DECLINE IN TAKE-UP CAUSED BY CORONA
Considering that 2020 was characterized by the Corona crisis, it is not surprising that with a take-up of 85,000 m² the Essen office market suffered a good 48% drop of take-up year-on-year. Throughout Germany, many companies acted very cautiously and in some cases postponed planned lettings for the time being. However, considering that 2019 was an absolute record year for the Essen office market, the decline becomes somewhat less dramatic. Although the long-term average was also undercut by almost 27%, such volatility in Essen's results is not entirely unusual. In the past, even in "normal" years, such as 2012 or 2016, the figure occasionally fell well short of the 100,000 m² mark. In most cases, these fluctuations are directly related to the absence of major deals. Also in 2020, no contract was registered in the segment larger than 10,000 m². If the major deals are left out of the equation, the figure is only slightly (-6%) below the long-term average.
Read the full report by downloading the PDF document.