German commercial property index, regional cities, quarterly
German commercial property index, regional cities, quarterly stood at 94.6 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 regional importance3 | 94.6 | 94.7 | 95.6 | 95.3 | 93.8 | 92.9 | 92.9 | 92.6 | 92.4 | 93.3 | |
| Sub-aggregate office, RegioStaR Gem5: Cities of regional importance | 92.8 | 94.4 | 96.6 | 96.9 | 94.7 | 93.9 | 92.5 | 92.8 | 93.1 | 94.8 | |
| Sub-aggregate retail, RegioStaR Gem5: Cities of regional importance | 88.2 | 88.8 | 88.1 | 87.4 | 87.1 | 88.4 | 88.3 | 87 | 86.7 | 85.9 |
Understanding german commercial property index, regional cities, quarterly
Spanning the entire spectrum of income-generating real estate within second-tier municipalities, this total aggregate encompasses offices, retail spaces, and multi-family residential blocks. It measures the blended valuation of all such commercial assets situated in cities of regional importance, establishing a benchmark that sits geographically below the premier national hubs but above localized urban or village settings. By rolling up the various sub-aggregates into a single RegioStaR Gem5 total, it offers a macroeconomic overview of property investment outside the most internationally exposed markets. The metric explicitly excludes owner-occupied single-family homes and non-commercial public infrastructure, ensuring the focus remains on properties traded primarily for their yield potential.
Interpreting this composite indicator requires recognizing that divergent trends among its underlying property types can obscure sector-specific weaknesses. For instance, resilience in residential block valuations might completely mask softness in local retail properties. Year-on-year percentage comparisons are the most robust method for analyzing the series, as seasonal buying patterns and the inherent lumpiness of commercial real estate transactions distort shorter-term quarter-on-quarter reads. Revisions frequently occur in the periods immediately following a release, driven by the sluggish pace of official transaction recording. Analysts should be cautious when benchmarking this against general inflation, as commercial property prices are typically more sensitive to credit conditions than to consumer price movements.
Frequently asked questions
- Are factory sites and heavy industrial zones covered by this aggregate?
- The core focus is on office, retail, and multi-family residential properties rather than heavy manufacturing sites.
- Do these figures account for commercial properties in rural villages?
- No, the scope is strictly limited to municipalities designated as cities of regional importance.
- Should I use this index to track office rental costs?
- The series monitors the capital purchase price of the physical buildings, not the periodic leasing rates paid by tenants.