According to analyses by Aengevelt Research, the Berlin office market achieved office take-up, including owner-occupiers, of approximately 380,000 sqm in the first half of 2026. This represents a significant increase of 55% compared to the same period last year (first half of 2025: 245,000 sqm). The result is also 11% higher than the decade average for the first halves of the year (average 2016 - 2025: approximately 342,000 sqm annually).
With this result, Berlin ranks first among German office markets in the first half of 2026. Munich follows with approximately 355,000 sqm and Hamburg with approximately 185,000 sqm. For the full year 2026, Aengevelt Research forecasts office take-up for Berlin of around 700,000 sqm. This volume would be approximately 47% above the previous year's result (2025: approximately 475,000 sqm) and just 7% below the ten-year average (average 2016 - 2025: approximately 756,000 sqm annually).
Development of Supply Reserve and Construction Completions
The short-term available supply reserve, which includes spaces ready for occupancy within three months, has seen a continuous increase since 2020. Starting from approximately 390,000 sqm, this trend continued. At the end of June 2026, the available space amounted to approximately 1,950,000 sqm, which represents an increase compared to the end of June 2025 (1,700,000 sqm). This led to an increase in the vacancy rate from 7.8% at the end of June 2025 to currently around 8.9% of the total stock of 22 million sqm of office space. Aengevelt Research expects a further moderate increase in the supply reserve to a volume of approximately 2,000,000 sqm by the end of 2026.
In contrast, the volume of completions for new or comprehensively refurbished office spaces is falling below the decade average. While the years 2021 to 2023 showed high volumes with over 500,000 sqm (2021: approximately 580,000 sqm, 2022: approximately 750,000 sqm, 2023: approximately 617,000 sqm), 2024 (approximately 495,000 sqm) and 2025 (approximately 400,000 sqm) already saw declines. For 2026, a completion volume of again approximately 400,000 sqm is forecast. This figure is moderately below the average completion volume of the last ten years (average 2016 - 2025: 431,000 sqm annually). However, it should be noted that project postponements and construction delays are possible due to the current market situation.
Stability of Rent Levels
Despite the growing supply reserve, the prime rent level in Berlin remained stable. By the end of June 2026, the prime rent increased to 46.50 Euro/sqm per month compared to 45.00 Euro/sqm per month in the same period last year. The average rent in city locations remained stable at 29.00 Euro/sqm per month compared to the end of June 2025. Aengevelt Research forecasts a stable development of prime rent at the current level for the remainder of 2026.
