CAUTIOUS NINE MONTHS IN ESSEN, TAKE-UP SIGNIFICANTLY BELOW AVERAGE
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As in the first half of 2025, market activity on the Essen office market remained rather subdued in the third quarter. With around 45,000 sqm of taken-up by the end of September, the result for the same period last year was missed by around 26%. This figure is also 42% below the long-term average. Following a strong start to the year, with 27,000 sqm taken up, momentum slowed significantly in the subsequent two quarters.
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The reason for the moderate performance is the low number of contracts that have been recorded so far. Only around 50 deals were registered in the first nine months, which is 34% less than the five-year average. Notably, there has been a lack of lease agreements in the medium-sized segment, specifically those between 2,000 and 5,000 sqm, which are crucial for the market.
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By contrast, comparatively dynamic leasing activity was observed in the smaller space categories of up to 500 sqm and in the larger volume segment of 5,000 sqm and above. The city of Essen accounted for three of the largest contracts of the year so far, including 13,000 sqm in the Weststadt submarket. Weststadt is currently the submarket with the highest take-up, accounting for around 38% of the total volume, or approximately 18,000 sqm.
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At the end of September, the prime rent for spaces with modern fittings was €19/sqm, representing a 6% increase over the previous year. This figure is currently being achieved in the Südviertel submarket. The average rent increased by 18% over the same period, reaching €14.90/sqm.