CORONA SHAPES MARKET DEVELOPMENT
Against the background of the Corona pandemic, it is not surprising that the Essen office market fell short of the long-term average by around 24% with a take-up of 66,000 m² at the end of the third quarter. Even in the months from July to September, many companies continued to act cautiously and in some cases postponed planned lettings for the time being. However, that certain fluctuations in Essen's latest results are not entirely unusual is shown by the fact that in 2012 and 2016 lower volumes were also reported at the end of the third quarter. Compared to the high take-up of previous years, a deal in the size category above 10,000 m² is still missing. If only the size segment up to 2,000 m² is considered, an above-average volume was even recorded in the first nine months of the year. The owner-occupier deal of TÜV Nord for 10,000 m² in the submarket Remaining Municipal Area represents the largest contribution to take-up to date.
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