CLEARLY INCREASING DYNAMIC IN THE 4TH QUARTER
The Essen office market faced a challenging year overall in 2021. The first three quarters were each characterized by below-average take-up of between 17,000 m² and 22,000 m². It was not until the end of the year that market momentum increased significantly. In the final quarter of the year, take-up of 36,000 m² was registered, resulting in a total annual take-up of 93,000 m² (including owner-occupiers). Although this exceeded the pandemic-related weak result of the previous year by a good 9%, the latest figure falls short of the 10-year average by 18.5%. The outcome for deals between 2,000 and 5,000 m² is pleasing, with an increase of 153% compared to 2021 and a result in line with the long-term average. The above-average volume in the segment below 1,000 m² also confirms that the market has picked across different size categories. There is still a lack of deals above 10,000 m². For the second year in a row, there is no such deal in Essen.