The argument · Germany
Germany is reopening by postcode, not by headline.
The counter: National volume is up 15%, so the recovery is broader than a handful of postcodes.
- JLL Germany office H1 2026: Big 7 vacancy 8.5%, from 11.8% in Düsseldorf to 5.0% in Cologne (14 Jul 2026)
- CBRE Munich office market Q2 2026: 1.7% vacancy in the city centre against 13.9% in the periphery (Jul 2026)
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