慕尼黑办公室焦点2026年第一季度

Q1 2026 knightfrank.de/research Spotlight Munich highlights the key issues in the Munich office market- supply, demand and prices are examined from the past, present andfuture. Overview leasing market Munich’s office market recorded a solid start to 2026, supported by a limited number of large-scale lease transactions and sustained demand for high-quality office space. Office take-up inthe first quarter totalled approximately 156,600 sqm, representing an increase of around 15%year-on-year. Notably, more than 40% of leasing activity in Q1 was attributable to transactionsexceeding 5,000 sqm. Within the German Top 7 office markets, Munich ranked as the secondstrongest market after Berlin. The favourable performance was largely driven by a renewedincrease in leasing activity among Munich’s key occupier sectors, notably the industrial and ITsectors. A rising volume of expansion-related take-up provides further indication of a gradualrecovery in Munich’s office letting market. 156,600 Take-up in sqm (Q1) 8.1 The quarterly result was supported in particular by several larger transactions, including: Vacancy rate in % •23,000 sqm leased by JetBrains in “Tucherpark”•21,500 sqm leased by E.ON SE in “An den Brücken”•10,000 sqm leased by NXP Semiconductors in “AER” 57.50 Central locations remained firmly in focus, accounting for more than two-thirds of total take-up,led by the CBD and inner-city submarkets. Industrial and ICT occupiers jointly accounted for over60% of total demand, underlining the market’s sectoral concentration. Prime rent in €/sqm/month 85,700 Prime rent continued its upward trajectory, reaching a new record level of €57.50/sqm/month,while the average rent stood at €27.50/sqm/month. A pronounced flight to quality remainsevident, with modern, ESG-compliant office space in inner-city locations in particularly highdemand. In some prime assets, asking rents already exceed the current prime level, pointing tofurther upside potential. Completions in sqm (Q1) 499,300 The vacancy rate increased slightly to 8.1% (approx. 1.88 million sqm) in the first quarter. The vastmajority of available space is concentrated in older, less competitive stock, while vacant spacein prime locations continues to see solid market absorption, confirming the market’s growingqualitative differentiation. Under construction in sqm OUTLOOK Looking ahead to the remainder of 2026, Munich’s office marketis expected to show increasing stabilisation alongside furtherdifferentiationby location and quality.Demand will remainfocused on modern, ESG-compliant buildings in central, well-connectedlocations,while functionally obsolete stock andperipheralsubmarkets are likely to remain under pressure.Occupiers are also acting with greater selectivity than in previousyears. The ongoing flight to quality will continue to shape marketdynamics. Further polarisation is anticipated, with prime locationsbenefiting from limited supply and resilient demand, supportingadditional rental upside, while secondary locations are expectedto record stable to weaker performance. Despite the solid start to2026, a broad-based cyclical recovery is unlikely. Instead, assetquality, location and adaptability will be the key determinants ofleasing activity in the coming quarters. Investment Market Overview Munich’s investment market recorded a significantly stronger start to 2026 compared withthe previous year. Transaction volume in the first quarter totalled approximately €672 million,representing an increase of around 50% year-on-year (Q1 2025), while remaining just under 10%below the five-year Q1 average. Compared with the exceptionally strong final quarter of 2025,volumes declined by an expected 40%, underlining the market’s continued quarterly volatility. Transaction activity was driven by a limited number of large-scale individual deals, delivering astable overall result despite a challenging financing environment. Key momentum was providedby transactions such as the sale of the Alte Akademie and acquisitions by Stadtwerke München.With a volume of approximately €423 million, office assets once again constituted the dominantasset class, accounting for nearly 63% of total investment volume. The hotel sector captured a14% share, while light industrial and logistics assets accounted for 12%, and other asset classesfor around 11%. Retail properties played no role in the first quarter. On the buyer side, activity was primarily shaped by private investors and family offices, supportedby continued participation from the public sector. By contrast, international investors remainedmore cautious, particularly due to heightened yield expectations within the core segment. Despiteongoing geopolitical uncertainty, pricing conditions remained stable. Prime office yields held atapproximately 4.3%, indicating a sideways movement at an elevated level. Overall, the strongstart to the year points to a gradual convergence of buyer and seller expectations for high-q