Duesseldorf's 11.8 Percent Office Vacancy Makes Cologne's Tight Market The Big Seven Contrast

Germany's Big Seven office market remains a city-by-city story, with Duesseldorf's 11.8 percent vacancy standing in sharp contrast to Cologne's tighter five percent level.

Take Up Is Concentrated

JLL's midyear data put Big Seven office take-up at about 1.35 million square metres in the first half of 2026, around five percent below the prior year. Berlin and Munich together accounted for more than half of the total, leaving other markets more dependent on individual large deals.

Vacancy Is The Risk

Total vacancy reached roughly 8.5 million square metres across the Big Seven, with Duesseldorf at the top of the vacancy table and Cologne at the low end. Investors cannot price German offices from a single national recovery narrative when submarket availability differs this much.

Prime Rents Are Not Enough

Prime rents rose across the major markets, led by Munich, Frankfurt and Berlin, but higher prime rent does not save obsolete floors. Older stock needs energy upgrades, tenant incentives and realistic lease-up assumptions, especially where competing new buildings are available.

What Buyers Should Watch

Investors should underwrite each office floor against current energy standards, tenant fit-out cost and submarket vacancy. A Big Seven label does not protect a weak asset in a city with rising empty space.

Outlook

Germany's autumn leasing period will show whether demand spreads beyond Berlin and Munich. Duesseldorf assets need conservative vacancy assumptions; Cologne owners have more room to defend rents.

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