WEAK FIRST HALF-YEAR - CORONA EFFECT NOTICEABLE
With 133,000 m² the Frankfurt office market recorded a very low take-up in the first six months of the year, which at the same time represents the weakest result of the last 20 years. Even in the more narrowly defined gif area, take-up of 122,000 m² was more than 50 % down compared to last year. Only Hamburg recorded a similarly significant decline in a nationwide comparison. The second quarter in particular, with a result of 51,000 m², fell well short of the usual figures. Following the sharp rise in the number of infections, the nationwide lockdown with a ban on contact as well as the looming recession in 2020, many companies in Frankfurt, as in all other locations, have either put their planned lettings on hold for an indefinite period of time or, which is predominantly the case, postponed them. In addition, there is an unusually low proportion of large leases of over 10,000 m², which at 11% is only half the long-term average. So far, only the lease of Freshfields Bruckhaus Deringer for 14,500 m² in the banking district has been registered in this market segment.
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