The Cologne office leasing market recorded a space turnover of around 65,300 m² in the fourth quarter of 2025. This brings the annual total to 230,100 m², approximately 5 percent above the previous year's level.
Office Space Turnover 2025 Above Previous Year Level
The Cologne office market closed the year 2025 with a solid final quarter, which contributed around 65,300 m² to the total turnover in Q4, resulting in a total annual turnover of 230,100 m². This result was about 5 percent above the previous year's figure of 218,200 m². “This development underscores the resilience of the Cologne office market in a challenging market environment,” said Mina Dadgostar, Head of Office Agency Cologne at Cushman & Wakefield. “The annual turnover has increased for the second consecutive year, indicating a continuing recovery in the Cologne office market.”
“For the current year, further revitalization of the leasing market is expected,” forecasts Mina Dadgostar.
Public sector tenants were particularly strong in demand, with two large-scale leases by the Jobcenter (16,000 m² & 14,500 m²) standing out.
Top rents remain stable - average rents rise due to high-priced deals in the city center and Deutz
The top rent remained largely stable throughout the year, standing at 33.00 euros/m² at the end of the year, while the average rent rose to 20.60 euros/m² – an increase of almost 8 percent compared to the previous year's value (Q4 2024: 19.10 euros/m²). This was driven by numerous, sometimes large-volume and also high-priced deals in the city center as well as in Deutz. "This underlines that not only the premium segment in direct CBD locations, but also well-connected, attractive, and above all flexible spaces are in high demand," explains Mina Dadgostar.
Moderate Increase in Vacancy Rate - Still Comparatively Low Level
The vacancy rate gradually increased to 5.5% by the end of December 2025 (Q4 2024: 4.8%), rising by 70 basis points compared to the same quarter of the previous year. However, the vacancy rate remained below the level of the top 5 markets. The increase is mainly due to reductions in office space as part of new work models and the growing importance of space efficiency, which often goes hand in hand with downsizing.
Mina Dadgostar concluded: "With the expected economic upswing, it is assumed that, in addition to the public sector, other industries will also increasingly re-enter the market. For 2026, we can expect slightly higher leasing activity with stable prime rents and moderately increasing average rents."
