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German commercial real estate statistics

Open statistics on German commercial real estate.

Initial yield spread over the 10-year Bund, by City class

1.5 percentage points in line with the average

The latest spread of the 7-city initial yield over the 10-year Bund yield is 1.5 points, in line with the 1995-2025 average of 1.6 points.

-1.5-1-0.500.511.522.533.5percentage points1995200020052010201520202025average 1.61995: -1.51996: -0.91997: -0.311998: 0.751999: 0.752000: -0.112001: 0.42002: 0.572003: 1.342004: 1.292005: 1.922006: 1.062007: 0.512008: 0.92009: 1.532010: 1.942011: 1.842012: 3.012013: 2.872014: 32015: 3.382016: 3.532017: 2.712018: 2.542019: 3.042020: 3.322021: 3.22022: 1.942023: 1.342024: 1.712025: 1.461.5-10123percentage points200020102020average 1.61995: -1.51996: -0.91997: -0.311998: 0.751999: 0.752000: -0.112001: 0.42002: 0.572003: 1.342004: 1.292005: 1.922006: 1.062007: 0.512008: 0.92009: 1.532010: 1.942011: 1.842012: 3.012013: 2.872014: 32015: 3.382016: 3.532017: 2.712018: 2.542019: 3.042020: 3.322021: 3.22022: 1.942023: 1.342024: 1.712025: 1.461.5

Note: Aggregate for 7 major cities (A-Städte), not an individual city.

Note: Aggregate for 127 towns and cities, not an individual city.

Note: Office and retail combined; no separate office or retail figure.

Source: bulwiengesa AG, published by Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to 2025 / own calculation
Source: bulwiengesa AG, published by Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to 2025 / own calculation
Source: Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to October 2026 / own calculation
Series detailsInitial yield, office and retail combined, 7 major cities
Deutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B10.N.G300.P0820.A / New data last retrieved 3 November 2026
Original series as published: Price Indicators (As per the latest publication of the system of indicators for the German commercial real estate market) / bulwiengesa AG commercial property price index / net initial yields for office and retail core properties / 7 major cities (A cities) - Bundesbank calculations / unadjusted figures; unit: Prozent
Original source as named by the publisher: Bundesbank calculations based on price data provided by bulwiengesa AG.
Original statistics and metadata used unmodified, under the ESCB Terms of Use for the Reuse of Statistics.Initial yield, office and retail combined, 127 towns
Deutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B10.N.G300.P0800.A / New data last retrieved 3 November 2026
Original series as published: Price Indicators (As per the latest publication of the system of indicators for the German commercial real estate market) / bulwiengesa AG commercial property price index / net initial yields for office and retail core properties / 127 towns and cities - Bundesbank calculations / unadjusted figures; unit: Prozent
Original source as named by the publisher: Bundesbank calculations based on price data provided by bulwiengesa AG.
Original statistics and metadata used unmodified, under the ESCB Terms of Use for the Reuse of Statistics.10-year Bund yield
Deutsche Bundesbank, SDMX Web Service, series BBSIS.M.I.ZAR.ZI.EUR.S1311.B.A604.R10XX.R.A.A._Z._Z.A / New data last retrieved 3 November 2026
Original series as published: Yields, derived from the term structure of interest rates, on listed Federal securities with annual coupon payments / residual maturity of 10.0 years / monthly data; unit:
Derived from Deutsche Bundesbank data by us, under the ESCB Terms of Use for the Reuse of Statistics.

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