The largest real estate stage has now been dismantled.
What remains?

The highlight of the economic analysis by Prof. Dr. Dr. h.c. Lars P. Feld and the spring report by the Council of Real Estate Experts.
The conclusion: there is light at the end of the tunnel again. So we won't all become real estate orphans😅

My benefit: the people and the inspiration. Thank you to everyone with whom I had the opportunity to talk and from whom I was able to gather ideas.
This is a valuable barometer of what might happen in 2026.

So there is still a lot to do, some things will be challenging, and it remains a market for professionals. The end of the world is not coming just yet😉

Thanks to Gitta Rometsch and the organizing team, and to Timo Tschammler for his entertaining moderation throughout the two days!

Incidentally, my new record holder is the Adlon parking garage. I've never paid €60 for a (not even full) day before. It feels like a parking ticket. But what can you do? The event costs have risen by a whole 2%, and the discussions were priceless! Let's not let that spoil our mood💁🏻‍♂️😂

See you in 2027
Heuer Dialog
Daniel Hannemann Nico Kramp Dirk R. Sicken MBA MRICS

During the digital panel discussion "Conflict in the field of leasing" from the series "Asset and property management in practice," our CEO Sascha Nöske joined Jürgen Hau (INDUSTRIA Immobilien), Martin Schubert (HIH Real Estate / HIH Group), and Stephan Wege (Colliers) to discuss how leasing projects can be implemented more efficiently and without conflict. The key finding: Unclear responsibilities, duplicate communication, and inconsistent objectives are frequent obstacles—especially in complex projects with many participants.

That is why clear roles and structures, coordinated decision-making processes, and a central contact person are necessary for optimal leasing and, ultimately, for the economic success of new and existing neighborhoods. In addition, we believe that having a neighborhood manager on site is essential for tenant satisfaction and rapid re-letting in larger neighborhoods.

Our approach to leasing and management therefore provides for early coordination of target parameters, fixed contact persons, and scalable processes – with maximum digital support and market-oriented implementation. This structure is crucial for success, especially in large-scale projects with several hundred units.

Our reference projects show how this works: we are currently responsible for the leasing and management of Cosmo / Lichtenberg, Smyles / Friedenau, Paragon Berlin-Prenzlauer Berg, Immergrün / Pankow, Dahme & König Berlin-Köpenick, and Ipanema in Hamburg-Winterhude, among others.

Even though many markets are characterized by high demand, renting in new development neighborhoods remains a challenge: the more precise the rent calculation and the more stringent the processes, the lower the vacancy rate and the more stable the cash flow for owners and investors.

Today, we demonstrated this in more detail using examples from Berlin: Together with Leonard Rieck, RHE Grundbesitz KG, and Stefan Prill, STRATEGIS AG, we took a look at Smyles in Berlin-Friedenau.

Strategis is responsible for neighborhood management and leasing for Quantum Immobilien AG. Here, it is clear to see that investments in modern building services and property management with high service quality and on-site service are worthwhile. This allows a high level of customer satisfaction to be achieved during the holding phase of the investment.

Despite the predominantly small apartments, tenant turnover is significantly lower than in comparable properties. There are regular tenant changes, but we can quickly respond to these with our on-site service and avoid vacancies.
As construction progresses, amenities are coming into operation: e.g., a gym for residents, a Pilates studio, a bicycle repair shop, and a laundromat. Our new neighborhood office is also currently being expanded. This means we are directly available to tenants in the row of shops.

This shows that an online service with a tenant app and neighborhood presence is not an "either/or" decision. It is a complement. We can simply react faster. Is this accepted by the tenants? Yes, 100%. In fact, without exception, all tenants have registered in the neighborhood app. casavi GmbH

A neighborhood that serves as a role model and a professional collaboration with great partners. Thank you very much for that.

