In the first half of 2026, the Essen office market achieved a total take-up of around 25,000 square metres. This represents a decline of approximately 22 percent compared to the same period last year, when 32,000 square metres were transacted. According to analyses by CUBION Immobilien AG, approximately 21,500 square metres of this figure were attributable to lettings and around 3,500 square metres to owner-occupier activities. While the letting performance increased by around 23 percent compared to the first half of 2025, demand from owner-occupiers remained significantly below previous levels. The owner-occupier share currently stands at about 14 percent, thus below the long-term average of 18 percent (2016-2025).
Markus Büchte, CEO of CUBION Immobilien AG, commented on the market situation. He noted that the Essen office market continues to present itself as capable of development in the middle of the year, and the turnover volume is once again below the previous year's result. Nevertheless, the increased number of lease agreements points to a fundamental, albeit cautious, revival in demand. However, a significantly higher take-up has so far been hampered by the absence of large-volume lettings, which in the past significantly shaped the market.
Significantly More Deals, Smaller Spaces
In the first half of the year, a total of 52 relevant lease agreements were registered, which represents a significant increase compared to the 34 deals in the same period last year. However, the average floor area per lease was significantly smaller, as there were no deals above 3,000 square metres at all. Around 48 percent of the letting volume was accounted for by leases in the range of 500 to 2,000 square metres.
- —The University of Duisburg-Essen leased approximately 2,300 square metres at Altendorfer Straße 3.
- —JOHANN BUNTE Bauunternehmung secured around 1,700 square metres at Martin-Kremmer-Straße 14.
- —A co-working provider occupied approximately 1,200 square metres at Rotthauser Straße 40.
- —APM Pflegeschule moved into about 1,100 square metres at Reichsbank 1-7 in the city centre, and the ETL Competence Center leased around 1,000 square metres at Steinstraße 39-41.
The Weststadt submarket recorded the highest demand for space, achieving a market share of around 21 percent. In the previous year, this area was still in second place behind the Südviertel. Following this in the current half-year are the city centre, the Südviertel, and other locations, each accounting for approximately 14 percent of the letting volume. Rüttenscheid and the Zollverein office market zone were also strongly represented with around 12 percent of the letting volume each.
Rent Development and Outlook
The weighted average rent in existing stock (excluding new builds) increased slightly from 11.50 EUR/m² to 11.61 EUR/m² compared to the same time last year. Including new build spaces, the value is also 11.61 EUR/m², as no corresponding deals have been registered so far. The achieved prime rent remains at 16.50 EUR/m², as in mid-2025, and was achieved in the Südviertel. However, prime rents of up to 30.00 EUR/m² are marketable for new build spaces of the highest quality in prime locations.
CUBION remains only cautiously optimistic for the Essen office market for the remainder of the year. The increased number of lease agreements does indeed indicate a certain dynamic. However, for the annual result, it will be crucial whether larger user decisions are made in the coming months. Even with positive development, it is unlikely that the long-term average values of over 100,000 square metres of office market take-up can be achieved.
