Occupier activity has risen in the German office market with a total of 1,521,200 sq m of space taken up in the country’s seven top markets of Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart during the first half of 2015. This figure represents a 13 per cent year-on-year increase as well as the highest take-up result recorded since 2011.
Of all the markets, Berlin saw the most positive numbers, reflecting the capital’s growing significance in the office market. A total of 337,000 sq m were taken up, representing a 15 per cent increase compared to the same period last year.
Munich was the second-highest performing market, recording 305,700 sq ft in take-up. The increase was 1 per cent higher than last year. The second quarter was quieter than the first three months of the year, with only two leases for more than 5,000 sq m signed between April and June.
In Hamburg take-up increased by 12 per cent to 251,000 sq m. Six leases for more than 5,000 sq m of office space were signed and these deals accounted for about one-third of the total take-up.
Frankfurt saw 177,700 sq m taken-up in the first half of the year, representing an increase of six per cent, while Cologne recorded approximately 134,000 sq m in take-up, The market saw a robust increase of 13 per cent with five leases signed for more than 5,000 sq m.
Since all locations saw year-on-year growth the office market outlook in Germany is favourable. The economy is performing well, and demand for office space is on the rise resulting in a fall in vacancy rates in many markets.
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