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ZIA- Spring Real Estate Industry Report 2026 – This is how the market is developing

With its annual ZIA Spring Real Estate Industry Report (FJG), the “Council of Real Estate Experts” provides comprehensive insight into the real estate markets. In the form of analyses, forecasts, and a trend radar, the FJG examines the overall economic situation as well as individual asset classes.

The German economy remained weak in 2025, growing only slightly. High energy costs, a shortage of skilled workers, low levels of digitization, and structural deficits hampered competitiveness. The labor market lost momentum, inflation stabilized, while the construction industry and lending remained under pressure. Experts at the FJG expect only a slight recovery in 2026.  

The ZIA Spring Report is one of the key guides for the market. Drees & Sommer has been supporting the preparation of the Spring Report for several years. In doing so, the company is helping to increase transparency in the real estate markets.

The key findings of the FJG 2026 are: 

  • Overall economic development:   
    Structural weakness with regulatory and investment deficits
  • Office real estate:   
    No noticeable upturn, focus shifting to portfolio management
  • Logistics real estate:   
    Bottom reached in purchase prices, new demand in the defense sector
  • Corporate Real Estate:   
    High resilience despite difficult overall economy
  • Hotel real estate:   
    Return to stability, but consolidation pressure in the operator market
  • Retail real estate:   
    Local supply growing stronger, intelligent mix with other uses necessary
  • Healthcare and social real estate:   
    Construction activity lagging behind demand due to investment  
  • Educational realestate:
    Massive investment backlog, especially in schools
  • Residential real estate:   
    Crisis in new construction with no political response to key structural problems
  • Inner city development:   
    Quality of life, experiential value, and attractive public spaces are becoming more important 

Would you like to read about the developments in detail? The spring report is available on the ZIA website.