, and telecommunications occupiers. Overall supply tightened and vacancy declined, particularly in new-build stock, while investment activity moderated with lower volumes compared to previous benchmarks.
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.
Edinburgh's office market recorded 142,300 square feet of take-up in Q1 2026, with professional services as the largest activity sector, and overall vacancy stood at 7.4% at quarter-end. Prime rents reached £49.50 per square foot with 514,200 square feet under construction, of which 54.0% was pre-leased, and forecasts anticipated further rent increases during the remainder of the year.
The Leeds office market recorded 34,300 square feet of take-up in Q1 2026 with a total vacancy rate of 7.2%, while the development pipeline contained 322,000 square feet under construction with 33.0% preleased. Prime rents are expected to remain under pressure as quality space becomes scarce, though demand is anticipated to build over the coming quarters with significant lease activity expected in 2027.
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.
Birmingham's office market experienced strong take-up of 703,430 sq ft in 2025, which was 2% above the five-year annual average, with Grade A and Prime space accounting for 73% of total activity across 100 transactions. Availability fell to 1.7 million sq ft at the end of Q4 2025 (an 11% decrease from the previous quarter), the Prime headline rent reached £46 per sq ft with forecasts predicting further 30% growth to approximately £60 per sq ft by end of 2030, and the Professional sector led demand at 41% of total take-up.
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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.
This is a market report published by Savills in Q4 2025 covering the logistics sector in London and the South East of England.
This is a market report published by Knight Frank at the end of 2025 covering the Central London retail sector. The dashboard presents data and market conditions for the fourth quarter of 2025.
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.
Knight Frank's 2025 Scotland Report provides a cross-sector review of the Scottish commercial real estate market covering offices, manufacturing, and retail, finding that while leasing activity shows resilience particularly in major centers with concentrated demand for high-quality assets, legacy stock faces obsolescence risk and secondary properties struggle to attract investment unless significantly repriced. The report details that Edinburgh office take-up grew 62% in 2024 underpinned by a major HBOS lease of 282,000 square feet, Glasgow take-up rose 37%, and prime rents have increased notably with Edinburgh experiencing 30% growth since March 2020, though new development pipelines remain constrained with only 38,361 square feet of new space available in Edinburgh.
Knight Frank's Q4 2025 London Offices Spotlight provides a quarterly market snapshot showing that 2025 take-up reached 12.1 million square feet (8.2% above the long-term average), London vacancy fell to 8.6% and could drop to 7.6% if space under offer completes, and investment volumes achieved £3.3 billion in the best quarter since Q1 2022 with £3.1 billion further under offer. The report presents detailed metrics across London's office submarkets, including 23.0 million square feet of availability, 11.4 million square feet in active requirements, and 10.9 million square feet under speculative construction, alongside regional breakdowns for City & Southbank, Docklands & Stratford, and West End markets.
The Knight Frank Q4 2025 report analyzes investment, development, and occupational markets for South East and Greater London offices, documenting leasing volumes of 3.4 million square feet in 2025 (up 8% from 2024), with 356 deals completed at the highest annual total on record, and Grade A space accounting for 79% of take-up. Investment volumes reached £1.3 billion in 2025 (25% lower than 2024), with 112 deals completed and prime yields remaining at 7.00%, while the development pipeline remained limited at 1.9 million square feet under construction, with Cambridge and West London accounting for 61% of speculative space.
Central London office take-up totalled 2.88 million sq ft in Q4 2025, up 17% on the 10-year average with 72% classified as Grade A, while core Grade A supply is depleting at an alarming rate with the City Core and West End submarkets holding only 1.1 years and 0.7 years of Grade A supply respectively, well below the 10-year average of 1.7 years. Investment activity recovered significantly with £3.31 billion deployed in Q4 (up 95% quarter-on-quarter) and £9.76 billion of assets traded during 2025, a 61% increase on 2024, though construction costs and limited development pipeline are expected to require continued rental growth to support returns in the near term.
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 is a quarterly data report published by Savills on December 31, 2025, presenting occupational office market figures and metrics for Edinburgh, UK as of Q4 2025.
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.
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.
Total retail investment volumes in 2025 are forecast to reach £5.83 billion, down 17% on 2024 and 8% below the 10-year average, with underperformance driven primarily by a shortage of large-scale shopping centre availability in the first half and significant retail warehousing slowdown in the second half. All retail sub-sectors showed strong occupational performance in 2025 with declining vacancy rates (down to 13.5% nationally, the lowest since COVID), rental growth projected at 3.2% (the strongest since 2006), and shopping centres and foodstores emerging as top-performing asset classes alongside retail warehousing, with the sector forecast to deliver total returns of 9.5% in 2026.
This is a fourth-quarter 2025 market report published by Savills covering the build-to-rent sector in the United Kingdom, with a focus on London. The report provides an update on multifamily rental market conditions and developments in the UK during that period.
