With a take-up of 52,000 m² the Essen office market falls short of the long-term average by almost 15%. The previous year's record, which can only be seen as a comparative value to a limited extent, was even missed by 46%. However, against the backdrop of the Corona pandemic and the lockdown lasting for weeks, this result is not surprising. In view of the looming recession and the uncertainties that follow, many companies have postponed planned leases for the time being, which led to a decline in demand in the office market, especially in the second quarter. Compared to the previous years with high take-up, there is still no deal with a volume of more than 10,000 m² in 2020. Although it is currently impossible to predict how quickly the economy will recover and thus end the temporary restraint in renting new office space, noticeable rent adjustments in the course of 2020 do not appear realistic due to the historically low vacancy rate.

Read the full report by downloading the PDF document.

Download this market report as PDF