Major deals ensure a stable start to the year in the Munich office lettings market (Q1 2026)

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.