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In the tailwind of continued modest economic growth, the German office markets remained stable overall in the first half of the year. Take-up in the first six months of 2024 totalled around 1.26 million m² and was thus on a par with the previous year (1.23 million m²). While all markets in Berlin, Düsseldorf, Essen, Frankfurt, Hamburg, Cologne, Leipzig and Munich remain significantly below their average level, the year-on-year comparison in the top office markets is very inhomogeneous, as large deals continue to make the difference in this market period. Overall, there are many indications in the current market environment that the German office markets will bottom out in terms of take-up over the course of 2024 and that we can expect take-up across the board to rise again in the following months. Nevertheless, it is still too early to speak of a sustained acceleration in market development. We expect the result for 2024 to be moderately above the previous year's level, despite the still unfavourable conditions.