The 2020s will be a decade of transformation in the real estate markets. The outbreak of the COVID-19 pandemic accelerated many changes and initiated others. Transformation in the real estate market could, therefore, arrive more quickly than previously anticipated. We analysed the changing market environment a year ago in our FAQ series. One year later, we now present to you our FAQ series “German real estate market: envisage the change” to share our current view of the markets. How much demand for office space will there be going forward and which locations will be popular? What will happen in the brick-and-mortar retail segment? Where are investors placing their bets? These are just a few examples of the questions preoccupying market participants at present. We will analyse what has happened to date and we will particularly look ahead to potential developments over the coming months and years. We are convinced: Ahead of us lies not a pre-crisis normality but a post-crisis reality.