> **来源：[研报客](https://pc.yanbaoke.cn)** # Munich Office Market Summary - Q2 2026 ## Core Content Overview This document provides an analysis of the Munich office market as of mid-year 2026, focusing on supply, demand, and pricing trends across different segments. It highlights the performance of the leasing market, the key players, and the outlook for the second half of the year. The report also includes insights into the investment market, transaction volumes, and asset class preferences. ## Key Market Performance - **Leasing Market**: - **Take-up in H1 2026**: 327,000 sqm, a significant increase compared to the previous year's 256,000 sqm. - **Vacancy Rate**: 8.1% for the first half of 2026. - **Prime Rents**: Reached €58.00/sqm/month, while average rents remained stable at €28.00/sqm/month. - **Large-Scale Transactions**: Driven by technology, industrial, and knowledge-based companies, with notable deals including: - Apple (owner-occupier) occupying 29,500 sqm on Seidlstraße - JetBrains leasing 23,000 sqm in Tucherpark - E.ON SE leasing 21,500 sqm at An den Brücken - NXP Semiconductors leasing 10,000 sqm at AER - Bavarian Nordic leasing 7,400 sqm at the Life Science Center - **Market Dynamics**: - Demand is highly selective, focusing on modern, ESG-compliant office space in central and well-connected locations. - Older stock in peripheral areas faces increasing pressure due to the growing differentiation by quality. - The flight-to-quality trend is evident, with prime rents expected to exceed €60.00/sqm/month by year-end. ## Market Segmentation | Location Type | Rental Range [€/sqm/month] | Vacant Space [sqm] | Vacancy Rate [%] | Take-ups [sqm] | |---------------|---------------------------|-------------------|------------------|----------------| | CBD | 35.00 - 63.00 | 13,200 | 1.4 | 17,200 | | City Centre | 26.00 - 55.00 | 324,850 | 4.3 | 190,700 | | City Area | 16.50 - 35.00 | 896,250 | 9.8 | 88,700 | | Periphery | 11.00 - 24.00 | 655,700 | 13.6 | 30,400 | ## Investment Market Insights - **Transaction Volume (H1 2026)**: Approximately €1.11 billion, a 23% increase year-on-year compared to €900 million in H1 2025. - **Office Properties**: Dominated the market, accounting for €678 million or nearly 61% of total transaction volume. - **Asset Class Preferences**: - High-quality core and core-plus assets in established central locations remain the top priority for investors. - Logistics, hotel, and mixed-use assets are gaining traction. - Secondary properties and peripheral locations continue to see limited investor interest due to lower liquidity. ## Outlook for H2 2026 - **Leasing Market**: - Expected to maintain a stable to slightly positive trajectory. - Annual take-up volume of around 600,000 sqm is anticipated. - Continued demand for modern, ESG-compliant office space in central locations. - **Investment Market**: - Expected to remain broadly stable, with a cautious and selective approach from investors. - Pricing is largely stable, but transaction momentum is subdued compared to historical levels. - Larger transactions will likely have a more significant impact on market activity than a broad-based recovery. - The market will likely continue to favor high-quality core assets, while secondary and peripheral locations face limited liquidity. ## Conclusion Munich's office market is showing resilience and continued growth, driven by demand for high-quality, modern, and ESG-compliant spaces. The leasing market is performing well, with strong take-up and rising prime rents. The investment market remains active but selective, with a focus on core assets and a stable transaction volume. The overall trend suggests a continuation of the flight-to-quality phenomenon, with prime rents and demand for central locations expected to rise further in the coming months. ## Contact Information - **Knight Frank GmbH & Co. KG** Address: Prinzregentenstraße 22, 80538 München, Germany - **Sarah Červinka** Position: Managing Partner | Head of Branch Phone: +49 89 83 93 12 133 / +49 170 8000782 Email: sarah.cervinka@knightfrank.com - **Sandra Baumgarten** Position: Senior Research Consultant Phone: +49 89 83 93 12 190 / +49 170 9601040 Email: sandra.baumgarten@knightfrank.com