🏢 Germany commercial property investment rebounds in Q1

Germany’s commercial property market started 2026 with about €3.6 billion in large transactions in Q1, led by office deals worth roughly €2.1 billion, according to CBRE. The rebound suggests capital is returning to the market, albeit selectively.

CBRE said office assets accounted for the largest share of investment volume in the quarter, making the sector the main driver of activity after a subdued period for German commercial real estate. The firm’s Q1 2026 figures point to a market that is still cautious, but more willing to price office exposure again as financing conditions and sentiment stabilize.

Why it matters for investors

The data signals that Germany remains a core destination for institutional capital, but the recovery is being led by assets with clearer income visibility rather than broad-based risk appetite. Office demand is not returning evenly across the country; instead, investors appear to be concentrating on quality buildings and transaction structures that can withstand valuation uncertainty. For global allocators, that suggests the German market is moving from price discovery into a more selective liquidity phase.

➡️ Office assets generated the biggest share of German commercial investment activity in Q1 2026.

➡️ The market remains selective, indicating that capital is still discriminating sharply by location, quality and tenant strength.

The Q1 figures suggest that Germany’s transaction market is regaining momentum, but the pace of recovery will likely depend on whether office demand can broaden beyond top-tier assets.