The office market in Dortmund recorded a take-up of 44,000 sq m by mid-2026. This result is within the range of the long-term average of approximately 45,000 sq m. Compared to the same period last year, a decline of around 32% was registered. This indicates that the overall economic conditions are influencing leasing activity in Dortmund. This analysis was prepared by BNP Paribas Real Estate.
Amedeo Augenbroe, Branch Manager of BNP Paribas Real Estate GmbH in Essen, noted that more than half of the take-up resulted from smaller contract completions between 200 and 2,000 sq m. This points to active market activity. Demand for medium-sized spaces between 5,000 and 10,000 sq m also developed positively, accounting for 27% of the total take-up, which is an above-average share.
Market Segments and Rental Price Development
The City Centre office market zone was particularly strong in terms of turnover at mid-year, contributing around 29% to the result. The remaining urban area of Dortmund contributed about 30%. This is due to the largest contract completions of the current year. For example, Jobcenter Dortmund rented over 6,000 sq m of office space in a central city location. Amazon occupied approximately 5,500 sq m in Segro Park Dortmund on the site of the former coal-fired power station.
In the prime locations of the City Centre, a top rent of 23 EUR/sq m was recorded, which has remained at a record level since the beginning of the year. This corresponds to a rental price increase of approximately 15% compared to the comparable period last year. The average rent is currently 14.60 EUR/sq m. Public administration represents the largest share with approximately 34% of total take-up, driven by the Jobcenter Dortmund lease agreement. Retail companies follow with about 23%, primarily due to Amazon's lease. The 'Other' category contributed a good 15% to the take-up, demonstrating a diversified demand structure.
Vacancy and Construction Volume
The vacancy volume increased slightly over the past twelve months to 155,000 sq m. With a vacancy rate of 4.8%, the figure is still just below the fluctuation reserve of 5% and at a low level in a national comparison. Only 17% of the vacant space comprises modern quality areas preferred by tenants. In the City Centre, this share is even just 4%, meaning only 3,600 sq m are available there in the short term. The construction volume remains low with 31,000 sq m of office space under construction at mid-year. This represents a 24% decrease compared to the same period last year. The pre-letting rate is 48%, meaning only an additional 16,000 sq m will become available on the market.
The outlook for the Dortmund office market indicates a certain resilience, although large-volume leases exceeding 10,000 sq m are still absent. An economic slowdown and geopolitical uncertainties continue to affect the market. If the economic environment improves over the course of the year, an increasing demand for office space is expected. An annual result at the level of the long-term average of approximately 100,000 sq m is considered a realistic target. Augenbroe anticipates no significant changes on the supply side in the second half of the year, and the supply of high-quality space will remain limited. This could lead to further rental price increases in the short to medium term, with exceeding the 25 EUR/sq m mark not being ruled out.
