Munich Office Market Dynamics, Q4 2024
Summary and analysis of Munich's current office real estate market conditions.
- Stephan Hagenhoff
The Munich office letting market recorded a take-up of 619,600 sq.m. in 2024, corresponding to an increase of 29% compared to 2023. The fourth quarter was the strongest quarter of the past year with a take-up of 164,100 sq.m..
Office space vacancy increased during 2024, with the vacancy rate reaching 6.4% at the end of the year, 1.2 percentage points above the previous year's figure. In total, approximately 1.43 million sq.m. of office space is available for short-term lease in Munich.
The prime rent in Munich increased by one euro in the final quarter and stands at €54.50/sq.m. /month at the end of the year. In 2024, the prime rent in the Bavarian capital increased by 9%.