HARDLY ANY SUPPLY AVAILABLE - BUT GOOD RESULT
At the end of the third quarter of 2019, the Cologne office market recorded a positive result with a total take-up of 220,000 m², which means that the 200,000 m² threshold was surpassed for the fourth time in a row. It is almost 10% above the previous year's figure and the long-term average is also slightly exceeded (+2%). This outcome is even more remarkable considering that the already very tense supply situation became even more acute in the course of the third quarter. As a result, the vacancy rate has fallen again: it now stands at only 2.5% and is therefore at a very low level compared with the rest of Germany. As in the previous year, the current nine months result is based on dynamic market activity in the medium and small-size segments. Only the Sparkasse KölnBonn (17,600 m²) reports a five-digit square meter deal. The supply situation is increasingly difficult, especially in the City Centre the most important submarket for potential tenants, which accounts for 75,000 m² of current take-up.
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