Asset managers, property managers, and brokers are often involved in the leasing process at the same time. This can delay processes and lead to vacancies—experts explain what structures are necessary for successful leasing. Professional rental management is crucial to the economic success of real estate. Sufficient and reliable cash flow in the form of rent is a prerequisite for financing. Commercial real estate projects usually do not get off the ground without a high pre-letting rate, and even in rental apartment projects, forward deals without pre-letting are no longer in demand. Asset managers, property managers, and external brokers are involved in the leasing process. If their roles are not clearly defined, this can lead to delayed leasing processes, inconsistent market approach, and vacancies. Four real estate experts discussed the structures required for successful property leasing in an online panel hosted by Rueckerconsult. According to the panel, unclear communication and decision-making structures are a key cause of many conflicts. Too many contact persons, parallel coordination, and a lack of centralized external communication often lead to misunderstandings and delays. Successful leasing projects are characterized by clearly defined roles, fixed contact persons, and coordinated decision-making processes. "Each party involved needs a fixed contact person so that the flow of information does not come to a standstill," explained Martin Schubert, Head of Letting Management Berlin at HIH Real Estate. If there are several contact persons on one side, this can be fatal: not everyone always knows exactly what is going on, and decisions often have to be made on the basis of incomplete information. While asset managers define the strategic guidelines, property managers and brokers are operational letting specialists. Fund and investment managers or the owners themselves are often also involved. "If there is a lack of clear responsibilities and common goals, conflicts can arise – for example, between rapid full letting and long-term sustainable leases," said Schubert. It is particularly important to establish agreement on responsibilities and objectives with all parties involved at the outset of a leasing project. This includes, among other things, determining rent price ranges, terms, investment frameworks, and the handling of incentives such as rent-free periods or fit-out subsidies. According to Jürgen Hau, managing director of Industria Immobilien, the desire for quick leasing in new buildings is often not feasible and not always sensible. "First of all, you don't usually sign a lease with the first interested party immediately after a viewing." Especially in cities that are not prime locations, the leasing effort is much higher. This is also a question of tenant creditworthiness. "We are commissioned with the initial letting of large new construction projects. Here, we often have to let between 100 and 400 units at once," says Sascha Nöske, CEO of Strategis. It is important to be quick, because the client's requirement is that there should be no remaining vacancies by the time construction is completed. The higher-priced rental segment has similarities with the sale of condominiums. According to Nöske, asymmetric leasing must be avoided in new residential construction. This occurs when the rental prices within a larger residential project are not differentiated enough according to the actual qualities of the individual units. The attractive apartments are rented out quickly – but at too low a unit price. "The result is a property that is only partially rented out, with the second half of the units only able to be placed at a discount. The planned profit margin then never materializes," explained the Strategis CEO. According to experts, the goals for residential and commercial rentals are comparable despite different structures: high rental income, low vacancy rates. While the small-scale residential segment is easier to scale in terms of rentals, commercial rentals are more strongly influenced by individual user requirements, space concepts, and long-term strategic considerations. Living in metropolitan areas has been a landlord's market for years, while the commercial sector is transforming into a tenant's market – with significantly longer marketing times. "Our work has become much more consultation-intensive," reported Stephan Wege, Head of Office Letting NRW at the real estate agency Colliers. In the past, it was mainly about pure marketing. "Now we see ourselves more as a sparring partner for the owner," said Wege. It is increasingly a matter of jointly developing strategies, weighing risks, and identifying scenarios. Landlord representation, where owners or asset managers are represented strategically and operationally throughout the entire leasing process, is increasingly in demand. HIH Real Estate leasing manager Schubert added: "The toughest competition for new leases is the leasing of existing commercial properties." Although existing leases do not generate large rent increases, there are no brokerage fees or incentives, and the risk of vacancy and renovation times are lower. Sustainability remains a major issue in rental management. "ESG is at the top of the agenda for large corporations and is here to stay," says Colliers expert Wege with certainty. "The issue of green leases plays a major role for large corporations. For smaller companies, it is more of a secondary concern. There, the focus is on ancillary costs or, for example, e-charging stations." When Industria purchases and places projects, ESG is always an issue. According to Managing Director Hau, the tension then lies in energy purchasing, "because that's how you can make the second rent as attractive as possible." This is a top priority for tenants. In the residential sector, on the other hand, stable and affordable ancillary costs are becoming increasingly important, according to the panelists. Digital rental processes, structured data rooms, and transparent documentation are becoming standard—also to ensure speed and quality in a highly competitive market.

