As expected, the German office markets still have to wait for an upward economic trend, as the German economy has not yet been able to regain momentum in a difficult global market environment. The ECB's tough stance on inflation during the summer compounded the problem. Germany's key leading indicators from ifo and ZEW in particular reflected the pessimistic outlook. Accordingly, the postponement of growth and investment decisions remained on the agenda, with direct consequences for letting activity on the office markets. The letting activity remains at a below-average level, but an increasing number of locations showing signs of stabilization and initial signs of a catch-up trend. Take-up in the eight locations of Berlin, Cologne, Düsseldorf, Essen, Frankfurt, Hamburg, Leipzig and Munich totaled just under 1.9 million m² in the first nine months of 2023.