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Germany: Office Leasing Q1 2020

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Activity on Germany’s Top 7 office markets mellowed noticeably in early 2020. Office take-up in the first three months of the year totaled at roughly 628,100 sqm. This reflects a yoy drop of 29% and marks the lowest result since 2013. The previous year’s dent in economic growth impacted the office markets in Q1. Current limited demand has had little impact on vacancy to date, the Top 7 vacancy rate remained stable at 2.9%. Development pipelines are well stocked, just over 2 million sqm are set to hit the market this year in the Top 7, more than 6.2 million sqm are scheduled for completion by 2022. Pre-leasing rates remain high for 2020 at almost 88% and for the next three years until 2022 at 55%. Average rents posted further increases at the beginning of the year, while prime rents only saw a yoy increase in two cities. Due to the Corona pandemic, leasing activity is likely to remain limited in the coming months, a trend that will result in significantly lower take-up results as of Q2. However, the market has always brought in at least minimal take-up even in previous crises, for example, just over 2.3 million sqm in 2009.

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Germany: Office Leasing Q1 2020

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Susanne Kiese

Head of Market Intelligence & Foresight | Düsseldorf

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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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