In 2020, the transaction volume for all segments of commercial properties exceeded the volume of the previous year due to major sales, such as the Glattzentrum and the Globus Group. By contrast, sales of office properties were down compared with the previous year. As a result, the prime yields for the top properties fell once again. Logistics properties have been experiencing particularly sharp declines in yields for some time. The coronavirus-related boom in e-commerce has turned this specific market segment into a highly sought-after, but seldom available investment.

A rise in yields for office property investments failed to materialise in 2020, despite the uncertainty related to the number of employees who will continue to work from home after the pandemic is over, and thus a potential decline in demand. However, a large number of investors expect such an increase in 2021 for lower-quality office properties, while yields for top properties are expected to remain stable. When acquiring commercial properties in future, investors will take a much closer look at the business models of tenants to determine their economic potential and ability to withstand a crisis. The CSL Immobilien investor survey also shows that owners have reconsidered how they approach tenant loyalty at existing properties. They are now attempting to maintain closer contact in order to secure cash flows over the long term.