In an increasingly demanding market environment, professional rental management is a key factor in determining the economic success of real estate. Sufficient and reliable cash flow in the form of rent is a prerequisite for financing. Commercial real estate projects usually do not come to fruition without a high pre-letting rate, and even in rental apartment projects, forward deals without pre-letting are no longer in demand. Asset and property managers as well as external brokers are often involved in the leasing process at the same time. If their roles are not clearly defined, this often results in delayed leasing processes, inconsistent market approach, and vacancies. Four real estate experts discussed the structures required to successfully lease properties during the online panel discussion "Konfliktfeld Vermietung" (Conflict Area: Leasing) from the series "Asset- und Property-Management konkret" (Asset and Property Management in Practice).

Realistic target definition minimizes vacancy rates and secures value potential In an increasingly demanding market environment, professional rental management is a decisive factor in the economic success of real estate. Sufficient and reliable cash flow in the form of rent is a prerequisite for financing. Commercial real estate projects usually do not come to fruition without a high pre-letting rate, and even in rental apartment projects, forward deals without pre-letting are no longer in demand. Asset and property managers as well as external brokers are often involved in the leasing process at the same time. If their roles are not clearly defined, this often results in delayed leasing processes, inconsistent market approaches, and vacancies. Four real estate experts discussed the structures required to successfully lease properties during the online panel discussion "Konfliktfeld Vermietung" (Conflict Area: Leasing) from the series "Asset- und Property-Management konkret" (Asset and Property Management in Practice). At the invitation of Rueckerconsult, Jürgen Hau, Managing Director of INDUSTRIA Immobilien, Sascha Nöske, CEO of STRATEGIS, Martin Schubert, Head of Letting Management Berlin at HIH Real Estate, and Stephan Wege, Head of Office Letting NRW at Colliers, exchanged experiences, typical points of friction, and approaches to solutions throughout the entire letting process. Rules of the game instead of turf wars The panelists identified unclear communication and decision-making structures as the main cause of many conflicts. Too many contact persons, parallel coordination, and a lack of centralized external communication often led to misunderstandings and delays. Successful letting projects, on the other hand, were characterized by clearly defined roles, fixed contact persons, and coordinated decision-making processes—without falling into rigid standard processes. While asset managers define the strategic guidelines, property managers and brokers are operational letting specialists. Fund and investment managers or the owners themselves are often also involved. If there is a lack of clear responsibilities and common objectives, conflicts can arise – for example, between rapid full letting and long-term sustainable leases. It is particularly important to establish agreement on responsibilities and objectives with all parties involved at the outset of a letting project. This includes, among other things, determining rent price ranges, terms, investment frameworks, and the handling of incentives such as rent-free periods or fit-out subsidies. Long-term successful leasing takes time Jürgen Hau, managing director of INDUSTRIA Immobilien, which manages around 24,000 residential units nationwide, points out that the desire for quick leasing in new buildings is often not feasible and not always sensible. Even the Berlin rental market, which is characterized by a shortage of living space, is not a sure-fire success, according to Sascha Nöske, CEO of STRATEGIS. "We are commissioned with the initial leasing of large new construction projects. Here, we often have to lease between 100 and 400 units at once. It is important to be quick, because the client's requirement is that there should be no remaining vacancies by the time construction is completed. This higher-priced rental segment has great similarities with the sale of condominiums." It is also important to avoid asymmetric leasing in new residential buildings. Residential rentals with scaling potential, commercial rentals require intensive consultation It became clear that although residential and commercial rentals differ in their structures, their goals are comparable: maximum rental income and minimum vacancy rates. While the small-scale residential segment is easier to scale in terms of rentals, commercial rentals are more strongly influenced by individual user requirements, space concepts, and long-term strategic considerations. While residential property in metropolitan areas has generally been a landlord's market for years, the commercial sector is increasingly shifting from a landlord's market to a tenant's market – with significantly longer marketing times. "Our work has become much more consulting-intensive," reports Stephan Wege from the real estate agency Colliers. In the past, it was mainly about pure marketing. Now we see ourselves more as a sparring partner for the owner, where it's also about developing strategies together, weighing up risks, and identifying scenarios. Landlord representation, where we represent the owner or asset manager strategically and operationally throughout the entire leasing process, is increasingly in demand." Leasing manager Martin Schubert from HIH Real Estate adds: "The toughest competition for new leases is the leasing of existing commercial properties. Leasing existing properties does not generate large rent increases, but there are no brokerage fees or incentives. In addition, the risk of vacancy and renovation times are lower. The question of whether to focus on new leases or lease extensions should be clarified in advance with all parties involved." Sustainability aspects remain important in leasing ESG issues also remain relevant in leasing management. "ESG is at the top of the agenda for large corporations and is here to stay," Stephan Wege is certain. "The issue of green leases plays a major role for large corporations. For smaller companies, it is more of a secondary concern. The focus there is on ancillary costs or, for example, e-charging stations." When INDUSTRIA purchases and places projects, ESG is always a major issue. "The tension then lies in energy purchasing, because this is how you can make the second rent as attractive as possible," explains INDUSTRIA Managing Director Jürgen Hau. "We bundle larger portfolios, order energy on a larger scale, and can thus also purchase corresponding green electricity components. This is an important issue for tenants." In the residential sector, stable and affordable ancillary costs are becoming increasingly important, as the discussion made clear. Digital rental processes, structured data rooms, and transparent documentation are increasingly becoming the norm—not least to ensure speed and quality in a highly competitive market.

