2026-01-21-莱坊-Q-Trend_Office_Market_Berlin_Q4_2025_2页_1mb

Q4 2025 Berlin Office Market Summary

Core Content

The Q-Trend report provides an analysis of the latest quarterly data on the Berlin office market, placing it in the context of current trends and offering an outlook for future developments. The report highlights a continued decline in office take-up, rising vacancy rates, and mixed rental trends.

Key Figures

Market Trends

• Take-up Decline: In 2025, the total take-up in the Berlin office market was 477,800 sq m, a 16.7% drop from the previous year. This is the lowest level since 2013, and the first time in over a decade that take-up has fallen below 500,000 sq m.
• Hybrid Working Impact: The adoption of hybrid working models has permanently reduced the demand for large office spaces. In the segment above 3,000 sq m, only 18 transactions were recorded, a decrease of seven from the previous year. For spaces above 10,000 sq m, only two transactions were completed, compared to more than ten a few years ago.
• Public Sector Activity: Public sector take-up accounted for just 17,000 sq m, representing less than 5% of total take-up, a sharp decline from the previous year.
• Vacancy Rates: Vacancy rates have been rising steadily since the start of the pandemic. Today, they stand at 8.1%, up from 1.2% six years ago. The total available space has increased almost eightfold over the past six years.
• Rental Trends: Prime rents increased by 2.2% year-on-year to €46.00 per sq m per month. However, average rents fell by 8.4% to €26.75 per sq m per month, marking the first decline since the 2009 crisis. This is due to the continued growth in supply, particularly for existing properties.
• Completion Pipeline: Despite a decline in market momentum, the completion pipeline remains high. In 2025, 521,400 sq m of office space was completed, with roughly half being new construction and the other half refurbished. The completion volume was 9% below the five-year average. For 2026, 443,000 sq m is under construction, with around half still available for rent. An additional million square metres are in the pipeline for 2027 and 2028, of which 600,000 sq m is already under construction.

Rental Ranges by Submarket

Outlook

• 2026 Forecast: No significant change in the current market situation is expected in 2026. Without an economic upturn, major leaps in the market are unlikely.
• Prime Rents: Prime rents are likely to remain at least at their current level, and may even rise slightly.
• Vacancy Rates: The rise in vacancy rates could slow down somewhat due to increased conversions of former office space.
• Average Rents: The decline in average rents is also expected to slow.
• Opportunities for Tenants: Tenants are presented with ample opportunities due to the broad range of available space and increased negotiation scope with landlords.
• Challenges for Landlords: Landlords face a challenging market environment, but there are still grounds for optimism. Demand for smaller units up to 3,000 sq m is expected to remain robust, and the repurposing of office space for alternative uses has provided owners with long-term, stable cash flows.

Contact Information

• Research: Fabian Sperber, +49 30 232574-385, fabian.sperber@knightfrank.com
• Office Leasing: Philip Schneider, +49 30 232574-372, philip.schneider@knightfrank.com
• Occupier Strategy & Solutions: Ben Read, +49 30 232574-370, ben.read@knightfrank.com