German commercial property index, local cities, quarterly
German commercial property index, local cities, quarterly stood at 97.1 in Q2 2026, according to Deutsche Bundesbank. It is one of the indicators in the Property market (quarterly) table (Value · Quarterly), with a complete series running from Q1 2013 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Property market (quarterly) table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total, RegioStaR Gem5: Cities of local importance3 | 97.1 | 96.9 | 96.7 | 96 | 95.4 | 94.7 | 93.8 | 93.6 | 93.3 | 93.3 | |
| Sub-aggregate office, RegioStaR Gem5: Cities of local importance | 92.3 | 93 | 93.5 | 92.3 | 90.3 | 90.3 | 88.5 | 89.6 | 89.2 | 89.4 | |
| Sub-aggregate retail, RegioStaR Gem5: Cities of local importance | 94 | 94.2 | 94.6 | 94.2 | 93.9 | 93.4 | 93.7 | 93.5 | 93.5 | 93.5 |
Understanding german commercial property index, local cities, quarterly
This index captures the transaction-based capital values of non-residential real estate situated strictly within municipalities designated as cities of local importance under the RegioStaR Gem5 classification. The aggregate combines valuations for retail spaces, office buildings, and other income-generating structures located in these smaller municipal centers. Unlike indices covering cities of supra-regional importance or broader urban agglomerations, this measure isolates the pricing dynamics of commercial property markets in secondary and tertiary administrative hubs. The calculation excludes residential buildings and properties located in adjacent rural or larger metropolitan zones, focusing entirely on the commercial asset base within these defined local city boundaries.
Analysts should evaluate these index levels using year-on-year comparisons to smooth out the inherent volatility of low transaction volumes often seen outside major metropolises. Because the pool of commercial property sales in local cities is smaller than in prime markets, quarterly period-on-period changes can be distorted by a few high-value transactions or bulk portfolio deals. Initial releases are subject to subsequent revisions as delayed transaction records from regional land registries are integrated into the final dataset. Structural breaks may occur during periodic reclassifications of the RegioStaR framework, which shifts municipalities between the local city and urban area categories, requiring caution when constructing long-term historical time series.
Frequently asked questions
- Does this index include residential properties located in cities of local importance?
- The aggregate is strictly limited to non-residential assets such as retail storefronts and office spaces, excluding all forms of residential real estate.
- How does the RegioStaR Gem5 classification define the boundaries for this indicator?
- The framework assigns entire municipalities to the local city category based on administrative definitions rather than separating central business districts from surrounding neighborhoods.
- Are rental income yields factored into the index levels?
- The figures represent pure capital transaction prices and do not incorporate recurring rental income or gross operating yields.