Commercial property prices in Germany increased by 2.1 % on the year in the first quarter of 2026. This means the rise that had begun in mid-2024 continued almost unchanged. Between 2022 and mid-2024, prices had fallen temporarily as a result of the coronavirus pandemic. This is shown by the new commercial property price index published by the Bundesbank, in cooperation with vdpResearch, for the first time today. Credible and reliable data provide the foundation for evidence-based decisions. With the new commercial property price index, we are closing a data gap in the real estate sector and making an important contribution to greater transparency in the market for commercial real estate, said Fritzi Köhler-Geib, the Bundesbank Executive Board member responsible for data and statistics.

A key building block for financial stability analyses

The new commercial property price index tracks quarterly price developments for the real estate types office properties, retail properties and multi-family housing owned by enterprises. Alongside the overall index, there are sub-indices for the individual types of real estate. In addition, there are five regional sub-indices: cities of supraregional importance, cities of regional importance, cities of local importance, urban areas, and rural areas. The indices are calculated on the basis of transaction data on real estate sales taken from vdpResearch’s Real Estate Monitoring Database. These are derived from the financing business of Pfandbrief banks, cooperative banks, savings banks and private banks. The database is very large, covering more than 300,000 real estate transactions since 2013. 

The strongest price dynamics over a longer period are seen for multi-family housing. Since the observation period began, prices for this type of real estate have risen by around 110 % overall. For office properties, this figure was around 75 %. Having experienced moderate ups and downs since the observation period began, prices for retail spaces were roughly back at their starting level in the first quarter of 2026. In regional terms, it is particularly striking that commercial real estate prices in cities of supraregional importance slightly lead those in the rest of Germany.

Real estate price developments have an impact on the real economy and the financial system – this makes a reliable pool of data all the more important. Observing price trends in commercial real estate markets currently is very important for many macroeconomic and macroprudential analyses, explained Köhler-Geib in her comments on the launch of the new index. Corrections to valuations of commercial real estate, which is often used as collateral for loans to enterprises, can pose risks to financial stability. The past few years have shown that demand for office and retail space as well as for rented housing is subject to temporary and structural changes. Longer planning horizons and the length of construction phases mean that supply only adapts to these fluctuations with a time lag. This tends to result in marked price cycles. 

Extensive range of data available on the Bundesbank’s website

The entire range of data on the new commercial property price index can be accessed via the time series database on the Bundesbank’s statistics webpage. Key information on the data sources, statistical methodology, publication programme and revision frequency is summarised in a FAQ document, which is also available online.