Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1} Share on Xing

Düsseldorf’s commercial CRE investment market improves, prime yields expected to continue moving sideways

Verena Bauer • 11/04/2024

According to research by international real estate consultancy firm Cushman & Wakefield (C&W), the commercial real estate investment market in Düsseldorf and its extended logistics market area achieved a transaction volume of EUR 260 million in the first quarter of 2024. This was around 13 percent higher than a year earlier. Market activity as a whole continues to be held back by the tight financing environment.

Mirko Kittler, Partner Capital Markets Düsseldorf at C&W, on the prospects: “Speculative new office buildings are currently not placeable on the market. On the one hand, from the point of view of institutional investors, the risk is too high and, on the other hand, banks without a corresponding capital deposit are acting very restrictively. All the more reason for investment to focus on the upcoming completions, some of which already have high pre-letting rates. Looking ahead, we expect the strongest willingness to buy here with increasing competition among investors.”

Transaction volume: Partial sale of KII boosts result, institutional investors continue to hold off

  • Despite an increase compared to the previous year, the transaction volume fell short of the Q1 5- and 10-year averages by almost 57 percent and around 50 percent respectively.
  • The largest transaction to date was B&L’s acquisition of a 35 percent stake in the Centrum Group's KII mixed-use property in Schadowstrasse. If this takeover is excluded, the CRE transaction volume would have remained well below the EUR 200 million mark.
  • On the buy-side, institutional investors continued to take a wait-and-see approach. The majority of the transaction volume was contributed by acquisitions by private individuals, family offices and the public sector.
  • Foreign investors have been inactive thus far. 

Yields: Expected to stabilise in 2024

  • At the end of the 1st quarter, the prime yield for core office properties stood at 5.00 percent, unchanged from the previous quarter. Compared to Q1 2023, however, it has risen by 110 basis points. 
  • The prime yield for commercial buildings in 1a locations was unchanged from the previous quarter at 4.45 percent, 35 basis points above the level of Q1 2023. 
  • The prime yield for core logistics properties stood at 4.50 percent at the end of Q1 2024, unchanged from the previous quarter, but 35 basis points higher than at this point last year.
  • Over the course of 2024, C&W expects prices and yields to stabilise across all asset classes. Inflationary pressures have continued to ease, while the economy has weakened. An early cut in the key interest rate is therefore becoming increasingly likely. As bond yields fall, confidence in a more attractive financing environment is also growing.

Property use types: Office and retail properties weak, logistics not represented

  • The office sector remains well below the transaction volume of recent years. In the 1st quarter of 2024 totalling just under EUR 50 million (17 percent of CRE total). This is almost 30 percent less than a year earlier.
  • The structural change in the office sector with high desk-sharing ratios and significant general uncertainty with regard to future space requirements is causing demand here to stagnate. 
  • The retail transaction volume was very low in the first three months, contributing only around 4 percent of the CRE total. As in the previous year, hardly any retail properties were traded.
  • The strongest category was the “other uses” category, accounting for around EUR 180 million and 67 percent of the total. This also includes the acquisition from Centrum of a share in the mixed-use KII property by B&L. In addition, the city of Ratingen acquired a building plot of around 30,000 m² in the Schwarzbach district on Balcke-Dürr-Allee.
  • The sale of a serviced apartment property at Wehrhahn 43 to the family office Wilhelm von Opel'sche Forst- und Grundstücksverwaltung was responsible for a large proportion of the hotel transaction volume, which contributed around 12 percent of the CRE total.
  • To date, no transactions of logistics industrial properties have taken place in the Düsseldorf market area including its surrounding municipalities.

C&W Investment market Düsseldorf Q1 2024



verena bauer
Verena Bauer

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


Press Release Cushman & Wakefield
Strategic repositioning of the German business

Cushman & Wakefield is setting the course for even greater client focus in Germany with a new organisational model.

Verena Bauer • 28/05/2024

Highrise Frankfurt Study Cushman & Wakefield
Highrise study Frankfurt

Frankfurt’s high-rise office buildings provide a total of 1.77 million sq m of rental space, a further five properties with heights of over 45 metres will be completed by 2028 according to the “Highrise Study Frankfurt” analysis by Cushman & Wakefield.

Verena Bauer • 24/05/2024

Cushman & Wakefield European Luxury Retail Report
Continuing attractiveness of well-established luxury retail locations in Europe

The continuing attractiveness of well-established luxury retail locations in Europe led to 107 new openings on 20 key luxury streets in 16 cities in 12 countries in 2023, according to the first “European Luxury Retail Report” by Cushman & Wakefield.

Verena Bauer • 08/05/2024


Office Fit Out Cost Guide - Web card
Insights • Workplace

Germany Office Fit Out Cost Guide

Utilize our Office Fit Out Cost Guide 2024 to effectively plan and budget your office evolution in Germany. Start transforming your workspace in cities like Berlin, Frankfurt, and Munich today!
Cushman & Wakefield Asset Optimisation Guides

Complete Asset Optimisation Guide

Our asset optimisation whitepapers serve as your comprehensive guide through the multifaceted real estate landscape.
Verena Bauer • 05/03/2024
City Logistics

European City Logistics Reports

Cities – and city logistics – continue to evolve in the post-pandemic environment. And with them, city logistics real estate strategies are also evolving.
Verena Bauer • 07/02/2024


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.
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