Central London office take-up totalled 2.63 million sq ft in Q4 2025 with 188 transactions completed, down 19% year-on-year and 13% below the ten-year average, though the year saw 10 transactions over 100,000 sq ft—the highest in three years—driven by strong demand from Insurance & Financial Services (31% of space), Tech & Media resurgence, and preference for high-quality space with 77% of 2025 lettings in recently developed or refurbished buildings. Central London investment turnover reached £9.88 billion across 220 transactions in 2025, up 48% on 2024, with vacancy rates at 7.4% (down 40bps quarterly and 10bps year-on-year), City Prime rents reaching a record £105.26 per sq ft (up 6.8%), West End Prime rents at £166.61 per sq ft (up 6
Cushman & Wakefield's Q4 2025 MarketBeat report on Regional and South East office markets covers take-up, supply, rental values, and investment activity across the Big Five regional markets (Birmingham, Bristol, Edinburgh, Leeds, Manchester) and the South East, finding that 2025 saw 6.4 million sq ft of take-up (10% below 2024 and 13% below the five-year average) and £1,861.7 million in investment (the lowest annual total since 2012), with Q4 showing a 12% quarter-on-quarter increase in take-up driven by Grade A activity and a 10.8% vacancy rate. The report projects 2026 will see continued rental growth, persistent Grade A supply constraints, and increasing investment activity supported by easing interest rates and improving credit conditions, with momentum expected to build as occupier demand for high-quality space and flexibility intensifies.
This is a sector spotlight report published by Savills at the end of 2025 covering the UK hotel market, with a focus on London. The report provides an overview of the hospitality sector in the United Kingdom and European context.
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Birmingham's office market recorded 288,018 sq ft of take-up in Q4 2025, the highest fourth-quarter figure since 2017, representing a 110% increase from Q4 2024, with annual 2025 take-up totaling 703,430 sq ft and professional services accounting for 40% of activity. Headline rents reached £46 per sq ft in Q4 2025 and subsequently increased to £52 per sq ft in early 2026, with Savills forecasting continued prime rent growth over the next five years as supply remains constrained.
Knight Frank's 2025 review of the West Yorkshire and Humber logistics and industrial sector reports that occupier take-up rose 15% year-on-year to 2.4 million square feet, marking the third consecutive annual increase, with demand concentrated in units of 100,000 to 200,000 square feet and distribution firms accounting for 67% of activity. Prime industrial yields in Leeds remained stable at 5.25% throughout 2025, and investment activity strengthened in the second half of the year with notable transactions including LondonMetric's £17 million purchase of the Booker warehouse and M7 Real Estate's £49 million acquisition of West Yorkshire assets, though limited speculative development is creating a supply-demand imbalance expected to constrain activity through 2026.
Knight Frank's Q3 2025 quarterly review reports that investors committed over £3 billion to the UK Build to Rent market in the first nine months of 2025, with more than £850 million invested in Q3 alone, representing a 35% year-on-year increase across multifamily housing, single-family homes, and co-living sectors. The document notes that UK BTR completed stock surpassed 153,367 homes as of Q3 2025 (up 25% compared to Q3 2024), with an additional 54,354 homes under construction expected to bring the sector to over 200,000 operational homes within the next few years, though challenges including construction viability, planning delays, and Gateway approval processes are expected to result in falling completions in coming years.
Knight Frank's Q3 2025 UK Cities Office Market Review analyzes leasing, supply, investment, and rental trends across ten regional UK office markets including Aberdeen, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Manchester, Newcastle, and Sheffield. Key findings include leasing activity reaching 2.5 million square feet in the first half of 2025 with year-on-year growth, seven of ten cities recording rental increases as high as 20%, limited new and Grade A space availability at a 3.0% vacancy rate, investment volumes of £373.5 million in H1, and stable prime asset pricing at 6.50%.
Office take-up in the UK regional markets and South East totalled 1.44 million square feet in Q3 2025, representing a 5% increase from Q2 but remaining 14% below the five-year quarterly average, with Grade A space accounting for 72% of activity. Refurbishments comprised 66% of all space delivered in 2025 as new development slowly returned, with 3.4 million square feet under construction across regional markets and headline rents rising in four of the Big Five cities to levels including Bristol at £50 per square foot and Birmingham at £46 per square foot.
Manchester's office market recorded 771,511 square feet of take-up across 147 transactions in Q1–Q3 2025, with the TMT sector accounting for 37% of activity and Grade A and Prime space comprising 50% of total take-up. Total availability declined 3% to 2.8 million square feet by end-Q3 2025, reducing the overall vacancy rate by 40 basis points to 10.7%, while Grade A vacancy fell to 2.9% and Prime remained at 2.1%.
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.