BERLIN REMAINS AT TOP NATIONWIDE
With a take-up of 773,000 m², Berlin's office market remains at the top nationwide. For the fourth year in a row, the federal capital thus leads the field of German prime locations ahead of Munich. After outstanding results were achieved in many of the previous years, however, 2022 was somewhat more moderate. Compared to the strong previous year of 2021, in which a high number of deals with more than 10,000 m² of lettable space were registered, the letting volume fell by 7% and the 10-year average was missed slightly by 1%. It was primarily the final quarter in which the market lost pace. After a brilliant third quarter with 263,000 m² of take-up, the traditional year-end rally in Berlin largely failed to materialise this year, and letting performance in the fourth quarter amounted to 146,000 m². Against the background of the still challenging economic environment, the Berlin market seems to be taking a deep breath for the time being. However, with the expected recovery of the German economy in the coming year, rental activity will also pick up again.