2025-04-16-莱坊-Munich_Office_Spotlight_Q1_2025_5页_1mb

• Munich Office Market in Q1 2025:

  • Take-up reached 138,000 m², matching Q1 2024 and demonstrating market stability. Industrial companies were the most active sector (48% of total take-up), followed by healthcare (13%) and management consultancies (9%).
  • Prime rent increased by €0.50/m²/month to €54.00/m²/month (6% YoY), with vacancy rising slightly to 7.9%.
  • High-demand submarkets like the CBD (Altstadt) saw vacancy at just 1.6%, while older peripheral properties face leasing challenges.

• Submarket Analysis:

  • Core areas: High prime rents (€37,000-€54,000/m²/year) and low vacancy (1.6-3.7%).
  • City Area and Periphery: Lower vacancy (3.7-12.3%) and rent ranges of €25,000-€47,000/m²/year and €14,500-€25,000/m²/year respectively.

• Investment Market:

  • Q1 2025 investment volume was €449 million, significantly lower than the 5-year average and YoY decrease due to the 2024 "Fünf Höfe" sale. Office assets accounted for 75.7% of transactions, the highest share since Q2 2022.
  • Prime office yields remained stable at 4.3%, with Munich remaining the most expensive office market in Germany’s Big 7.

• Outlook:

  • Despite global uncertainties, the market is resilient. An annual take-up of ~600,000 m² is expected, supported by strong demand for premium space and limited supply.
  • Investment is poised for recovery, with an estimated €2 billion in transactions for 2025, driven by available supply and increasing investor interest.

graph TD
    A[Q1 2025 Take-up: 138,000 m²] --> B(Prime Rent: €54/m²/month)
    A --> C(Office Investment: €449M, 75.7% market share)
    B --> D{Market Segments}
    C --> E[Core Areas: High Rent, Low Vacancy]
    F[Non-Core: Moderate Rent Increase]