Insights
Each Insight puts several series on one axis over a stated period, with a fixed one-line reading. It describes what the lines show; it does not show a cause and is not a forecast.
A light green plate reads better and a light pink plate worse, for an investor in office property. A plain plate is in line with the average, or neither side is better. Screen readers also get the words “better” and “worse”. How better and worse are judged
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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.
Initial yield, office and retail combined, 7 major cities against 10-year Bund yield
Blue line: Initial yield, office and retail combined, 7 major cities. Ochre line: 10-year Bund yield. The shading is blue where the blue line is above the ochre line and red where it is below.
Initial yield, office and retail combined, 127 towns against 10-year Bund yield
Blue line: Initial yield, office and retail combined, 127 towns. Ochre line: 10-year Bund yield. The shading is blue where the blue line is above the ochre line and red where it is below.
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: Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to October 2026 / own calculation
Series details
Initial yield, office and retail combined, 7 major citiesDeutsche 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.
How this is calculated
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Initial yield spread over the corporate loan rate
0.8 percentage points lower than the average (worse)
The latest spread of the 7-city initial yield over the corporate loan rate is 0.8 points, lower than the 2011-2025 average of 1.6 points.
Initial yield, office and retail combined, 7 major cities against New-business loan rate, non-financial corporations, over EUR 1m
Blue line: Initial yield, office and retail combined, 7 major cities. Ochre line: New-business loan rate, non-financial corporations, over EUR 1m. The shading is blue where the blue line is above the ochre line and red where it is below.
Note: Short history (15 years, 2011 to 2025): the average rests on little data.
Note: Aggregate for 7 major cities (A-Städte), not an individual city.
Note: Office and retail combined; no separate office or retail figure.
Source: Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to September 2026 / own calculation
Series details
Initial yield, office and retail combined, 7 major citiesDeutsche 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.New-business loan rate, non-financial corporations, over EUR 1m
Deutsche Bundesbank, SDMX Web Service, series BBIM1.M.DE.B.A2A.D.R.1.2240.EUR.N / New data last retrieved 3 November 2026
Original series as published: Effective interest rates of German banks / New business / Loans to non-financial corporations over EUR 1 million, with floating rate or initial rate fixation up to 3 months / SUD149; unit: % p.a.
Derived from Deutsche Bundesbank data by us, under the ESCB Terms of Use for the Reuse of Statistics.
How this is calculated
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Office prices vs rents
1.12 times in line with the average
The price index stands at 1.12 times the rent index, in line with the 2013-2025 average of 1.20.
Commercial property price index, office, Germany (annual) against Rent index (new lettings), office, Germany (annual)
Blue line: Commercial property price index, office, Germany (annual). Ochre line: Rent index (new lettings), office, Germany (annual). The shading is blue where the blue line is above the ochre line and red where it is below.
Note: Short history (13 years, 2013 to 2025): the average rests on little data.
Note: Rent index (new lettings), office, Germany (annual): Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Note: Index (2013 = 100): shows change over time, not a price level in euros.
Source: vdpResearch GmbH, published by Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to 2025 / own calculation
Series details
Commercial property price index, office, Germany (annual)Deutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B10.N.G000.P0102.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) / Commercial property price index / office / Germany / unadjusted figures; unit: 2013=100
Original source as named by the publisher: vdpResearch GmbH and Bundesbank calculations.
Original statistics and metadata used unmodified, under the ESCB Terms of Use for the Reuse of Statistics.Rent index (new lettings), office, Germany (annual)
Deutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B10.N.G200.P0410.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) / Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken) / index for offices, rents for new lettings / Germany / unadjusted figures; unit: 2010=100
Original source as named by the publisher: vdpResearch GmbH.
Original statistics and metadata used unmodified, under the ESCB Terms of Use for the Reuse of Statistics.
How this is calculated
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Real office rents
1.1 percent higher than the average (better)
Real office rents grew 1.1% in 2025, higher than the 2005-2025 average of -0.2%.
Rent index (new lettings), office, Germany (annual) against Consumer price index, Germany
Blue line: Rent index (new lettings), office, Germany (annual). Ochre line: Consumer price index, Germany. The shading is blue where the blue line is above the ochre line and red where it is below.
