Information on the target
Cushman & Wakefield, a leading global real estate services firm, has reported significant activity in the commercial real estate sector across Germany's top five office locations: Berlin, Düsseldorf, Frankfurt, Hamburg, and Munich. In the third quarter of 2025, the firm recorded an office space turnover of approximately 531,200 square meters, reflecting a 2% increase compared to the same period last year. This growth indicates a resilient demand for office spaces despite ongoing market challenges.
In addition to office spaces, Cushman & Wakefield has also seen a remarkable uptick in the hotel segment, with a transaction volume of €1.58 billion from January to September 2025, marking a substantial 68% increase year-over-year. This trend underscores the firm's strong positioning in the commercial real estate market and its ability to navigate through fluctuating economic conditions.
Industry overview in the target’s specific country
The German commercial real estate market is currently undergoing a necessary consolidation phase, which is expected to lead to more realistic pricing structures. The economic climate has prompted many companies to adopt a more cautious approach, resulting in a slowdown of relocation decisions. This trend highlights the importance of strategic planning and adaptability in the face of changing market dynamics.
Recent analyses by Cushman & Wakefield indicate a growing concentration of leasing activities in central business districts (CBDs) across 17 major European business centers. This shift suggests that businesses are increasingly prioritizing prime locations that offer accessibility and visibility, which are crucial for attracting talent and clients alike.
Furthermore, the German commercial investment market has shown signs of recovery following a downturn triggered by rising interest rates. After a period of stagnation in 2023 and 2024, there are indications of a slight rebound, suggesting that investor confidence is gradually returning. This recovery is critical for sustaining long-term growth in the sector.
The rationale behind the deal The recent acquisition of a substantial real estate portfolio in Berlin and Brandenburg by Dunman Capital and a European family office, with guidance from Cushman & Wakefield, exemplifies the strategic …