ON THE WAY TO THE NEXT RECORD
The German capital again announces a record: with a take-up of 726,000 m² in the first three quarters of the years, the Berlin office market has once again set a new all-time high. Compared to the first nine months of last year, the result increased by an impressive 26%, and topped the ten-year average by an outstanding 46%. Thus, Berlin overtook the Bavarian state capital in the third quarter, which ranks second among the largest office markets with 622,000 m². The new Berlin record was mainly due to large contracts from 5,000 m² upwards. In the segment between 5,000 and 10,000 m² as well as in the largest category over 10,000 m² the volume more than doubled compared to the same period last year. Against the backdrop of the for quite some time extremely scarce supply, these figures are surprising at first glance. However, the majority of these contracts are in fact deals for space not yet completed. For units of 5,000 m² or more, incomplete space is responsible for around two thirds of take-up. In contrast to this development, the size clusters between 500 and 5,000 m² were unable to maintain their previous year's Q1-3 figures. In this category, many companies have a short-term space demand or are unable to wait several years for completion, so that project deals are out of the question for them. The slight decline in these categories therefore reflects the tight supply situation.
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