According to Cushman & Wakefield, office take-up in Frankfurt (including the city area as well as Offenbach-Kaiserlei and Eschborn) from new lettings and owner-occupier transactions totalled approximately 260,700 sq m in the first nine months of 2026. This represents a decline of 43% compared with the same period last year. Following a subdued first half of the year, however, the market gained noticeable momentum in the third quarter: take-up volume between July and September amounted to 115,500 sq m.
Take-up accelerates after a subdued start to the year – quarterly volume exceeds 100,000 sq m for the first time this year
Office take-up in Q3 2026 totalled 115,000 sq m, approximately 48% above the previous quarter (Q2 2026: 78,000 sq m) and around 72% higher than in Q1 2026 (67,200 sq m). Nevertheless, the gap to the exceptionally strong previous year remains significant.
The largest transaction of Q3 2026 was the new letting of approximately 21,700 sq m to the Federal Financial Supervisory Authority (BaFin) at the “RAW” development in the Europaviertel/Messe submarket. This was followed by ODDO BHF with approximately 14,700 sq m at “Skyper” in the Banking District. Airplus International GmbH leased approximately 7,900 sq m at “Skylight” in the City. Together, these three transactions account for approximately 44,300 sq m and therefore more than one-third of the quarter’s total take-up.
“Frankfurt continues to benefit from its unique economic structure and international significance. The city remains particularly attractive for companies with high requirements in terms of accessibility, infrastructure and international connectivity. This can provide additional momentum to the market. Although demand remains selective, occupiers continue to assess space decisions carefully and leasing processes can take longer to complete, the structural strengths of the location provide a solid foundation for stable market development,” comments Hanjo Theiss, Head of Office Agency & Office Sector Germany and Head of Office Agency Frankfurt at Cushman & Wakefield.
Banking District and financial sector shape market performance to date
With 73,400 sq m, representing 28% of total take-up, the Banking District was the strongest-performing submarket in the first nine months of the year. The Europaviertel / Messe submarket followed with 39,400 sq m or 15%, the City with 30,800 sq m or 12%, and the Westend with 19,100 sq m or around 7%. Together, these four submarkets accounted for 62% of total take-up, once again underlining the importance of central locations in the location strategies of many companies.
The significance of Frankfurt as a financial centre is also reflected in occupier activity. Banks and financial services providers led the sector ranking with 59,500 sq m and a 23% market share. Consultancy firms and the public sector followed with 26,500 sq m and 25,600 sq m respectively, each accounting for around 10%. The construction and real estate sector recorded 21,700 sq m, while law firms and notaries accounted for 19,000 sq m. The combination of larger financial sector transactions and the BaFin letting explains a significant part of the increased activity recorded in the third quarter.
Rental divergence remains evident as prime rent continues to rise
The sustainably achievable prime rent increased to €55.00 per sq m/month by the end of Q3 2026, placing it 6% above the level recorded a year earlier and 2% above the previous quarter.
The space-weighted average rent, by contrast, stands at €28.40 per sq m/month, approximately 16% below the level recorded in the previous year.
Hanjo Theiss adds: “This development highlights the growing polarisation of the market: high-quality space in prime locations continues to achieve rental growth, while older stock that is less aligned with occupier requirements is facing increasing competitive pressure.”
Vacancy remains high – strong pre-letting levels limit the availability of modern space
Office vacancy stood at approximately 1.40 million sq m at the end of September 2026. The vacancy rate amounted to 12.1%. Compared with the same period last year, vacancy volume increased by around 4%, while the vacancy rate rose by 0.6 percentage points. The increase continues to be concentrated primarily in existing stock, whereas modern office space in the most sought-after locations remains significantly scarcer. While the vacancy rate in the CBD stood at 6.9%, well below the overall market average, peripheral submarkets such as Eschborn and Offenbach-Kaiserlei recorded vacancy rates of between 20% and 30%, substantially above the market average.
Approximately 92,400 sq m of office space was completed during the first nine months of 2026. Completions in the third quarter included the “Europa-Allee-Tower” office tower in the Europaviertel / Messe submarket, providing 13,000 sq m of office space. At the same time, around 385,800 sq m of office space was under construction at the end of September. Of this total, 72% had already been pre-let or earmarked for owner-occupiers. The high occupancy rate of projects currently under development confirms the sustained demand for modern, high-quality office space.
Outlook – stronger activity sends a positive signal for the final quarter
“The higher level of transaction activity recorded in the third quarter is a positive signal, even though the exceptionally high take-up volume seen in the previous year is unlikely to be reached in 2026. We continue to expect a selective market environment in the final quarter of the year. High-quality, ESG-compliant and well-connected office space is particularly well positioned. The continued rise in prime rent, despite elevated overall vacancy levels, demonstrates the extent to which the market is differentiating according to quality and location,” concludes Hanjo Theiss.
