Sell office in Nuremberg.

Nuremberg's office leasing market entered 2026 in a clearly polarised state. Full-year 2025 take-up reached roughly 92,000 sqm, an increase of nearly a quarter year-on-year, demonstrating that underlying occupier demand remains robust despite a cautious macro backdrop. At the same time, vacancy climbed to about 426,000 sqm, or 10.3% of stock, its highest level in years. The two figures together describe a flight-to-quality dynamic: tenants are actively transacting, but their demand is concentrated on modern, energy-efficient and well-connected space, leaving dated buildings increasingly hard to let. This bifurcation is reflected in pricing. The city prime rent advanced to around 20.20 EUR/sqm/month in 2025/2026, a fresh high, even as average rents across the wider stock stayed soft under the weight of vacant secondary supply. The Altstadt/City core continues to command the top end thanks to a structural shortage of grade-A floorplates inside the historic walls, while the Tullnau/Nürnberg-Ost waterfront cluster around schemes such as Tullnau Carree has become the preferred destination for occupiers seeking new, campus-style space. Nordstadt and Südstadt offer solid mid-priced alternatives, and the airport/Nordwest periphery anchors the most affordable, car-oriented end of the market. The occupier base is diversified and sticky, spanning insurance (Nürnberger Versicherung), IT and software (Datev), market research (GfK/NIQ) and engineering (Siemens). This breadth gives Nuremberg defensive characteristics relative to mono-sector markets, and public-sector demand provides a further stabilising floor. Development activity is measured: the principal additions are the delivered Tullnau Carree, the Eckpfeiler-led Nuremberg-North corridor and a steady programme of city-centre refurbishments, all of which add ESG-compliant space rather than speculative bulk. Over the next twelve months the central question is whether prime-rent growth can continue while overall vacancy stays elevated. The most likely path is a widening prime-versus-secondary gap, with best-in-class central buildings still seeing rental tension and waiting lists, while owners of obsolete stock face stranded-asset risk and pressure to refurbish or convert. For occupiers, the window to secure quality space at the current cycle remains open but is narrowing in the tightest central locations; for landlords, repositioning vacant secondary assets toward grade-A or alternative uses is the clearest route to value.

Average rent: 13.5 EUR/sqm/month (weighted average, indicative); Prime rent: 20.2 EUR/sqm/month (city prime, FY2025/Q1 2026); take up q1: 92,000 sqm (FY2025 full-year take-up; quarterly figure not separately published); pipeline sqm: 120,000 sqm under construction (indicative, multi-year).