2026-05-05-莱坊-Munich_Office_Spotlight_Q1_2026_5页_4mb

报告摘要

Munich Office Market Summary (Q1 2026)

Core Content

The Munich office market experienced a strong start to 2026, with a notable increase in leasing activity and continued demand for high-quality spaces. The market is characterized by a clear sectoral concentration, with the industrial and IT sectors driving the majority of demand.

Key Figures

Office Take-up: 156,600 sqm (up 15% year-on-year)
Vacancy Rate: 8.1% (approximately 1.88 million sqm)
Prime Rent: €57.50/sqm/month (new record)
New Completions: 85,700 sqm (Q1 2026)
Under Construction: 499,300 sqm

Market Trends

Leasing Activity:
- Over 40% of leasing activity in Q1 came from transactions exceeding 5,000 sqm.
- Central locations, particularly the CBD and inner-city submarkets, remained the focus of most take-ups, accounting for more than two-thirds of the total.
- Industrial and ICT occupiers made up over 60% of total demand.
Rental Trends:
- Prime rent hit a record high of €57.50/sqm/month.
- Average rent was €27.50/sqm/month.
- A "flight to quality" is evident, with modern, ESG-compliant buildings in central areas being in high demand.
Vacancy Distribution:
- Vacant space is predominantly located in older, less competitive properties.
- Prime locations continue to see strong absorption, highlighting the market's growing qualitative differentiation.

Key Transactions

JetBrains leased 23,000 sqm in "Tucherpark"
E.ON SE leased 21,500 sqm in "An den Brücken"
NXP Semiconductors leased 10,000 sqm in "AER"

Outlook for 2026

Market Stabilisation: The office market is expected to show increasing stabilisation, with further differentiation by location and quality.
Demand Focus: Demand will remain concentrated on modern, ESG-compliant buildings in central, well-connected areas.
Supply Constraints: Prime locations will benefit from limited supply and resilient demand, supporting further rental growth.
Secondary Locations: These are likely to see stable or weaker performance due to functional obsolescence and lower demand.
Cyclical Recovery: A broad-based cyclical recovery is unlikely; asset quality, location, and adaptability will be the main drivers of leasing activity.

Investment Market Overview

Transaction Volume: €672 million in Q1 2026, up 50% year-on-year but slightly below the five-year average.
Asset Class Distribution:
- Office assets: 63%
- Hotel sector: 14%
- Light industrial and logistics: 12%
- Other asset classes: 11%
- Retail properties: No activity in Q1
Buyer Behavior:
- Private investors and family offices were the primary buyers.
- Public sector participation was notable.
- International investors remained cautious due to elevated yield expectations.
Yields: Prime office yields remained stable at approximately 4.3%, indicating a sideways movement at a high level.
Market Dynamics: The market is expected to remain highly selective, with transaction viability dependent on asset quality and location fundamentals.

Outlook for Investment Market

Stabilised and Selective Phase: The investment market is expected to enter a stabilised yet highly selective phase in the remainder of 2026.
Deal-Driven Activity: Transaction activity will continue to be driven by a limited number of large-volume core and core-plus deals.
Value-Add Opportunities: Secondary assets may attract interest through value-add and repositioning strategies.
Buyer Base: Private investors, family offices, and the public sector will likely dominate the buyer base, while institutional and international capital will take a more selective approach.

Contact Information

Knight Frank GmbH & Co. KG
- Address: Prinzregentenstraße 22, 80538 München, Germany
- Sarah Červinka: Managing Partner | Head of Branch
  - Phone: +4989839312133
  - Mobile: +49 170 8000782
  - Email: sarah.cervinka@knightfrank.com
- Sandra Baumgarten: Senior Research Consultant
  - Phone: +49 89 83 93 12 190
  - Mobile: +49 170 9601040
  - Email: sandra.baumgarten@knightfrank.com