Düsseldorf: Significant rebound in the investment market despite subdued momentum in the office leasing market

- Office space take-up at 99,200 sq m slightly below the prior-year level
- Prime rent unchanged from the start of the year at €46.00 per sq m/month
- Investment volume exceeds the €1 billion mark
- Prime office yield increases slightly compared with the prior year


The Düsseldorf office leasing market is currently characterized by rising average rents, a limited development pipeline, and continued strong demand for high-quality space. In the first half of the year, office take-up totaled around 99,200 sq m—just under three percent below the prior-year period. Meanwhile, the local real estate investment market recorded a significant year-on-year increase in the first half of 2026 due to several larger transactions. At just under €1.1 billion, this represents an increase of 193 percent year-on-year. At the same time, there was a clear shift in buyer and risk structures as well as across asset classes. These are the findings of a recent analysis by global real estate services firm CBRE.

Office leasing market 
“The office leasing market continues to be defined by a clear quality-driven selection. High-quality space remains in demand and is driving rental growth, while older stock is increasingly coming under pressure.”
Simon Herlitz, Head of Office Leasing Düsseldorf & Cologne at CBRE

Take-up increased slightly in the second quarter compared with the beginning of the year but overall remained at a moderate level. Large-scale new lettings remain rare, and in the coming months, a portion of requirements above 10,000 sq m is expected to result in lease extensions and therefore not generate additional take-up. At the same time, the public sector, previously a stable source of demand, is becoming less active. Budget constraints and high cost pressure are leading to several planned projects being reconsidered. In addition, the expected start of construction for owner-occupied developments—such as in the Harold Bay area with around 80,000 sq m—is likely to be delayed, which may dampen market momentum in the short term.

The development pipeline has thinned significantly. Rising construction and financing costs, along with increasing requirements for sustainability and modern workplace concepts, are making new projects more difficult to realize. At the same time, occupiers are increasingly focusing on location, infrastructure, and ESG-compliant space. This trend is further intensifying price dynamics in the prime segment.

At the same time, there are initial signs of easing on the supply side—at least from a tenant perspective. The vacancy rate has risen to 12.6 percent, accompanied by an increasing volume of sublease space. Nevertheless, overall availability in high-quality locations remains limited given specific occupier requirements.

The sustainable prime rent remained stable compared with the previous quarter at €46.00 per sq m/month and is therefore slightly more than two percent above the prior-year level, while asking rents in some properties indicate further growth potential. The average rent has recently reached its highest level since records began and continues its upward trend.

Real estate investment market
“The increase in investment transaction volume was primarily driven by a few large individual deals, which accounted for a significant share of total volume and therefore had a disproportionate impact on the market.”
Georg Hölz, City Lead & Head of Investment Rhine-Ruhr at CBRE

While mid-sized transactions dominated in the first half of 2025 and no deals above the €50 million mark were recorded, market activity in the past six months has increasingly focused on larger ticket sizes: three quarters of the total transaction volume was accounted for by transactions exceeding €50 million each. The total number of transactions also increased significantly, indicating overall higher market activity.

Across asset classes, there were clear shifts in favor of office and residential investments. Office properties emerged as the dominant asset class, accounting for nearly half of total transaction volume in the first half of 2026. At the same time, the residential segment (50 units and above) gained significantly in importance and increased its market share noticeably. By contrast, the logistics sector, despite continued growth in absolute volume, lost relative significance. Other asset classes remained secondary by comparison but in some cases recorded strong growth rates from a low base.

There were also significant changes on the risk side of the market. Core-plus investments moved clearly into focus and represented the strongest risk category. At the same time, opportunistic strategies gained importance, while traditional value-add investments lost significant market share. This development highlights increasing differentiation in investor strategies: while part of the market continues to focus on stable cash flows, others are specifically seeking higher-yielding opportunities.

The buyer structure also shifted significantly year-on-year. Domestic investors dominated market activity and substantially increased their share of transaction volume. International investors remained active but were less significant in relative terms compared with the corresponding prior-year period.

“Prime office yields in Düsseldorf remained stable at mid-year. Following a slight decline over the course of 2025, the net initial yield at the overall market level most recently remained constant at 4.90 percent, confirming a phase of price stabilization, although the figure could decline in the medium term due to current uncertainties,” says Sebastian Tiemann, Team Leader Valuation Advisory Services Office.

Outlook for the remainder of the year
Against the current geopolitical and macroeconomic backdrop, office take-up of up to 200,000 sq m is realistic for 2026. Should individual large requirements be realized as new leases, the result could also slightly exceed the prior-year level. “Despite a range of challenges, the Düsseldorf office market remains resilient. However, it will be crucial to plan office space more intelligently in the future in order to achieve greater alignment with changing occupier requirements. In particular, flexible multi-tenant structures and mixed-use concepts are becoming increasingly relevant,” adds Herlitz.

“For the remainder of the year, a gradual increase in market activity is emerging, which may also be supported by rising selling pressure among individual owners. In this context, isolated situations may arise that offer attractive opportunities for opportunistically oriented investors in the Düsseldorf market. At the same time, many buyers continue to act cautiously and focus on security. Due diligence and decision-making processes therefore remain complex and time-consuming, which can lead to delays in individual transactions. Overall, total transaction volume across all asset classes for full-year 2026 is expected to be slightly below €2 billion,” says Hölz.