Office Dashboard

Despite the ongoing economic uncertainty, take-up on the German office markets totalled 609,000 m² in the first quarter of 2024, almost matching the previous year's level. However, as expected, take-up in the eight locations of Berlin, Düsseldorf, Essen, Frankfurt, Hamburg, Cologne, Leipzig and Munich remains well below the 10-year average (-22 %). The pace of contract signings varied considerably in the individual markets at the beginning of the year. It is significant that large contracts are making the difference given the current challenging market conditions. The pressure on prime rents remains high despite the current moderate overall take-up and vacancy volumes continuing to rise for the time being. This can be explained by the fact that the increase in vacancies is mainly taking place in secondary locations, while the supply of space available at short notice in the absolute premium segment in prime locations remains very limited.