Commercial real estate prices continue upturn, new index
The Deutsche Bundesbank and vdpResearch have launched a new commercial real estate price index. It reports that prices in Germany rose 2.1 percent year-on-year in Q1 2026, continuing an upturn since mid-2024.
Closing a data gap for market transparency
Commercial real estate prices in Germany rose 2.1 percent year-on-year in the first quarter of 2026, continuing an upward trend that began in mid-2024.
This marks the first publication of the commercial real estate price index by the Deutsche Bundesbank and vdpResearch.
Fritzi Köhler-Geib, Bundesbank Executive Board member for Data and Statistics, stated: "Credible and reliable data are the basis for evidence-based decisions.
With the new index, we are closing a data gap and contributing to greater market transparency.
" The index tracks quarterly price developments for office, retail, and multi-family properties owned by companies, offering overall and five regional sub-indices.
It is based on over 300,000 transaction data points since 2013 from vdpResearch's database, covering various bank financing activities.
Varying dynamics, financial stability implications
Multi-family homes have shown the strongest long-term price dynamics, with prices rising around 110 percent since observation began.
Office property prices increased by approximately 75 percent, while retail space prices in Q1 2026 are near their initial level.
Regionally, cities of supra-regional importance show a slight temporal lead in commercial real estate prices.
Köhler-Geib highlighted the index's importance for financial stability analyses: "Corrections in the valuation of commercial properties, which often serve as collateral for corporate loans, can pose risks to financial stability.
" Supply adjusts slowly to demand changes, leading to pronounced price cycles.