Ongoing market monitoring Residential Office Retail Logistics / Corporate Real Estate Hotel / Leisure

The 5 % Study 2021 – Where It Still Pays Off to Invest

For the 5% Study 2021 published today, bulwiengesa once again examined the potential returns (IRR) on the German real estate markets. The most important findings:

  • Flats and offices in prime locations desperately sought - despite minimal yields
  • Another sharp drop in yields for residential properties
  • Shopping centres with massive risk premiums
  • Logistics properties remain investors' favourite

The 5% study has been offering a compact market overview since 2015 and provides a new approach to describing real estate markets. It examines the performance expectations of the most important asset classes that currently dominate the German investment market:

  • Residential
  • Office
  • Shopping centres and retail parks
  • Hotel
  • Logistics properties
  • Micro-Apartments
  • Corporate real estate


Sven Carstensen,, Phone: +49 30 27 87 68 31 and
Anna Wolfgarten,, Phone: +49 89 23 23 76 48


You might also be interested in

For our magazine, we have summarized relevant topics, often based on our studies, analyses and projects, and prepared them in a reader-friendly way. This guarantees a quick overview of the latest news from the real estate industry.

Mixed risks

Twice a year we prepare economic forecasts and derive key figures for the various real estate segments. According to this, the caesuras in the economy affect the logistics, residential, office and retail segments very differently. In general, the picture is not as gloomy as it is often conveyed. A summary

Germany, France, Netherlands - where to invest?

Where are there still attractive investment opportunities in the office and residential market in Germany - and outside? For the three-country study that we published together with Becken and INDUSTRIA, we also looked at the major French and Dutch markets

Chart of the Month November: Waiting for better weather

The 1,200 market experts we survey monthly as part of the Deutsche Hypo Real Estate Climate paint a gloomy picture. Above all, the residential and investment climate is collapsing. The market players are taking a wait-and-see approach.

Interesting publications

Here you will find studies and analyses, some of which we have prepared on behalf of customers or on our own initiative based on our data and market expertise. You can download and read many of them free of charge here.

The 5 % Study 2022 - where it still pays off to invest

bulwiengesa has analyzed the potential returns of the German real estate markets for the eighth time.

Study "Public Infrastructure Real Estate"

Public infrastructure real estate - a response to the challenges in the investment market

Market Report of the Comparables Initiative

The Comparables initiative gains market relevance