As Germany’s real estate markets adjust to sustained tenant bargaining power, leasing is shedding its long-standing role as a downstream operational task. REFIRE attended a recent panel discussion hosted by RUECKERCONSULT on the interface between asset management and property management. The discussion highlighted how, in both residential and commercial real estate, leasing has become a central risk variable, with direct implications for refinancing, stabilization, and asset value. What emerged was not a simple clash between asset managers and property managers. Instead, the discussion—deftly moderated by Dr. Kathrin Dräger —revealed a market grappling with tighter absorption, more demanding tenants, and a growing need for internal discipline. In that environment, informal processes that once functioned tolerably well are increasingly exposed. One theme ran through almost every contribution: leasing today is less about execution speed and more about managing downside risk. In commercial real estate, that shift has been particularly stark. Martin Schubert, Head of Letting Management Berlin at HIH Real Estate, described how the balance of power has reversed in recent years. Where owners once chose between tenants, they are now competing for attention. "You used to have one space and ten tenants," he said. "In the worst case today, it's ten spaces and one tenant." The consequence is that leasing has become consultative and strategic, requiring far more input on use concepts, tenant needs, and alternative scenarios than in the past. Stefan Wege, Head of Office Letting NRW at Colliers, echoed that assessment. Brokers, he argued, are no longer engaged primarily as marketers, but increasingly as sparring partners. Leasing decisions now involve weighing risks, modeling outcomes, and advising owners on how far to adapt product and pricing to secure demand. The traditional division between marketing and strategy has blurred. Yet if the tenant market has changed the nature of leasing, the panel was equally clear about where processes tend to break down. The most common friction point is not disagreement between asset management and property management in principle, but a lack of clearly defined interfaces in practice. Schubert repeatedly warned against parallel communication structures. When multiple internal and external parties engage tenants without a clear hierarchy, gaps quickly open up. "What is fatal is when several contact persons are involved," he said. "Then things are discussed that others don't know about — and that's where problems start." Technical advice given without economic oversight, for example on fit-out specifications, can quietly undermine a business plan long before the implications are recognized. The consensus was that tenant markets punish such informality. Clear decision rights, a single empowered contact, and early agreement on economic limits are no longer optional. Where governance remains vague, leasing problems tend to metastasize into financial ones. The discussion also challenged another entrenched assumption in the German market: that strong demand, particularly in residential, makes leasing simpler. In practice, the opposite is often true. Sascha Nöske, CEO of STRATEGIS, was blunt in dismissing the idea of “self-running” assets. Even in high-demand locations, large residential schemes require intense operational effort. “With good objects, we run to the property four times before a contract is signed,” he said. “A self-runner where you go in once and come out with a lease — that doesn’t exist.” The real danger lies in pricing strategy. Large, heterogeneous projects require finely calibrated rent differentiation. If early units are let too cheaply, later units can become unmarketable at required levels. "That is total damage," Nöske warned. "You end up with a half-let project and have to discount the rest." From a portfolio perspective, Jürgen Hau, Managing Director of Industria Immobilien, reinforced that complexity does not disappear with scale — it multiplies. First lettings behave very differently depending on location, tenant profile, and expectations. "The wish is always to have a rental contract after one visit," he noted. "But that is often not feasible — especially outside the A cities." For institutional owners operating across regions and vintages, early goal definition and disciplined execution matter more than market momentum. ESG, meanwhile, featured as a moderating rather than dominating force. The panel converged on a pragmatic view: sustainability has not disappeared from leasing decisions, but its influence is increasingly differentiated. For large corporates, ESG criteria are structural and non-negotiable. For smaller tenants and residential renters, cost remains decisive. Nöske observed that tenants ultimately benchmark the gross rent. Environmental features are welcomed, but only where they reduce operating costs or improve reliability. Wege and Schubert similarly noted that ESG can strengthen a letting proposition — but rarely salvages an uncompetitive one. The message was not that ESG is fading, but that it is being priced more realistically. Taken together, the discussion painted a picture of a market learning discipline under pressure. Tenant markets are exposing informal habits and forcing clearer structures around leasing decisions. Asset management and property management are not drifting apart; they are being compelled to align more tightly. Leasing in Germany is no longer a mechanical step between completion and cash flow. It has become a core component of asset risk management. In a tenant market, professionalization is no longer a strategic ambition but a survival trait.