Note: Rent index (new lettings), office, Germany (annual): Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Source: Statistisches Bundesamt (Destatis) / Licence: Datenlizenz Deutschland – Namensnennung – 2.0 / Data to September 2026 / own calculation
Series details
Rent index (new lettings), office, Germany (annual)Deutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B10.N.G200.P0410.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) / Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken) / index for offices, rents for new lettings / Germany / unadjusted figures; unit: 2010=100
Original source as named by the publisher: vdpResearch GmbH.
Original statistics and metadata used unmodified, under the ESCB Terms of Use for the Reuse of Statistics.Consumer price index, Germany
Statistisches Bundesamt (Destatis), GENESIS-Online, series 61111BM001/DG.PREIS1 / New data last retrieved 2 November 2026
Original unit as published: 2020=100
How this is calculated
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Office rents vs construction costs
-0.1 percentage points higher than the average (better)
The latest spread of office rent growth over construction price growth is -0.1 points, higher than the 2005-2025 average of -2.2 points.
Rent index (new lettings), office, Germany (annual) against Construction price index, office buildings
Blue line: Rent index (new lettings), office, Germany (annual). Ochre line: Construction price index, office buildings. The shading is blue where the blue line is above the ochre line and red where it is below.
Note: Rent index (new lettings), office, Germany (annual): Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Source: Statistisches Bundesamt (Destatis) / Licence: Datenlizenz Deutschland – Namensnennung – 2.0 / Data to Q3 2026 / own calculation
Series details
Rent index (new lettings), office, Germany (annual)Deutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B10.N.G200.P0410.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) / Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken) / index for offices, rents for new lettings / Germany / unadjusted figures; unit: 2010=100
Original source as named by the publisher: vdpResearch GmbH.
Original statistics and metadata used unmodified, under the ESCB Terms of Use for the Reuse of Statistics.Construction price index, office buildings
Statistisches Bundesamt (Destatis), GENESIS-Online, series 61261BV001/DG.BAULEISTBW.BPNG1.STEMW1.PRE002 / New data last retrieved 2 November 2026
Original unit as published: 2021=100
How this is calculated
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Office rents vs GDP
3.1 percentage points higher than the average (better)
The latest spread of office rent growth over real GDP growth is 3.1 points, higher than the 2005-2025 average of 0.7 points.
Rent index (new lettings), office, Germany (annual) against Real GDP, Germany
Blue line: Rent index (new lettings), office, Germany (annual). Ochre line: Real GDP, Germany. The shading is blue where the blue line is above the ochre line and red where it is below.
Note: Rent index (new lettings), office, Germany (annual): Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Note: Real GDP, Germany: Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Source: Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to Q3 2026 / own calculation
Series details
Rent index (new lettings), office, Germany (annual)Deutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B10.N.G200.P0410.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) / Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken) / index for offices, rents for new lettings / Germany / unadjusted figures; unit: 2010=100
Original source as named by the publisher: vdpResearch GmbH.
Original statistics and metadata used unmodified, under the ESCB Terms of Use for the Reuse of Statistics.Real GDP, Germany
Deutsche Bundesbank, SDMX Web Service, series BBNZ1.Q.DE.N.H.0000.L / New data last retrieved 3 November 2026
Original series as published: Germany / National accounts / Overall economy / Gross domestic product (price adjusted) 1, 2, 3; unit: 2020=100
Derived from Deutsche Bundesbank data by us, under the ESCB Terms of Use for the Reuse of Statistics.
How this is calculated
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Office completions vs permits two years earlier
0.79 times in line with the average
Completions were 0.79 times the permits issued two years earlier, in line with the 2010-2025 average of 0.84.
Building completions: office and administrative buildings, Germany against Building permits: office and administrative buildings, Germany, two years earlier
Blue line: Building completions: office and administrative buildings, Germany. Ochre line: Building permits: office and administrative buildings, Germany, two years earlier. The shading is blue where the blue line is above the ochre line and red where it is below.
Note: Short history (16 years, 2010 to 2025): the average rests on little data.
Source: Statistisches Bundesamt (Destatis) / Licence: Datenlizenz Deutschland – Namensnennung – 2.0 / Data to 2025 / own calculation
Series details
Building completions: office and administrative buildings, GermanyStatistisches Bundesamt (Destatis), GENESIS-Online, series 31121LJ001/{01–16}.BAUART1.BTK-GEB.GBD-NW-BV.FLC002 / New data last retrieved 2 November 2026
Original unit as published: 1000 qmBuilding permits: office and administrative buildings, Germany
Statistisches Bundesamt (Destatis), GENESIS-Online, series 31111LJ001/{01–16}.BAUART1.BTK-GEB.GBD-NW-BV.FLC002 / New data last retrieved 2 November 2026
Original unit as published: 1000 qm
How this is calculated
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Construction costs vs inflation
1.3 percentage points in line with the average
The latest spread of construction price growth over CPI inflation is 1.3 points, in line with the 1992-2025 average of 1.0 points.
