German office markets see 30% rise in lettings
12 January 2011
The five major German office markets Berlin, Düsseldorf, Frankfurt, Hamburg and Munich saw a stunning year-end finish in terms of take-up, according to international real estate advisor Savills, with total figures in each of the markets outperforming the results of 2009. Of particular significance was Berlin, which achieved more than a third of its total annual take-up in the final quarter following several major letting transaction completions towards the end of the year, such as the letting of 29,500 sqm to BlmA advised by Savills. “The remaining four markets saw a successful fourth quarter too”, adds Robert Kellershohn, Director Office Agency at Savills and responsible for the company’s office agency activities in Germany. “In overall terms about 2.68 million sqm of office space in the five locations attracted new occupiers in 2010. Hence take-up rose by approximately 31% compared to 2009."
In addition to a strong final quarter performance in Berlin, Düsseldorf recorded the highest increase in take-up of 93% year-on year. This result is followed by Frankfurt (+39%), Hamburg (+30%), Berlin (+21%) and Munich (+13%). Several deals were in excess 10,000 sqm, a trend that re-emerged notably in the second half of the year, and contributed to these good results.
For further information please contact:
+49 (0) 211 22 962 230
+49 (0) 30 726 165 134
Associate Director Research
Corporate Finance - Valuation
+49 30 726 165 134