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During the second quarter of 2025, Barcelona's office market recorded approximately 95,600 square meters of lettings, representing a 66% increase from the first quarter and a 40% year-on-year rise, with notable transactions including Deloitte's 14,100 square meter lease in the Centro Ciudad zone and the Barcelona municipal government's 8,400 square meter agreement in the 22@ district. The average rent across the market reached 18.35 euros per square meter per month, a 3% increase from the previous quarter, while the availability rate declined to 11.67% due to strong absorption and the absence of major new supply additions to the market.

This is a market data report published by CBRE on June 30, 2025, presenting office sector figures for the second quarter of 2025 in Barcelona, Spain.

Madrid's office market achieved 147,000 sq m of take-up in Q2 2025 across 107 deals (25% higher than the same period in 2024), with the vacancy rate at 8.84% and prime rent reaching €42.50/sq m/month, driven by strong demand for high-specification A/B+ buildings that account for approximately 70% of transactions. Investment in the office segment exceeded €1 billion in the first half of 2025 (40% higher than all of 2024), with Madrid receiving approximately €500 million, while prime yields softened to 4.3% due to dynamic take-up levels and increased Core investor appetite for stable cash-flow properties.

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.

The UK Logistics Market Dashboard for March 2026 from Knight Frank tracks investment, occupier activity, rental growth, and development in the UK industrial and logistics sector, presenting market yields, capital composition data, and performance metrics across multiple indices. Key findings include full-year 2025 investment transactions totaling £10.5 billion (27% higher than 2024), annual UK industrial capital growth slowing to 2.74% in February 2026, rental growth of 4.65% year-on-year through February 2026, and an increasing yield spread over five-year SONIA swaps rising to 272 basis points amid geopolitical uncertainties and rising interest rate expectations.

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.

JLL's Q1 2026 Bristol Office Market Dynamics report analyzes office real estate conditions in Bristol, documenting take-up of 160,400 sq.ft., prime rent of £52.00 per sq.ft., overall vacancy at 5.0%, and Grade A vacancy declining to 2.8% from 3.0% in the prior quarter. The report attributes market conditions to steady occupier demand alongside constrained supply and a limited development pipeline, with further upward pressure on prime rents expected due to scarcity of high-quality space.

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.

Glasgow's office market achieved Q1 2026 take-up of 139,900 sq.ft., driven by major deals from Shawbrook, Tesco, and Centrica, with prime rents holding at £41.50 per sq.ft. despite supply constraints and no space currently under construction, though rent uplifts are anticipated for the remainder of the year.

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.

This is a market report published by Knight Frank at the end of 2025 covering the office sector in the Greater Paris Region. The report presents Q4 2025 findings for the Paris office market in France.

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.

Bristol's office market achieved 604,119 square feet of take-up across 110 transactions in 2025, representing 37% growth over 2024 and 16% above the five-year average, with Grade A and Prime space accounting for 54% of total take-up. Prime headline rent reached £50 per square foot in 2025, a 2% increase, while total availability fell to 1.14 million square feet with a vacancy rate of 8.8%, and the Insurance & Financial sector led activity with 147,507 square feet leased across 14 transactions.

This is a data and figures report published by CBRE on December 31, 2025, presenting office sector statistics and metrics for the Greater Paris region in France for the fourth quarter of 2025.

Knight Frank's 2025 review examines Birmingham's residential development market, analyzing growth drivers including life sciences and technology investment, the pending HS2 arrival, and approved major development schemes expected to deliver approximately 8,000 new homes alongside new offices and public spaces. The document reports that Birmingham's economy is projected to expand 19% from £34.0 billion in 2025 to £40.6 billion by 2035, with housing delivery reaching 4,546 net additions between 2023 and 2024, though this remains below the long-term average of 2,700 homes annually and the newly proposed local target of 4,448 homes per year.
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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.

Manchester's office market demonstrates resilience driven by Professional Services, Tech, and Education sectors, with the TMT sector accounting for 50% of graduate retention and dominating take-up, while the Education sector transacted 70,000 sq ft year-to-date in 2025. Savills forecasts the top achieved rent of £45 per sq ft could rise to £52 per sq ft by end of 2026 (16% growth), with 75% of office space expected over the next three years coming from refurbished stock as new-build activity remains constrained at 318,000 sq ft currently under construction.

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.

The Knight Frank UK Cities 2025 Office Market Annual Review examines leasing and investment activity across ten regional UK office markets, reporting that annual take-up reached 5.0 million sq ft with Q4 delivering the strongest quarterly performance, while Grade A space accounted for 61% of all transactions amid persistent flight to quality. Investment volumes totaled £916 million for the year, 28% below 2024 levels, though momentum strengthened in Q4 with £291 million transacted, and prime yields across regional cities ranged from 6.50% in Edinburgh to 10.00% in Aberdeen, offering substantial premiums to London benchmarks.

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.

The Knight Frank UK Retail Monitor for Q3 2025 provides quarterly updates on key retail data across all subsectors and current market sentiment, covering consumer confidence, retail sales, footfall, occupier markets, and investment activity. The document reports that retail sales values grew by 3.2% year-over-year in Q3 with volumes up 1.5%, consumer confidence improved marginally in October, retail vacancy rates dipped below 15% for the first time since 2020, and total retail investment volumes declined to £1.37bn in Q3 2025 compared to £1.63bn in Q2 2025.

Central London office take-up totalled 1.95 million sq ft in Q3 2025, down 21% on the 10-year average with Grade A accounting for 70% of quarterly leasing, while availability decreased to 27.79 million sq ft, remaining 46% above the 10-year average. The market faces a supply shortage in core locations as Grade A availability in core submarkets is projected to fall below 1.0 year's supply from 2026 onwards, with 7.18 million sq ft under construction expected to deliver by 2030, creating a significant imbalance between supply and demand over the medium term.

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.