After two years of elevated transaction volumes, the office market in Dortmund currently presents with results close to the long-term average. A total of 64,000 m² of office space was taken up in the first three quarters of the year. This represents a 27% decline compared to the previous year. An analysis by BNP Paribas Real Estate highlights that the persistently challenging economic situation and geopolitical uncertainties have particularly influenced large-scale letting decisions; thus, no single contract exceeding 10,000 m² has been concluded to date.
Despite the absence of large deals, the ten-year average of 68,000 m² was only marginally missed, which underscores the fundamental stability of demand. A significant share of 24% (approximately 15,000 m²) was accounted for by contracts in the segment between 2,000 m² and 5,000 m². Another 19% of the take-up was generated in the sector from 5,000 m² upwards. Amedeo Augenbroe, Head of Branch at BNP Paribas Real Estate GmbH in Essen, elaborated that the lettings by the Dortmund Job Centre for 6,300 m² in the city centre and by Amazon for 5,500 m² in the rest of the urban area represent the largest contracts of the current year.
Rents and Sector Distribution
The prime rent in Dortmund's primary city locations remains at EUR 23/m², which corresponds to an increase of around 2% compared to the previous year and marks a new high. The average rent currently stands at EUR 13.30/m², which equals a decline of a good 8% since the beginning of the year. The sector distribution of office space take-up is significantly influenced by the larger rental agreements concluded this year. Public administration leads the ranking with a share of approximately 35%, primarily driven by the Job Centre's letting. Retail companies follow with 18%, to which the Amazon rental agreement made a substantial contribution. Other services, including energy service providers and private educational institutions, reached 11%, underlining the market's diversified demand base.
Vacancy and Construction Activity
The vacancy volume in Dortmund has moderately increased to approximately 151,000 m² within the last twelve months. Only 17% of these spaces feature high-quality fittings. The vacancy rate remains at a comparatively low level of 4.7% in a national comparison. Construction activity continues to be modest. By the end of September 2026, only about 21,000 m² of office space was under construction, a 49% decrease compared to the same period last year. A high pre-letting rate of 67% means that only about 7,000 m² from ongoing projects will be available to the market in the short term.
Amedeo Augenbroe noted that despite challenging general conditions, the Dortmund office market presents itself as relatively robust. Although office take-up is around the long-term average, the usually high-revenue, large-volume rental agreements exceeding the 10,000 m² mark are absent. Letting activity was curtailed by weak economic development and geopolitical uncertainties. However, positive economic forecasts, which among other things have more than doubled the GDP growth for 2026 by leading German economic institutes, suggest increasing demand for space in an improving economic environment. A solid year-end rally with take-up at the long-term average level of around 100,000 m² is considered ambitious but achievable. Given the scarcity of modern and high-quality fitted office spaces and the lack of significant relief from new build projects, prime rents are expected to continue to rise.
