The impact of the Covid-19 pandemic remains quite tangible on the German office leasing market. Although take-up in Germany's top 7 cities exceeded 1.8 million sqm in the first nine months of the year, it remained roughly 37% below previousyear results and almost 25% below the 10-year average. While large-scale leases were few and far between, the small and medium-sized segment proved generally stable. Despite the fact that the market continues to experience hesitation demandside combined with plans to consolidate space, the weighted vacancy rate in Germany's top 7 office locations only experienced a moderate increase of 20 bps to 3.3%. That puts the vacancy rate well below the 5%-mark, which indicates a challenging situation for tenants. The upward prime rent trend has ceased, with prime rents remaining basically stable compared to Q2. Average rents, on the other hand, are beginning to see a downward trend. As weaker demand combined with growing supply will have an impact on rent prices, we can look for rents to remain fairly stable in the coming quarters. A number of new-build completions are still scheduled for 2020. Roughly 80% of the space at these new-builds was pre-leased as of the end of September.