Commercial property price index
Commercial property price index, office, Germany (annual)
169.1 index, 2013=100 2025 +2% on 2024
Note: Index (2013 = 100): shows change over time, not a price level in euros.
Note: Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
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.
Links with economic indicators
Commercial property price index, office, Germany (annual) and 10-year Bund yield
National indicator against Germany
Note: Commercial property price index, office, Germany (annual): Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
Note: Based on only 12 annual observations. With a sample this small the pattern may be coincidental.
Blue line, left axis: Commercial property price index, office, Germany (annual). Ochre line, right axis: 10-year Bund yield.
Rank correlation (Spearman) of changes at lag 0: -0.5 (n = 12)
Strongest of 6 lags tested; chosen after looking at the data, so likely overstated.
This shows how two series moved together over 2014 to 2025 (n = 12). It does not show that one causes the other, and it is not a forecast.
Source: Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to October 2026 / 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.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.
Commercial property price index, office, Germany (annual) and Euribor 3-month, monthly average
National indicator against Germany
Note: Commercial property price index, office, Germany (annual): Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
Note: Based on only 12 annual observations. With a sample this small the pattern may be coincidental.
Blue line, left axis: Commercial property price index, office, Germany (annual). Ochre line, right axis: Euribor 3-month, monthly average.
Rank correlation (Spearman) of changes at lag 0: -0.46 (n = 12)
Strongest of 6 lags tested; chosen after looking at the data, so likely overstated.
This shows how two series moved together over 2014 to 2025 (n = 12). It does not show that one causes the other, and it is not a forecast.
Source: European Central Bank / Licence: Source: ECB / Data to September 2026 / 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.Euribor 3-month, monthly average
European Central Bank, DBnomics series ECB/FM/M.U2.EUR.RT.MM.EURIBOR3MD_.HSTA
Commercial property price index, office, Germany (annual) and New-business loan rate, non-financial corporations, over EUR 1m
National indicator against Germany
Note: Commercial property price index, office, Germany (annual): Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
Note: Based on only 12 annual observations. With a sample this small the pattern may be coincidental.
Blue line, left axis: Commercial property price index, office, Germany (annual). Ochre line, right axis: New-business loan rate, non-financial corporations, over EUR 1m.
Rank correlation (Spearman) of changes at lag 0: -0.48 (n = 12)
Strongest of 6 lags tested; chosen after looking at the data, so likely overstated.
This shows how two series moved together over 2014 to 2025 (n = 12). It does not show that one causes the other, and it is not a forecast.
Source: Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to September 2026 / 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.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.
Commercial property price index, office, Germany (annual) and Consumer price index, Germany
National indicator against Germany
Note: Commercial property price index, office, Germany (annual): Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
Note: Based on only 12 annual observations. With a sample this small the pattern may be coincidental.
Blue line, left axis: Commercial property price index, office, Germany (annual). Ochre line, right axis: Consumer price index, Germany.
Rank correlation (Spearman) of changes at lag 0: -0.74 (n = 12)
Strongest of 6 lags tested; chosen after looking at the data, so likely overstated.
This shows how two series moved together over 2014 to 2025 (n = 12). It does not show that one causes the other, and it is not a forecast.
Source: Statistisches Bundesamt (Destatis) / Licence: Datenlizenz Deutschland – Namensnennung – 2.0 / Data to September 2026 / 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.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
Commercial property price index, office, Germany (annual) and Real GDP, Germany
National indicator against Germany
Note: Commercial property price index, office, Germany (annual): Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
Note: Based on only 12 annual observations. With a sample this small the pattern may be coincidental.
Note: Real GDP, Germany: Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Blue line, left axis: Commercial property price index, office, Germany (annual). Ochre line, right axis: Real GDP, Germany.
Rank correlation (Spearman) of changes at lag 0: 0.28 (n = 12)
Strongest of 6 lags tested; chosen after looking at the data, so likely overstated.
This shows how two series moved together over 2014 to 2025 (n = 12). It does not show that one causes the other, and it is not a forecast.
Source: Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to Q3 2026 / 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.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.
Commercial property price index, office, Germany (annual) and Registered unemployment rate, Germany
National indicator against Germany
Note: Commercial property price index, office, Germany (annual): Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
Note: Based on only 12 annual observations. With a sample this small the pattern may be coincidental.
Note: Registered unemployment rate, Germany: Deutsche Bundesbank revised earlier values; detected 2 November 2026. This chart shows the latest published version.
Blue line, left axis: Commercial property price index, office, Germany (annual). Ochre line, right axis: Registered unemployment rate, Germany.
Rank correlation (Spearman) of changes at lag 0: -0.36 (n = 12)
Strongest of 6 lags tested; chosen after looking at the data, so likely overstated.
This shows how two series moved together over 2014 to 2025 (n = 12). It does not show that one causes the other, and it is not a forecast.
Source: Deutsche Bundesbank / Licence: Deutsche Bundesbank terms of use / Data to October 2026 / 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.Registered unemployment rate, Germany
Deutsche Bundesbank, SDMX Web Service, series BBDL1.M.DE.Y.UNE.UBA000.A0000.A01.D00.0.R00.A / New data last retrieved 3 November 2026
Original series as published: Unemployment registered pursuant to section 16 Social Security Code III / Germany / Social Security Code III and Social Security Code II / Rate / Calendar and seasonally adjusted; unit: Prozent
Derived from Deutsche Bundesbank data by us, under the ESCB Terms of Use for the Reuse of Statistics.
Commercial property price index, office, Germany (annual) and Construction price index, office buildings
National indicator against Germany
Note: Commercial property price index, office, Germany (annual): Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
Note: Based on only 12 annual observations. With a sample this small the pattern may be coincidental.
Blue line, left axis: Commercial property price index, office, Germany (annual). Ochre line, right axis: Construction price index, office buildings.
Rank correlation (Spearman) of changes at lag 0: -0.48 (n = 12)
Strongest of 6 lags tested; chosen after looking at the data, so likely overstated.
This shows how two series moved together over 2014 to 2025 (n = 12). It does not show that one causes the other, and it is not a forecast.
Source: Statistisches Bundesamt (Destatis) / Licence: Datenlizenz Deutschland – Namensnennung – 2.0 / Data to Q3 2026 / 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.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
Commercial property price index, office, Germany (annual) and OECD business confidence, construction (not seasonally adjusted)
National indicator against Germany
Note: Commercial property price index, office, Germany (annual): Short history (2013 to 2025). This window contains essentially one interest-rate cycle, so the pattern may not hold in other periods.
Note: Based on only 12 annual observations. With a sample this small the pattern may be coincidental.
Note: OECD business confidence, construction (not seasonally adjusted): Latest observation: May 2026. OECD has not published newer data within the expected interval, so this series may be out of date.
Blue line, left axis: Commercial property price index, office, Germany (annual). Ochre line, right axis: OECD business confidence, construction (not seasonally adjusted).
Rank correlation (Spearman) of changes at lag 0: 0.58 (n = 12)
Strongest of 6 lags tested; chosen after looking at the data, so likely overstated.
This shows how two series moved together over 2014 to 2025 (n = 12). It does not show that one causes the other, and it is not a forecast.
Source: OECD / Licence: OECD terms and conditions / Data to May 2026 / 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.OECD business confidence, construction (not seasonally adjusted)
OECD, DBnomics series OECD/DSD_STES@DF_BTS/DEU.M.BCICP.PB.F.Y._Z._Z.N