SLIGHT DECLINE IN RESULTS – HIGHEST TAKE-UP IN THE CATEGORIES UP TO 5,000 SQM SINCE 2019
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The results achieved in the Berlin office market after three quarters must be viewed from two perspectives. On the one hand, the amount of space taken up was around 362,000 sqm, which is around 14% lower than the previous year. However, it is also worth noting the very active market in segments of up to 5,000 sqm, which, at 320,000 sqm (89%), was almost as high as in 2019 (around 346,000 sqm).
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Accordingly, it is not the general demand situation that is preventing an overall high result, but rather the lack of large-scale deals. Between January and September, only three deals exceeding 5,000 sqm were recorded: Wista Management in the Lux Tower on Mediaspree (10,900 sqm), Goldbeck in SXF ONE in Schönefeld (7,000 sqm), and Schönefeld Town Hall's new space in the BB Business Hub (7,000 sqm).
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In terms of distribution of take-up across individual submarkets, city zones are particularly noteworthy, with a 60% share. These zones include Mitte (57,100 sqm), Kreuzberg/Neukölln (44,700 sqm) and Charlottenburg/Tiergarten (40,700 sqm). They offer many users a suitable profile in terms of the significantly increased requirements for office site location qualities in recent years and also have the highest proportion of space under construction (71%) and available construction volume (73%).
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Another sign of the healthy demand situation overall is the development of prime rents, which rose by 2% in the third quarter and by 4% year-on-year, reaching €47/sqm at present terms.