MODERATE DECLINE IN TAKE-UP
The sharp setback in the German economy in the past winter half year is currently reflected in a noticeably slower dynamic on the office letting markets nationwide. Accordingly, the Frankfurt office market achieved a take-up of 190,000 m² (174,000 m² in the more narrowly defined gif market area) in the first six months of the year, which is around a fifth lower than in the previous year. Although this corresponds to a below-average result in a long-term comparison, the decline of 14% is comparatively moderate. Of all big six cities, only Hamburg recorded a smaller decline than Frankfurt. In fact the Frankfurt office market failed to achieve an average result because, for the first time since 2006, no major deals in the segment above the 10,000 m²-mark could be recorded by the end of the first half of the year. In the other size categories, take-up is consistently at the usual level. The biggest deal of the year so far is the letting of 9,600 m² by Universal Investment in the Timber Pioneer in the Europaviertel.