STABEL DEMAND BASE DESPITE LACK OF MAJOR LETTINGS
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After two strong years, the Dortmund office market is currently delivering a rather average result. Total take-up reached 64,000 sqm in the first nine months of the year, representing a significant decline of 27% year-on-year. The still challenging economic environment and ongoing geopolitical uncertainties continue to weigh on large-scale leasing decisions in particular. As a result, no lettings exceeding 10,000 sqm has been recorded so far this year.
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The fact that the 10-year average of 68,000 sqm was only narrowly missed nevertheless highlights the market's broadly stable demand base. Notably, lettings between 2,000 and 5,000 sqm accounted for a substantial 24% share of total take-up (approx. 15,000 sqm). A further 19% was generated by leases above 5,000 sqm. Major deals included the lease of more than 6,300 sqm by Jobcenter Dortmund in the city centre and over 5,500 sqm by Amazon in the wider urban area. These agreements also represent the largest lettings recorded in the market so far this year.
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At €23/sqm, the prime rent in Dortmund's best central locations remains at a record high. Compared with the previous year, this corresponds to an increase of around 2%. Meanwhile, the average rent currently stands at €13.30/sqm, reflecting a decline of just over 8% since the beginning of the year.