Vacancy rate of office real estate in Munich, Germany 2013-2023
The vacancy rate for office real estate in Munich, Germany, increased for the fifth year in a row in 2023. Between 2013 and 2018, the vacancy rate decreased by 4.1 percent, dipping to 2.3 percent, but in 2023, it reached 6.3 percent. The increase was largely due to the effects of the coronavirus (COVID-19) pandemic on the office sector. Across the major European markets, Berlin, Luxembourg, and Hamburg had some of the lowest office vacancy rates.
