At a Glance Q4 2023

Office market Dresden

Dresden Frauenkirche

GOOD RESULT DESPITE DIFFICULT MARKET ENVIRONMENT

Despite the challenging market conditions, Dresden's office market remained resilient in 2023. Overall, the state capital of Saxony recorded a take-up of 114,000 m² by the end of the year, achieving the second-best result in the last ten years. Only in 2021 an even higher take-up of 120,000 m² was generated on the Dresden market. This represents an increase of around 31% compared to the previous year, and the long-term average was also exceeded by almost 17%. The letting activity in the small and medium-sized space segment up to 5,000 m² was particularly impressive. Especially noteworthy is the category between 2,000 and 5,000 m² with a good 23% or around 26,000 m² of take-up. Notably, TÜV SÜD let 4,300 m² in the southern Centre Fringe/University District submarket, which was the second-largest letting. In the large-area segment with over 10,000 m² of rental space, the city centre location recorded almost 22,000 m² of take-up (19% pro rata) due to the letting concluded by the state capital of Dresden. Overall, more than half of the take-up (56,200 m²) was accounted within the city centre.

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