Commercial property for rent in Munich.

Munich office leasing opened 2026 on a firmer footing. Q1 take-up reached roughly 155,000-165,000 sqm (JLL 164,900; CBRE 155,000; Savills 157,000; Colliers 180,700 incl. owner-occupiers), up around 8-18% on the weak prior-year quarter. The quarter was carried by large deals: CBRE counted six lettings above 5,000 sqm, double a year earlier, signalling that big occupiers are returning even as the macro backdrop keeps many companies cautious. By long-term standards volume remains subdued, but the directional improvement points to a genuine, if gradual, recovery. The defining feature is an entrenched flight to quality. Nearly three-quarters of Q1 take-up fell inside the Mittlerer Ring, with industrial/manufacturing and IT occupiers supplying close to three-quarters of volume, underlining Munich dual role as tech stronghold and production hub. Tenants are prioritising central, high-spec, ESG-compliant new-builds and core renovations such as those in Tucherpark and Werksviertel, where the largest pre-lets (Siemens, Schaeffler) cluster. This polarisation shows in rents and vacancy. The prime rent rose to EUR 60-61/sqm/month, with offer rents for the best CBD objects exceeding even that, while the market-wide average edged up to EUR 26.72. Overall vacancy sits at 8.4-9.2%, yet the near-frictional CBD tightened further while peripheral Umland vacancy jumped 19% YoY to 14.7%, and average rents there are falling. Supply will stay disciplined. Q1 completions were minimal, and although roughly 251,000 sqm is slated for 2026, 68% is already pre-let, so genuinely free new central space remains scarce. With about 560,700 sqm under construction but demand firmly skewed to prime locations, the consensus is for the recovery to continue, prime rents to climb further and vacancy in favoured locations to keep falling, even as dated, non-ESG and peripheral stock faces mounting structural pressure.

Average rent: 26.72 EUR/sqm/month; Prime rent: 60 EUR/sqm/month; take up q1: 164,900 sqm (Q1 2026); pipeline sqm: 251,000 sqm completions 2026.