Thursday, 15 January 2026
The share of operational real estate (OPRE) within Germany’s investment market has increased notably since 2023, according to a new study by Colliers. Following the slowdown in commercial transaction volumes triggered by higher interest rates, OPRE assets have gained prominence as investors seek more resilient and diversified income streams.
The report, Operational Real Estate: Real Estate Meets Entrepreneurship, shows that the market share of operator-run assets rose by five percentage points to 16% after 2023, reaching a new peak of 21% in the first half of 2025. The analysis focuses on market developments, key growth drivers and the role of operational properties within the current investment environment, alongside a detailed review of individual asset classes and their relevance for institutional investors.
According to the study, operational real estate tends to be less exposed to traditional property cycles, as income performance is linked more closely to the underlying business operations than to broader real estate market dynamics. This characteristic supports more stable cash flows and lower volatility, making OPRE an increasingly considered complement to traditional asset classes. At the same time, the report notes that access for institutional investors remains uneven, with Germany still offering scope for further market development, particularly through the expansion of new and sustainable operator concepts.
“Operational assets are driven primarily by business performance rather than pure rental dynamics,” said Dirk Richolt, Head of Capital Advisory & Operational Real Estate at Colliers in Germany. He added that long-term income security and diversification potential make these assets attractive, although greater market openness would be needed to unlock their full potential for institutional capital.
Francesca Boucard, Head of Market Intelligence & Foresight at Colliers in Germany, emphasised that operational real estate also plays a role beyond yield enhancement. She pointed to its relevance for impact-oriented strategies and investments in systemically important infrastructure, while noting that the wide range of asset types requires more detailed analysis from investors.
The report includes an illustrative assessment of ten operational property types at different stages of market maturity, aiming to provide guidance for evaluating investment opportunities and improving transparency across this increasingly diverse segment of the German real estate market.
