TAKE-UP AT LEVEL OF 2020
With take-up of 150,000 m², the Cologne office market achieved a comparatively weak result at the end of the third quarter. Compared with the same period last year, this result represents a drop of 49%. The long-term average is also missed by just under a third. As in previous months, the difficult macroeconomic situation is clearly reflected in the letting market in Cologne. However, it is encouraging to note that the market picked up in the third quarter. With take-up of 55,000 m², the result for the previous quarter was exceeded by almost 53%. The reason for the overall weak result can be attributed to the fact that many contracts were concluded in the small and medium size categories. Thus, a good 56% of the current result accounted for lettings of less than 1,000 m². This phenomenon, although not as pronounced, can be observed in other cities as well. It results from the current longer decision-making processes of large users. Many companies are operating with considerably more caution and restraint due to the subdued economic situation. As a result, no deals above the 10,000 m² mark had been registered by the end of September.