Vacancy rate of office real estate in Berlin, Germany 2013-2023
The vacancy rate for office real estate in Berlin, Germany, increased in 2023, after declining slightly in the previous year. In 2019, the office sector in the German capital reached the lowest rate at 1.5 percent. At 4.1 percent, the share of vacant office space in 2023 was more than twice higher. One of the major reasons for the rise in the vacancy rates is the coronavirus pandemic, which led to a decrease in the demand for offices due to many businesses transitioning to hybrid work. Across the major European markets, Berlin, Luxembourg, and Hamburg had some of the lowest office vacancy rates.
