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Thursday, February 2, 2023

German office properties “very robust” in the previous year

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The take-up of space in the five cities of Berlin, Hamburg, Munich, Düsseldorf and Frankfurt increased slightly compared to 2021 from 2.63 to 2.64 million square meters. This is the result of an analysis by the real estate service provider CBRE.

The strongest demand group was the IT sector with a share of 13 percent of the total volume, followed by industrial companies (12 percent), consultants, companies in the real estate sector and the financial sector (each around nine percent). “The demand for space is increasingly focused on high-quality office space in well-connected and central locations,” says Jan Linsin from CBRE. Therefore, the willingness to pay higher nominal rents has also increased.

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According to Linsin, the slowdown in the overall economy and the weaker business climate in the office rental market became increasingly noticeable in the second half of the year. In the final quarter of 2022, compared to the fourth quarter of 2021, there was a decrease of 40 percent to 544,800 square meters. In the case of large deals of 10,000 square meters or more, there were only four deals in the five German cities.

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