MARKET DYNAMICS RISE SIGNIFICANTLY IN Q2 2023
While market dynamics on the Essen office rental market were subdued in the first half of the two previous years, a clearly above-average result was achieved in the six months despite the current economic uncertainties. With a take-up of 70,000 m², both the previous year's result was exceeded by a considerable 75% and the long-term average by around 19%. After the restrained start of the year (19,000 m²), the result of the second quarter with 51,000 m² marks the strongest since Q2 2019 and clearly stands out in a nationwide comparison. Finally, several major deals have contributed to the high take-up. The biggest contract of the year so far is the letting of 16,000 m² by the City of Essen in the submarket Südviertel. Other notable deals are the letting by E.ON for more than 9,900 m² and the owner-occupier letting by FOM with about 8,200 m² in the centre fringe. This means almost 57% of the Q2 result can be attributed to lettings above the 5,000 m² mark.