WEAKEST RENTAL ACTIVITY IN YEARS
The Corona pandemic has also affected the Frankfurt office market. With a result of 385,000 m² in the entire market area, the lowest take-up for years has been registered. The more narrowly defined gif area accounted for 339,000 m² of this. With a drop of a good 39% compared to 2019, Frankfurt is one of the locations most affected by the current crisis, just behind Düsseldorf (-49%). In addition to the macroeconomic challenges, which had a noticeable effect on take-up in all cities, developments in the banking sector have also had an impact in Frankfurt. In addition to restructuring processes in this sector, there was also the uncertain Brexit outcome, which remained open until the end of the year. Although Brexit may offer opportunities for the banking metropolis in the medium term, there was no real planning certainty for banks and financial service providers, especially in 2020. It is therefore not surprising that this sector group in particular has temporarily held back on further leasing plans in the past year. The take-up by this sector was therefore correspondingly low, especially in a long-term comparison, thus it is accountable for a significant part of the weaker result in Frankfurt.
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