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Cologne: Office Leasing | Investment Q1 2021

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Office Leasing

The Cologne office leasing market (municipal area) recorded 78,000 sqm in take-up in Q1 2021, up 123 % yoy. The public sector signed three large-scale leases, contributing to a strong Q1 2021 take-up result that far exceeded 2020’s very moderate start to the year. These three leases made up just over 60 % of total take-up in Q1. Activity in the small and medium-scale space segments remained comparatively slow. The vacancy rate proved relatively stable yoy, up only slightly to 2.6 %. We have yet to see a noticeable increase in subletting activity. Rents remain quite stable across all market segments. Total annual take-up of around 225,000 sqm appears to be realistic for 2021. 

 

Investment

The Cologne commercial investment market recorded a transaction volume of € 110 m for real estate and land sites within city limits in Q1 2021, down 77 % from previous-year results. The cities of Cologne and Düsseldorf both experienced a rather quiet start to the year, with the latter registering just slightly more in take-up. Office assets once again claimed pole position with a share of 53 % in transaction volume, followed by a small number of deals signed in the retail segment. Despite the pandemic-related restrictions, foreign investors were very active buy-side with a market share of 62 %. However, they were completely absent from the market sell-side. In terms of location, transaction activity across all asset classes focused on the City submarket, which accounted for two thirds of transaction volume. 


Cologne

Cologne: Office Leasing | Investment Q1 2021

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Related Experts

Susanne Kiese

Head of Market Intelligence & Foresight | Düsseldorf

Duesseldorf

Susanne joined Colliers International Holding GmbH in February 2016 as Head of Research Germany. Before, she worked as a Senior Research Analyst for Hypothekenbank Frankfurt / Eurohypo, a specialist bank for real estate and public finance for almost 12 years. Susanne was also Research Analyst with Deutsche Gesellschaft für Offene Immobilienfonds (DEGI) GmbH, the property related investment company of Allianz Dresdner Property Group (now part of Aberdeen). 

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