Germany retail rent index, new lettings (Pfandbrief)
Germany retail rent index, new lettings (Pfandbrief) stood at 101.4 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 retail properties, rents for new lettings | 101.4 | 101 | 100.9 | 100.4 | 100 | 99.6 | 99.2 | 98.5 | 97.9 | 97.3 | |
| Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), index for multi family houses, rents for new lettings | 170.8 | 169.3 | 168.3 | 167 | 165.5 | 164.4 | 162.5 | 161 | 159.8 | 157.7 |
Understanding germany retail rent index, new lettings (Pfandbrief)
Newly signed tenant agreements for physical consumer commerce spaces dictate the movements of this specific metric. Sourced from the Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken), the series filters out all legacy leases to capture only the rental rates negotiated in the most recent quarter. It isolates the retail sector from office and residential markets, tracking the cost of securing shopfronts, shopping center units, and retail parks. By focusing exclusively on the flow of new contracts rather than the existing stock, it measures the immediate clearing price for consumer-facing commercial real estate.
Indexed to the year 2010, the data requires careful interpretation due to the extreme heterogeneity of retail properties. A period-on-period comparison can be deeply misleading because the sample of properties leased changes entirely every three months. One quarter might be heavily weighted by luxury boutiques on prime high streets, while the next consists mostly of out-of-town warehouse retail leases. To strip out this compositional variance, analysts must use year-on-year comparisons. Furthermore, the structural evolution of physical retail means abrupt movements in the series generally reflect landlords altering asking rents to fill unexpected vacancies rather than a uniform shift in the entire retail landscape.
Frequently asked questions
- Are turnover-based rents included in the index calculation?
- The metric primarily captures fixed base rents, as variable turnover components cannot be accurately quantified at the moment the lease is signed.
- Does this separate prime high street shops from retail parks?
- The headline index aggregates all retail formats, blending high street boutiques with out-of-town large-format stores into a single composite figure.
- How does this differ from the retail property price index?
- This series tracks the income landlords generate from leasing the space, whereas the price index tracks the absolute cost to purchase the underlying building.