Germany office rent index, new lettings (Pfandbrief)
Germany office rent index, new lettings (Pfandbrief) stood at 145.8 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 2010 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Price Indicators | |||||||||||
| Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), index for offices, rents for new lettings | 145.8 | 144.7 | 143.9 | 142.9 | 142.1 | 140.8 | 139.4 | 138.4 | 137.3 | 136.6 | |
| Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), index for retail properties, rents for new lettings | 101.4 | 101 | 100.9 | 100.4 | 100 | 99.6 | 99.2 | 98.5 | 97.9 | 97.3 |
Understanding germany office rent index, new lettings (Pfandbrief)
Capturing the exact leasing rates agreed upon for corporate workspaces in the current period, this series isolates marginal pricing in the administrative property sector. Compiled by the Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), it exclusively tracks freshly signed lease contracts, deliberately ignoring the vast stock of existing, ongoing rental agreements. This makes it fundamentally distinct from average passing rent indices. It focuses solely on office properties, excluding the retail and multi-family sectors covered by sibling metrics within the same commercial dataset.
Referenced to a 2010 base year, the index serves as a leading indicator for the commercial real estate cycle. Because it only measures new lettings, it adjusts instantaneously to shifts in tenant demand and landlord pricing strategies. However, this hyper-sensitivity introduces severe composition bias. If a specific quarter sees a cluster of premium, newly built central business district offices leased, the index will deviate independently of broader market conditions. Conversely, a flurry of suburban lease renewals will pull the index in a different direction. Relying on quarter-on-quarter comparisons is highly treacherous due to this changing quality mix; year-on-year calculations alongside a rolling average provide the mathematically sound approach.
Frequently asked questions
- Does this metric account for rent-free periods or fit-out contributions?
- The index typically reflects headline base rents agreed in the contract and may not capture the hidden value of tenant incentives or rent holidays.
- Are renegotiated leases for existing tenants included?
- Contracts that are entirely renegotiated and signed as new agreements at current market rates are generally captured in the flow of new lettings.
- Why does this series move on a different timeline than overall inflation?
- Existing leases are often tied mechanically to consumer price indices, while new lettings fluctuate purely based on real-time supply and demand for workspace.