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Germany: Office Leasing Q1 2021

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Market at a glance

Hesitation remains a factor on the office leasing markets in Germany’s top 7 cities. Q1 2021 take-up posted at 660,800 sqm as a result, up 5% yoy, but 23% shy of the 10-year average. Businesses remain hesitant due to the economic uncertainties surrounding the Covid-19 pandemic combined with unclear office requirements going forward. The vacancy rate rose again in Q1 to a moderate 3.8%. Some companies are starting to offer space for sublet, which could affect market activity in certain submarkets. Subletting, however, has not yet become a general market trend. The same applies to incentives, which are not yet being granted as standard, but are no longer being ruled out. Large-scale leases remain scarce. Prime rents are trending sideways, while average rents in most cities are recording slight declines. The development pipeline remains well-stocked with over 1.6 million sqm of office space scheduled for completion in 2021, almost two thirds of which has already been taken up. 

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Germany: Office Leasing Q1 2021

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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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