Market data office space Berlin 2024: rents, locations & trends

While prime office locations have generally remained unaffected by the increased vacancy rate, the most average recent vacancy rate in Berlin has climbed to 5.7%. In some locations, the market now appears to be turning in favor of tenants, offering them favorable conditions to negotiate better contract leasing terms and incentives such as rent-free periods or contributions towards building costs.

In the current challenging economic environment, small and medium-sized companies in particular are placing great value on choosing appropriate office space which has low running costs and can be used flexibly. Correspondingly, there is a greater need for consulting advice when searching for premises or looking for sub-tenants, especially if the amount of office space is being reduced.

Strong demand for high-quality office premises has resulted in prime rents remaining at a high level of 45.00 euros/m². The hike in building costs and interest rates together with the related fall in the number of new development projects have also contributed to this trend. The shortage of new-build offerings is primarily benefitting modernized existing office premises and is expected to stimulate market activity in 2025. In the current year 2023, however, Engel & Völkers Commercial forecasts only moderate total take-up of 590,000 to 620,000 m².