Research
Berlin Office Market Dynamics, Q4 2024
Summary and analysis of Berlin's current office real estate market conditions.
January 16, 2025
Contributors:
- Artur Mironenko
591,100 sq.m. of office space was leased in Berlin in the full year of 2024, 12% more than in the same period of 2023. This volume is 24% less than the five-year average (781,640 sq.m.) and 27% less than the ten-year average (810,410 sq.m.).
The vacancy rate increased to 6.7% in the fourth quarter of 2024, up from 6.3% in the third quarter of 2024and 5.4% a year ago. Currently, more than 1.5 million sq.m. of office space is vacant in Berlin.
Prime rent increased by €1,00/sq.m./month in the fourth quarter of 2024 and is now €46,00/sq.m./month, up from €44,00/sq.m./month a year ago.