So far only little is known of lease terms for commercial property in Germany. This paper aims to decrease this deficit and will provide detailed insights of the German office lettings market for the time period of 2001 to 2005. The focus will be on changes in terms and conditions of new office leases during the time period of 2001 to 2005 to see if the market downturn has resulted in any major changes. Due to the data sample which is based on real lease contracts, the analysis presented in this paper is far more detailed than common market reports on adjustments of top rental levels as incentives are taken account of. For the analysis the German office sector will be separated into the main office markets of Berlin, D¸sseldorf, Frankfurt am Main, Hamburg and Munich, as well as an overview of Germany. For each of these cities the development of gross rents, rent free periods, ìeffective rentsî, terms to expiry, break clauses, indexation and re-letting of units will be analysed.