> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Munich Office Market Summary (Q1 2026) ## Core Content The Munich office market experienced a strong start to 2026, with a notable increase in leasing activity and continued demand for high-quality spaces. The market is characterized by a clear sectoral concentration, with the industrial and IT sectors driving the majority of demand. ## Key Figures - **Office Take-up**: 156,600 sqm (up 15% year-on-year) - **Vacancy Rate**: 8.1% (approximately 1.88 million sqm) - **Prime Rent**: €57.50/sqm/month (new record) - **New Completions**: 85,700 sqm (Q1 2026) - **Under Construction**: 499,300 sqm ## Market Trends - **Leasing Activity**: - Over 40% of leasing activity in Q1 came from transactions exceeding 5,000 sqm. - Central locations, particularly the CBD and inner-city submarkets, remained the focus of most take-ups, accounting for more than two-thirds of the total. - Industrial and ICT occupiers made up over 60% of total demand. - **Rental Trends**: - Prime rent hit a record high of €57.50/sqm/month. - Average rent was €27.50/sqm/month. - A "flight to quality" is evident, with modern, ESG-compliant buildings in central areas being in high demand. - **Vacancy Distribution**: - Vacant space is predominantly located in older, less competitive properties. - Prime locations continue to see strong absorption, highlighting the market's growing qualitative differentiation. ## Key Transactions - **JetBrains** leased 23,000 sqm in "Tucherpark" - **E.ON SE** leased 21,500 sqm in "An den Brücken" - **NXP Semiconductors** leased 10,000 sqm in "AER" ## Outlook for 2026 - **Market Stabilisation**: The office market is expected to show increasing stabilisation, with further differentiation by location and quality. - **Demand Focus**: Demand will remain concentrated on modern, ESG-compliant buildings in central, well-connected areas. - **Supply Constraints**: Prime locations will benefit from limited supply and resilient demand, supporting further rental growth. - **Secondary Locations**: These are likely to see stable or weaker performance due to functional obsolescence and lower demand. - **Cyclical Recovery**: A broad-based cyclical recovery is unlikely; asset quality, location, and adaptability will be the main drivers of leasing activity. ## Investment Market Overview - **Transaction Volume**: €672 million in Q1 2026, up 50% year-on-year but slightly below the five-year average. - **Asset Class Distribution**: - Office assets: 63% - Hotel sector: 14% - Light industrial and logistics: 12% - Other asset classes: 11% - Retail properties: No activity in Q1 - **Buyer Behavior**: - Private investors and family offices were the primary buyers. - Public sector participation was notable. - International investors remained cautious due to elevated yield expectations. - **Yields**: Prime office yields remained stable at approximately 4.3%, indicating a sideways movement at a high level. - **Market Dynamics**: The market is expected to remain highly selective, with transaction viability dependent on asset quality and location fundamentals. ## Outlook for Investment Market - **Stabilised and Selective Phase**: The investment market is expected to enter a stabilised yet highly selective phase in the remainder of 2026. - **Deal-Driven Activity**: Transaction activity will continue to be driven by a limited number of large-volume core and core-plus deals. - **Value-Add Opportunities**: Secondary assets may attract interest through value-add and repositioning strategies. - **Buyer Base**: Private investors, family offices, and the public sector will likely dominate the buyer base, while institutional and international capital will take a more selective approach. ## Contact Information - **Knight Frank GmbH & Co. KG** - Address: Prinzregentenstraße 22, 80538 München, Germany - Sarah Červinka: Managing Partner | Head of Branch - Phone: +4989839312133 - Mobile: +49 170 8000782 - Email: sarah.cervinka@knightfrank.com - Sandra Baumgarten: Senior Research Consultant - Phone: +49 89 83 93 12 190 - Mobile: +49 170 9601040 - Email: sandra.baumgarten@knightfrank.com ```