Germany office rent index, new lettings
Germany office rent index, new lettings stood at 142.5 in 2025, according to Deutsche Bundesbank. It is one of the indicators in the Property market (annual) table (Value · Annual), with a complete series running from 2004 to 2025. The complete series with an interactive chart, free to download.
This indicator in the Property market (annual) table
| Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Price Indicators | |||||||||||
| Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), index for offices, rents for new lettings | 142.5 | 137.9 | 134.7 | 129.9 | 125.3 | 126.1 | 122.3 | 114.7 | 108.7 | 105.3 | |
| Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), index for retail properties, rents for new lettings | 100.3 | 98.3 | 95.3 | 96.9 | 99.9 | 101.6 | 103.5 | 103.9 | 103.5 | 102.2 |
Understanding germany office rent index, new lettings
Lease agreements signed by newly incoming corporate tenants provide the foundational data for this Association of German Pfandbrief Banks (vdp) metric, isolating the operational cost of securing administrative workspaces. Unlike metrics covering existing, long-standing lease contracts, this index restricts its view entirely to freshly negotiated rental agreements. This tight focus ensures the series captures the immediate realities of current market demand rather than the inertia of legacy corporate leases. The tracker evaluates the pure cost of occupancy for office infrastructure, explicitly separating the rental cash flows from the underlying capital valuation of the physical buildings themselves.
Tracking the evolution of administrative leasing costs requires using the 2010=100 anchor to gauge cumulative shifts in tenant expenditure. Due to the annual aggregation format, short-term seasonal leasing drives are invisible, making year-on-year analysis the required standard for identifying structural shifts in tenant demand. Revisions to the dataset can occur as late-finalized commercial lease contracts are processed by the participating financial institutions. Because this indicator monitors only new lettings, it serves as a highly responsive barometer for the immediate business climate, reacting to economic shifts far more rapidly than capital price indices or portfolios weighed down by multi-year legacy contracts.
Frequently asked questions
- Are rent changes on existing, renewed office leases included?
- The index deliberately excludes renewals and legacy contracts, focusing exclusively on pricing established through entirely new tenant agreements.
- Does this metric factor in the purchase price of the office building?
- Capital acquisition costs are ignored; the dataset purely measures the recurring operational expense of leasing the workspace.
- Are service charges and utilities included in the reported rental index?
- The calculation tracks the net cold rent, stripping out fluctuating supplementary costs like heating, maintenance, and municipal utilities.