Munich Office Market Dynamics, Q1 2026

Munich's office letting market got off to a strong start in 2026 with take-up of 164,900 sq.m. The result exceeded the prior-year quarter, driven primarily by several large-volume transactions.

The vacancy rate stood at 8.9% at quarter-end, representing approximately 2.0 million sq.m. of available office space. At the same time, 41,900 sq.m. of office space was completed in the first three months of the year, while a further 560,700 sq.m. is under construction.

Prime rent remained stable at €60.00/sq.m./month following the first quarter of 2026. The weighted average rent stands at €26.29/sq.m./month and, despite a slight decline, remains at an elevated level.