Using a panel data approach the relevance of labour market fluctuations for rents and vacancy rates in the German office property market are investigated. Based on occupational labour market data the number of office workers in Germany and in the 20 biggest cities is thereby calculated. For the office market, two different datasets have been used: Quartely data for the main six German metropolises and annual data for 20 cities. As it turns out, changes in office employment have a significant impact on the office market. Additionally, the office market is lagging behind the labour market. Thus, labour market developments are an helpful early indicator for property market investors.