Construction price index, office buildings against Consumer price index, Germany
Blue line: Construction price index, office buildings. Ochre line: Consumer price index, Germany. The shading is blue where the blue line is above the ochre line and red where it is below.
Source: Statistisches Bundesamt (Destatis) / Licence: Datenlizenz Deutschland – Namensnennung – 2.0 / Data to September 2026 / own calculation
Series details
Construction price index, office buildingsStatistisches Bundesamt (Destatis), GENESIS-Online, series 61261BV001/DG.BAULEISTBW.BPNG1.STEMW1.PRE002 / New data last retrieved 2 November 2026
Original unit as published: 2021=100Consumer price index, Germany
Statistisches Bundesamt (Destatis), GENESIS-Online, series 61111BM001/DG.PREIS1 / New data last retrieved 2 November 2026
Original unit as published: 2020=100
How this is calculated
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Office vacancy: 7 major cities vs 127 towns
2.0 percentage points higher than the average (worse)
The latest spread of office vacancy in the 7 major cities over the 127 towns is 2.0 points, higher than the 1995-2025 average of 0.6 points.
Office vacancy rate, 7 major cities against Office vacancy rate, 127 towns
Blue line: Office vacancy rate, 7 major cities. Ochre line: Office vacancy rate, 127 towns. The shading is blue where the blue line is above the ochre line and red where it is below.
Note: Office vacancy rate, 7 major cities: Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Note: Office vacancy rate, 127 towns: Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Note: Aggregate for 7 major cities (A-Städte), not an individual city.
Note: Aggregate for 127 towns and cities, not an individual city.
Source: bulwiengesa AG, published by Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to 2025 / own calculation
Series details
Office vacancy rate, 7 major citiesDeutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B30.N.G850.R1010.A / New data last retrieved 3 November 2026
Original series as published: Real Economic Indicators (As per the latest publication of the system of indicators for the German commercial real estate market) / bulwiengesa AG commercial property price index / offices - vacancy rate / 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.Office vacancy rate, 127 towns
Deutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B30.N.G850.R1000.A / New data last retrieved 3 November 2026
Original series as published: Real Economic Indicators (As per the latest publication of the system of indicators for the German commercial real estate market) / bulwiengesa AG commercial property price index / offices - vacancy rate / 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.
How this is calculated
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Office vacancy and office employment
0.7 percentage points higher than the average (worse)
Office vacancy changed by 0.7 points in 2025 while office employment grew -0.5%; the 1996-2025 average vacancy change is 0.1 points.
Blue line: change in office vacancy in the 127 towns, in percentage points. Ochre line: year-on-year growth of Persons in employment: finance, real estate and business services (sections K-N), Germany, in percent. Both are drawn on one axis.
Office vacancy rate, 127 towns against Persons in employment: finance, real estate and business services (sections K-N), Germany
Blue line: Office vacancy rate, 127 towns. Ochre line: Persons in employment: finance, real estate and business services (sections K-N), Germany. The shading is blue where the blue line is above the ochre line and red where it is below.
Note: Office vacancy rate, 127 towns: Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Note: Aggregate for 127 towns and cities, not an individual city.
Source: Statistisches Bundesamt (Destatis) / Licence: Datenlizenz Deutschland – Namensnennung – 2.0 / Data to 2025 / own calculation
Series details
Office vacancy rate, 127 townsDeutsche Bundesbank, SDMX Web Service, series BBDZ1.A.B30.N.G850.R1000.A / New data last retrieved 3 November 2026
Original series as published: Real Economic Indicators (As per the latest publication of the system of indicators for the German commercial real estate market) / bulwiengesa AG commercial property price index / offices - vacancy rate / 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.Persons in employment: finance, real estate and business services (sections K-N), Germany
Statistisches Bundesamt (Destatis), GENESIS-Online, series 13311BJ002/DG.WZ08-K-N.ERW063 / New data last retrieved 3 November 2026
Original unit as published: 1000
How this is calculated