Yesterday, we certified the last of 23 houses in the first Berlin project of the renowned family-owned company Strenger from Ludwigsburg, 10 months after the start of certification. The new Pankower Hofgarten neighborhood in the charming heart of the Heinersdorf district is being built to the environmentally friendly KfW Efficiency House 40 QNG standard and, thanks to serial construction, will be completed this month after only 8 months of construction.

By selling the properties under hereditary building rights, we were able to enable many young families to move into their first home, with around two-thirds of the buyers purchasing for their own use....

The condominium market in Berlin is picking up again. And buyers who recognize this early on are also finding what suits them particularly well. At Strategis, we are experiencing the current trend reversal firsthand. In the third quarter, for example, we sold two exclusive penthouses in the GRANDAIRE / Mitte, and in September, around 200 interested parties attended the open house at Pankower Hofgarten. Read more in the commentary. DW Property B.V. DWP Management GmbH Strenger...

We have successfully launched the marketing of new condominiums and rental apartments in a prime location directly adjacent to Volkspark Potsdam for BRAWO REAL ESTATE, a BRAWO GROUP company. In addition to a total of 67 condominiums in two construction phases at the park, 53 rental apartments and 6 commercial units are being built in a third construction phase on Georg-Hermann-Allee.

The architecture of the new building complex was designed by the award-winning firm Hilmer Sattler Architekten, which has already planned the reconstruction of the Barberini Museum in Potsdam, among other projects. The high-quality apartments with 2 to 5 rooms feature impressive floor plans, spacious gardens and terraces, as well as private bicycle and car parking spaces in the outdoor area and in an underground garage. The design of the PARKVILLEN Potsdam creates a close connection to the adjacent Volkspark through a variety of visual relationships and the generously proportioned courtyard garden in the center of the quarter. The first condominiums have already been reserved. An overview is available at www.parkvillen-potsdam.de.

Sascha Nöske:
On the occasion of Real Estate Day, I presented our
rental year in figures.
So far, there have been 35,000 inquiries
Most of them from ImmoScout, position 2: www.strategis.de
Workload approx. 300,000 activities (from email to
viewings and contracts)
>27,000 m² of living space
Approx. €7,600,000 JNKM

Many thanks to IMMOCOM for the great event and to Dr. Ulrich Nagel for the exciting moderation.

Thanks also to the experts on the podium:
Sebastian Sebastian Blecke, COO GSG Berlin GmbH
Olaf Claessen, Managing Director, Montibus Asset Management
David Fischer, Managing Director, WvM Berlin Immobilien + Projektentwicklung
GmbH

After a year of intensive sales work, we are pleased to announce the successful sale of three development sites belonging to Hanseatische Immobilien Treuhand. Mandated by the insolvency administrator Dr. Sven-Holger Undritz of White & Case LLP, we carried out a structured sales process in cooperation with the law firm paul und collegen consulting. The sales were notarized in December 2024 and closed in February 2025. The buyers are two supra-regional real estate developers who will continue with the existing plans and build a total of 229 new apartments.

Sascha Nöske, CEO of STRATEGIS: "New living space in the greater Berlin area is in short supply and desperately sought after. We are therefore delighted that, thanks to our many years of experience and good networking in the market, we were able to find two buyers for the properties who will continue with the existing plans and complete 229 new apartments. We would like to thank everyone involved for their trust and excellent cooperation."