CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1} Share on Xing

Munich real estate investment market subdued

11/04/2023

Munich’s commercial real estate transaction volume was around EUR 505 million in the first quarter of 2023, according to figures from international real estate consultancy firm Cushman & Wakefield (C&W). Compared to the first quarter of 2022, this corresponds to a fall of 47 percent.

Few large office transactions

While the office segment still accounted for 73 percent of transaction volume in the first quarter of 2022, this fell to 37 percent (EUR 185 million) in the first quarter of 2023, when Cushman &  Wakefield noted only three office transactions, including two in the value-add segment, the sales of the property at Nymphenburger Strasse 112 for around EUR 65 million to Becken Holding AG and the sale of Ungererstrasse 71 for around EUR 18 million to Bauwerk Capital GmbH & Co. KG. One core asset was acquired by an insurance company for over EUR 100 million. For comparison: In the first quarter of 2022, six office buildings with a total transaction volume of EUR 700 million changed hands.

Other asset classes the focus of investors’ attention

With a transaction volume of  around EUR 290 million or 57 percent of the CRE total, the focus of transactions in the first quarter of 2023 was on asset classes other than the usual office, retail, hotel, industry/logistics. A plot of land at Seidlstrasse 15 was sold for EUR 250 million, which was the largest transaction of the quarter, and there were also further transactions of mixed-use buildings and a school and university building.

Retail and industry/logistics each achieved transaction volumes of EUR 15 million in the first quarter of 2023. Compared to the first quarter of 2022, this represents decreases of 70 percent and 85 percent respectively.

Jan Isaakson, Head of Capital Markets Munich at C&W, summarizes: “While many investors from the insurance or pension fund sectors are currently acting rather cautiously, private buyers and family offices are becoming increasingly active. Established locations continue to be preferred by buyers. With regard to the existing transaction pipeline, it is assumed that sales will increase in the coming months.”

Further increase in prime office yields

The prime yield for high-quality, modern core office properties in Munich was 3.50 percent at the end of the first quarter of 2023, 20 basis points above the level of the previous quarter and 100 basis points above the level of a year ago (Q1 2022, 2.50 percent).

At the end of the first quarter, the prime yield for 1a retail properties was 3.40 percent, 20 basis points more than in the previous quarter. In the first quarter of 2023, logistics properties traded at a prime yield of 4.15 percent, thus exceeding the 4 percent threshold.

 

Investment market Munich Q1 2023 

 

 

MEDIA CONTACT

verena bauer
Verena Bauer

Head of Business Development Services, Germany • 60311 Frankfurt am Main

RECENT NEWS

Modern hotel room
Revival of German hotel investment market continues

Cushman & Wakefield recorded a total transaction volume of €1.58 billion in the hotel segment from January to the end of September 2025. This represents an increase of 68 per cent compared to the same period last year.

Martin Polifke • 09/10/2025

picture of berlin
Price correction on the Berlin office market increases attractiveness for prospective tenants

We are seeing a necessary market consolidation that is leading to more realistic pricing. The economic downturn has made many companies more cost-conscious, which, combined with the price gap between new and existing rents, has recently blocked many relocation decisions.

Martin Polifke • 08/10/2025

Picture of Hamburg
Office rental market in Hamburg holds steady in the third quarter of 2025

The office rental market in Hamburg remains resilient in the third quarter of 2025 despite the economic challenges. The volume of transactions reflects an almost stable demand. For the year as a whole, a take-up of slightly over 400,000 m² appears to be a realistic scenario.

Martin Polifke • 07/10/2025

INSIGHTS

Modern dining room with colourful chiairs and hanging lights
Insights

Regulation in the German Housing Market

Update for Investors: What legal changes will the new federal government bring?

24/06/2025
Rethinking European Offices
Insights

Rethinking European Offices

Our report “Rethinking European Offices” examines at the risk of obsolescence in 16 key European cities. The findings reveal that the majority of Europe's office real estate stock is at risk of becoming obsolete by 2030.
18/12/2024
Cushman & Wakefield Investment Atlas 2024
Insights

The Investment Atlas Q3 2024

Your Strategic Compass in the World of Commercial Real Estate Investment
05/11/2024

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected, for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS