TOP 7 office markets Q1/2024: Better 'New & Central' than 'October & Decentralized'-Market Stabilization Despite lower developments
TOP 7 office markets Q1/2024: Better 'New & Central' than 'October & Decentralized'-Market Stabilization Despite lower developments
The office space turnover in the top 7 locations in Germany rose by 9 % in the first quarter of 2024 compared to the same period last year. This marks the end of a series of declining developments in the last four quarters. However, the result of the previous year was significantly below average, according to Björn Holzwarth, spokesman for German Property Partners (GPP). The plus of 9 % should therefore be regarded as market stabilization at a lower level.
Between January and March, a total of 612,400 m² of office space were implemented at the top 7 locations. However, the market dynamics were very different at the individual locations. However, as expected, the vacancy on all top 7 office rental markets continued to increase, with the vacancy rose by 27 % compared to the previous year. The vacancy rate, on the other hand, was 6.5 %, which is a significant increase in 5.2 % compared to the previous year. The self -user rate was 18 % compared to 7 % in the same period last year. The greatest contribution to this quote was the extension of the Federal Chancellery with 48,000 m².
The market is growing increasingly, whereby vacancies concentrate in decentralized locations and outdated existing buildings, while in central locations and high -quality areas there is hardly any availability. This is also reflected in rental development, in which the top rents tend to rise and the average rents decrease.
for 2024, GPP expects rather reserved market players and a similar result as in 2023. If the slightly brightening mood in the German economy continues in various studies and indices, the result could be a bit higher.
German Property Partners is a Germany-wide network of leading commercial property services, including Grossmann & Berger Immobilien, Anteon Immobilien, Greif & Contzen Immobilien, Blackolive and E&G Real Estate. The network has its own locations in the top 7 cities in Hamburg, Berlin, Düsseldorf | Essen, Cologne | Bonn, Frankfurt, Stuttgart and Munich and offers services in the areas of real estate investments, commercial rental, entrepreneurial real estate management (cream), real estate evaluation and research. It currently employs more than 420 real estate specialists.
Here is a table with the market numbers and top degrees:
|
| |||
|---|---|---|---|
| Top 7 locations | 612,400 m² | 6.5 % | 18 % |
| Germany total | - | - | - |
| Hamburg | - | - | - |
| Berlin | - | - | - |
| Düsseldorf | eat | - | - | - |
| Cologne | bonn | - | - | - |
| Frankfurt | - | - | - |
| Stuttgart | - | - | - |
| Munich | - | - | - |
Source: German Property Partners
German Property Partners is a Germany-wide network of leading commercial property services, including Grossmann & Berger Immobilien, Anteon Immobilien, Greif & Contzen Immobilien, Blackolive and E&G Real Estate. It offers a wide range of real estate services and currently employs more than 420 real estate specialists.
Further information can be found on the Website of German Property Partners: www.germanPropertypartners.de
Source: German Property Partners/OTS
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