The investment market for retail properties in Germany continued its recovery course in the first half of 2025. With a transaction volume of EUR 2.9 billion, the result was ten percent above the previous year’s value. Compared to the five -year average, however, there is a gap of around 15 %. The number of transactions rose from 96 to 112 degrees.
Special market products continued to shape the market. What was striking was a growing number of transactions of non -food -enanced specialist markets – especially through portfolio purchase. Overall, 64 % of the total volume was covered by specialist market products, including 36 % to individual specialist stores, 20 % on supermarkets and eight percent at retail centers.
Three major transactions – including the takeover of the Porta Group by XXXLutz – made up over 1.5 billion euros in the half -year volume. This is more than four large degrees together in the same period in the previous year.
In the case of investment strategies, the focus in the second quarter increasingly shifted to Core Plus objects (48 % market share), while core investments decreased to 26 %. International investors contributed significantly to the market activity with over one billion euros in net capital inflow.
The top yields remained stable. Munich leads with 3.2 % for commercial buildings, followed by Berlin and Hamburg (3.4 % each). Specialist markets (5.9 %) and retail market centers (4.6 %) also showed no change.
By the end of the year, JLL expects a persistently lively development – supported by a stable rental situation and a growing variety of offers in almost all subscriptions.
