WEAK FIRST HALF-YEAR
With 87,000 m² the Cologne office market recorded a very low take-up in the first half of the year, which represents the second weakest result of the last 20 years. Compared to the same period last year, the volume was 41% lower and the ten-year average was 38% undershot. Only Hamburg and Frankfurt recorded similarly significant declines in a nationwide comparison. Both the first three months of the year and the second quarter remained well below the usual figures, with take-up of only 41,000 m² and 46,000 m² respectively. Following the sharp rise in the number of infections, the nationwide lockdown with a ban on contact and the looming recession in 2020, many companies in Cologne, as in all other locations, have either put their planned lettings on hold for an indefinite period of time or, which is predominantly the case, postponed them. Against this background, only one major deal for more than 10,000 m² was recorded in the first half of the year. This was a lease of 18,000 m² in Porz by AOK Rheinland. Larger deals were also concluded by the property management department of Cologne (3,600 m²) and the job centre (3,800 m²).
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