The sub-€20m investment market recorded total turnover of approximately €503 million across 90 transactions in 2025, broadly in line with activity levels recorded in 2024, although remaining below the five-year average.
Office and retail assets accounted for the largest share of investment activity within this segment, closely followed by the industrial sector, which continues to attract strong investor demand supported by strong underlying occupier demand.
Activity strengthened in the final quarter of the year, with €192 million transacting across 30 deals, while the average deal size during the quarter was approximately €6.4 million. Sub-€20m transactions accounted for approximately 24% of overall investment turnover in Q4.
Activity within the sub-€20m market was largely shaped by the limited supply of investment opportunities, with strong demand for well-located assets continuing throughout the year.