According to analysis by Cushman & Wakefield, office take-up in the Düsseldorf office market (including the city area as well as Neuss and Ratingen) reached approximately 100,900 sq m in Q3 2026. This represents an increase of 71% compared with the same quarter last year and 64% compared with the previous quarter. Total take-up for the first nine months of the year amounted to 203,300 sq m, up 25% on the same period in the previous year. This figure is 9% above the five-year average for the first nine months of the year.
Strong third quarter as major transactions shape market performance
With a total take-up of 203,300 sq m in the first nine months of 2026, the Düsseldorf office market gained significant momentum during the summer months. At mid-year, take-up had still been 11% below the five-year average, but following the strong third quarter it is now 9% above this benchmark.
The third quarter was driven in particular by two major transactions advised by Cushman & Wakefield. Uniper leased approximately 36,800 sq m in the New Heart on the Block development on Kennedydamm, marking the largest office letting in Düsseldorf since 2013. This was complemented by Huawei’s lease of around 10,000 sq m in the Seestern submarket. Together with KPMG’s lease of approximately 17,300 sq m at ONE PLAZA in Q2, three transactions of 10,000 sq m or more have been recorded so far this year. At the same time, activity also increased in the small and medium-sized office segment.
Martin Höfler, Head of Office Agency Düsseldorf and Regional Manager West at Cushman & Wakefield, comments: “An important signal is the return of large-scale pre-lettings in development projects, which have only been seen sporadically in recent years. It is equally encouraging that the market recovery is not being driven solely by a handful of major transactions but is also evident in the small and medium-sized occupier segment. This indicates a broader-based market recovery.”
Demand remains concentrated on central and established office locations. Supported by the two major transactions mentioned above, Kennedydamm accounted for 77,600 sq m or 38% of total take-up during the first nine months of the year, reinforcing its position as a sought-after submarket close to the CBD. The City submarket followed with 22,200 sq m or around 11%, while Seestern accounted for 17,400 sq m or around 9%. By sector, industrial occupiers led the market with a 23% share, largely driven by energy supplier Uniper. Consultancy firms followed with just under 17%, while the construction and real estate sector accounted for just under 10%.
Despite increased activity, occupier behaviour remains selective. Höfler explains: “Efficiency and flexibility continue to be key criteria in location decisions. Many companies are scrutinising their space requirements very carefully and are weighing up more thoroughly whether a relocation offers sufficient advantages over remaining at their existing premises. However, where the product, location and commercial terms align, we are seeing a clear willingness to commit to larger transactions.”
Prime rent stable, average rent rises significantly
Prime rent remained unchanged compared with both the previous quarter and the same quarter last year at €46.00 per sq m per month. In contrast, the average rent increased significantly to €24.05 per sq m per month. This represents a rise of 11.3% compared with the previous quarter (€21.60 per sq m) and 21.4% compared with the same quarter last year (€19.80 per sq m).
The sharp increase in average rent is primarily attributable to the transaction structure seen in Q3. Large-scale lettings significantly increased the weight of higher rental segments within the market. At the same time, there were no transactions within the very highest rental bracket that might have driven prime rents higher. Competition for occupiers nevertheless remains intense and is reflected, particularly in larger transactions, by increasing incentive packages.
“The demand for high-quality office space is increasingly meeting a constrained supply, as the development pipeline has become considerably thinner. This continues to support rental levels in the upper segment of the market,” says Höfler. “Some developers are already testing asking rents around the €50 per sq m mark. While this level is unlikely to become established across the market in the short term, it could become achievable over the coming years for the right products, particularly when combined with incentive packages.”
Vacancy stabilises as weaker pipeline limits further increases
Total vacant office stock stood at approximately 1.10 million sq m, including sublease space, at the end of Q3 2026. This equates to a vacancy rate of 11.5%, only 10 basis points higher than in the previous quarter. Compared with the same period last year, the vacancy rate is 0.7 percentage points higher. Since the beginning of the year, vacancy has therefore remained within a relatively narrow range. Sublease space accounts for just under 6% of total vacancy.
At the same time, stronger letting activity is being met by significantly lower growth in available supply. Around 114,000 sq m of office space is currently under construction. By the end of September, 106,100 sq m had been completed, including the Sevens and Le Coeur developments in Q3, which together delivered more than 40,000 sq m of office space. Total completions for 2026 are expected to reach around 150,000 sq m. The interest rate environment and higher construction costs are likely to continue constraining the development pipeline over the coming quarters, thereby reducing additional pressure on vacancy levels.
Höfler comments: “Vacancy has largely stabilised over the course of the year. At the same time, given the current interest rate and construction cost environment, new speculative office developments are difficult to deliver without substantial levels of pre-letting. As a result, additional supply growth remains limited. We therefore expect vacancy levels to remain broadly stable over the coming months.”
Outlook: Market recovery expected to continue
Cushman & Wakefield expects office take-up to exceed 250,000 sq m for full-year 2026. Larger occupier requirements are likely to provide additional momentum in the coming months, although many occupiers will continue to take a selective approach to decision-making. Prime rent is expected to remain at €46.00 per sq m by year-end and is forecast to increase to €47.00 per sq m in 2027. Vacancy levels are expected to remain broadly stable.
Concluding, Martin Höfler says: “The conditions for a continued market recovery are in place. Larger requirements have returned to the market and occupiers are showing a greater willingness to make decisions. Ultimately, however, the quality of available space remains the decisive factor. Occupiers are seeking offices that combine high quality with efficiency and flexibility.”
