Sell office in Stuttgart.

Stuttgart's office leasing market opened 2026 cautiously. Take-up of roughly 32,700 sqm in Q1 came in around 8% below the prior-year quarter and beneath longer-term averages, with activity dominated by smaller deals while a handful of larger lettings propped up the total. Notably, the biggest signings broke with the recent pattern of central-location preference and were instead realised outside the inner-city core, predominantly by technology-oriented occupiers in clusters such as SynergyPark/STEP in Vaihingen/Moehringen. Information and telecommunications firms alone accounted for about 56% of take-up, underscoring how far the demand engine has shifted toward tech and away from the automotive incumbents that historically anchored the market. The prime rent held firm at 37.00 EUR/sqm, supported by lively demand for modern, ESG-compliant space against a thin supply of such product. The average rent stabilised at around 18.30 EUR/sqm after several quarters of decline, though the gap between prime and average signals an increasingly two-tier market. Vacancy remained moderate, reported at 5.7% by JLL and 6.7% by Colliers (the latter equating to roughly 581,000 sqm, up almost 16% year-on-year). Crucially, that vacancy build-up is concentrated in older, peripheral stock, while central submarkets are stabilising; completion activity has been very low so far in 2026, adding little new space. The structural backdrop is dominated by the restructuring of the regional automotive economy, with Mercedes-Benz, Porsche, Bosch and the dense supplier base all reassessing footprints, which weighs on expansion appetite and poses a give-back risk over the next twelve months. Against this, the City of Stuttgart is investing to keep the location future-proof, and the Stuttgart 21/Europaviertel project continues to deliver the city's most attractive new-build quarter. Brokers expect a gradual revival through the year, with several large-tenancy decisions in the pipeline; E&G projects full-year take-up of around 180,000-190,000 sqm, broadly back to average. For occupiers, scarcity of quality central space sustains prime pricing and pre-letting opportunities in new product, while older peripheral buildings face mounting obsolescence and weak re-letting prospects. The overall picture is a market near its cyclical trough: stable at the top end, soft in the middle, and dependent on a tech-led, quality-focused recovery to regain momentum in the second half of 2026.

Average rent: 18.3 EUR/sqm/month; Prime rent: 37 EUR/sqm/month; take up q1: 32,700 sqm; pipeline sqm: 31,000 sqm.