Savills: German offices show increase in demand and prime rents (DE)
Wednesday 19 October 2011
Germany’s top five office markets of Berlin, Düsseldorf, Frankfurt, Hamburg and Munich have recorded a 2.02 million m² take up in the first three quarters of 2011, reflecting a 9% year-on-year increase. According to Savills research, vacancies have dropped marginally during Q3 11 and prime rents have risen slightly.
Robert Kellershohn, Managing Director Office Agency at Savills Germany says: “The German office markets continued to recover throughout Q3 which is reflected in the changes in both prime rental values and vacancies. In some locations, however, the upswing slowed down. Particularly in Frankfurt, which recorded a significantly lower take-up than in the first two quarters of 2011.”
Prime rents remained stable in all markets quarter-on-quarter and saw slight growth according to the international real estate advisor. Compared to the same period last year prime rents increased across the board.
Savills data shows the vacancy rate likewise dropped marginally compared to the previous quarter but rose slightly in Munich to 7.9%. On average 10.2% of the available office stock was unoccupied in the five markets at the end of September.
Savills prediction stands that 2011 take up will exceed 2.5 million m².
Kellershohn continues: “Given the current economic slowdown and new uncertainties on the financial markets it remains to be seen whether these trends will impact on the German office markets in the short term”.