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Andreas Trumpp
Head of Market Intelligence & Foresight
Maximilian Schmidle
Analyst Market Intelligence & Foresight
Market Intelligence & Research
12/16/2025
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In advance: What do the experts recommend for 2026?
Andreas Trumpp FRICS, CREA®, advises focusing on active asset management—because not every property is the same, and differentiation is where opportunities emerge.
Sebastiano Ferrante calls for embracing transformation: “Embrace the change—new forms of use, asset classes, and investment opportunities are emerging right now.”
Victor Stoltenburg sees 2026 as a year of rigorous analysis: “Looking even more closely, because value growth can no longer be taken for granted.”
Piotr Bienkowski emphasizes a clear reality check: “Those with strong assets can rely on rental growth. Everyone else must reposition strategically and face reality. Delaying decisions is not an option.”
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Geopolitical, technological, and regulatory developments have changed the rules of the game
What comes next? The path forward was discussed during a PTXRE webinar featuring Sebastiano Ferrante, Head of European Real Estate at PGIM; Piotr Bienkowski, Managing Director at PTXRE; Victor Stoltenburg, Managing Director at Deka Immobilien; and Andreas Trumpp, Head of Market Intelligence & Foresight at PTXRE.
Sebastiano Ferrante highlighted the growing importance of alternative lenders, noting that Europe is lagging behind as traditional banks have significantly reduced lending. Piotr Bienkowski criticized financing processes as being “too lengthy and overly complex.” Victor Stoltenburg added that “the cautious market sentiment among core investors is the bigger issue.”
Is institutional investment restraint also driven by a negative perception of Germany? Piotr Bienkowski remarked: “Despite its proximity to Ukraine, Poland is sometimes perceived as a safer investment location than Germany.” Ferrante pointed to a broader image problem: “International investors do not know what Germany wants to be—an export-driven economy, an industrial nation? As long as this remains unclear, investors will stay on the sidelines.”
Prime office properties in top locations continue to perform well, with new leases being signed at rising rents. Piotr Bienkowski stated: “In Frankfurt, we will clearly exceed the €60 per square meter mark this year.” Project developments remain difficult to calculate, which, according to the panel, strategically enhances the value of existing properties. Pressure on secondary locations remains high.
Residential real estate offers significant potential. However, the panelists agreed that the equation of construction costs, land prices, and rents has not yet been resolved. Solutions lie in more efficient floor plans, standardized or modular construction, and lower specifications—without compromising ESG standards.
Artificial intelligence is seen as a key development that will make processes more efficient and partially replace personnel to address demographic gaps. “The coming year will determine which solutions and products are truly market-ready,” concluded Piotr Bienkowski.
Prozesse effizienter machen und teilweise Personal ersetzen wird, um demografische Lücken zu schließen. „Im kommenden Jahr wird sich entscheiden, welche Lösungen und Produkte marktfähig sein werden“, sagt Piotr Bienkowski
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