Property type · Office property
Office property: price index by space type
Price index for office property in metropolises, large cities, medium-sized towns and rural areas, with annual changes, comparison of property types and long series since 1995.
Data as of: 10 Oct 2026 · updated daily from the time series databases of the sources
Key figures
Current developments
Price index
Prices for office property by space type
Commercial property price index of the Bundesbank (2022 = 100), smoothed, broken down by the spatial types of the regional statistical spatial typology (RegioStaR).
Office property price index Germany
2022=100
- Office property87.7Q2 2026 · approx. −1.2 % vs. prior year
Office property: change vs. same quarter of prior year
% vs. prior year
- Office propertyrd. −1.2 %vs. prior year · Q2 2026
Office property by space type
2022=100
- Metropolises83.6Q2 2026 · approx. −1.9 % vs. prior year
- Regiopoles and large cities92.8Q2 2026 · approx. −2.0 % vs. prior year
- Central cities, medium-sized towns92.3Q2 2026 · approx. +2.2 % vs. prior year
- Urban areas90.5Q2 2026 · approx. −0.3 % vs. prior year
Office property: metropolises and rest of Germany
2022=100
- Metropolises83.6Q2 2026 · approx. −1.9 % vs. prior year
- Germany excluding major cities91.5Q2 2026 · approx. −0.5 % vs. prior year
- Germany87.7Q2 2026 · approx. −1.2 % vs. prior year
Office property by space type: change vs. same quarter of prior year
% vs. prior year
- Metropolisesrd. −1.9 %vs. prior year · Q2 2026
- Regiopoles and large citiesrd. −2.0 %vs. prior year · Q2 2026
- Small-town and rural areasrd. −3.9 %vs. prior year · Q2 2026
Office property compared with other property types
2022=100
- Multi-family houses98.6Q2 2026 · approx. +1.6 % vs. prior year
- Office87.7Q2 2026 · approx. −1.2 % vs. prior year
- Retail88.1Q2 2026 · approx. −0.2 % vs. prior year
- Commercial property overall93.1Q2 2026 · approx. +0.4 % vs. prior year
Office property: annual values by space type
2022=100
- Metropolises85.02025 · approx. +1.1 % vs. prior year
- Regiopoles and large cities95.52025 · approx. +2.4 % vs. prior year
- Central cities, medium-sized towns91.62025 · approx. +2.7 % vs. prior year
- Urban areas91.62025 · approx. +2.8 % vs. prior year
Office and retail combined
2022=100
- Office and retail87.8Q2 2026 · approx. −1.0 % vs. prior year
- Office87.7Q2 2026 · approx. −1.2 % vs. prior year
- Retail88.1Q2 2026 · approx. −0.2 % vs. prior year
Office property and federal bond yield
Index
- Office price index (left)87.7Q2 2026 · approx. −1.2 % vs. prior year
- Yield on 10-year federal bonds (right)3.60 %Sep 2026 · +0.87 percentage points vs. prior year
Long series
Office property since 1995
German Property Index of bulwiengesa AG, capital growth, annual.
Office property: 7 major cities and 127 cities
2022=100
- 7 major cities79.82025 · approx. +2.4 % vs. prior year
- 127 cities87.22025 · approx. +1.2 % vs. prior year
Office and retail combined: 7 major cities and 127 cities
2022=100
- 7 major cities77.72025 · approx. −0.3 % vs. prior year
- 127 cities80.42025 · approx. −2.5 % vs. prior year
Context
Office property in valuation
The market value is determined under § 194 BauGB by the price that could be achieved in the ordinary course of business on the valuation date. Decisive are the general value conditions on the valuation date: the totality of circumstances relevant to price formation, such as the general economic situation, capital market conditions and the economic and demographic developments of the area (§ 2 para. 2 ImmoWertV). They enter the valuation procedure through the input data and the market adjustment (§ 7 ImmoWertV).
Income-producing properties are valued using the income approach (§§ 27 to 34 ImmoWertV). The property yield is the interest rate at which the market value of properties of the respective type is on average customarily remunerated (§ 21 para. 2 ImmoWertV); it is derived by the expert committee from purchase prices and the associated net income. If prices rise with unchanged income, the property yield falls, and vice versa. The price index therefore shows in which direction property yields are likely to have moved since the evaluation period of the market report.
For commercial property, lease term, tenant credit quality, alternative-use potential and space efficiency affect value more strongly than for residential property. Deviations of actual from market rents are to be considered as special property-specific features (§ 8 para. 3 ImmoWertV). The office price index shows the market phase in which property yields and comparable prices were derived.
For portfolios and balance sheet purposes see Investment valuation.
Questions and answers
Frequently asked questions
Briefly answered, with source reference.
How have office property prices developed?
The office price index for Germany stands at 87.7 (2022 = 100, Q2 2026). The charts show the trend since 2013 by space type.
What are the RegioStaR spatial types?
The regional statistical spatial typology of the Federal Ministry of Transport classifies municipalities into five types: metropolises, regiopoles and large cities, central cities and medium-sized towns, urban areas, and small-town and rural areas.
Why do office prices react strongly to interest rates?
Office properties are priced as investments by their yield. When the yield on safe assets such as federal bonds rises, buyers demand higher initial yields; with unchanged rents, prices fall.