Office Market Cologne Q1 2026

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.