UPTURN CONTINUES: STRONG FINAL QUARTER
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The commercial investment markets continued their expected recovery. With a volume of €25.9 billion, the annual result is almost 15% higher than the comparable figure for the previous year. The last three months alone accounted for €8 billion of this figure, making them by far the strongest quarter.
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It is particularly pleasing that not only the volume has increased, but also the number of registered transactions at a good 1,100 (+16%), which can be seen as an indication of greater buyer interest across the board. This positive market development cannot be taken for granted against the backdrop of the continuing difficult economic environment.
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At a good €6.87 billion, investments in logistics properties defended the top position they achieved for the first time last year (27% share). Investor interest, particularly in large-volume properties and portfolios, has increased noticeably. Retail properties follow in second place with a good €6.3 billion (25%). In relative terms, they therefore recorded the highest growth of all asset classes in 2024 (+28%). Office properties also landed on the podium, contributing a good 20% of investment turnover at €5.21 billion. Nevertheless, the office segment continues to suffer the most from the difficult macroeconomic environment.
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As expected, the slight reduction in key interest rates by the central banks has not yet been directly reflected in purchase price levels. As a result, stabilization was also largely observed in the fourth quarter. The net prime yields for office properties remain at an average of 4.36% for A-locations, 4.25% for logistics and 3.76% for inner-city high street properties.