WEAK ECONOMY DECELERATE OFFICE MARKETS NOTICEABLY
Letting activity on the German office markets remains below average to date. The take-up of the eight office locations Berlin, Cologne, Düsseldorf, Essen, Frankfurt, Hamburg, Leipzig and Munich amounted 1.23 million m² in the first half of 2023. Thereby the 10-year average was missed by almost a quarter, and the good result of the previous year was also unmatched. The German economy got through the winter much better than predicted in autumn 2022, but there is still no stability in the system. At the moment there are no major positive signs of departure and dynamic growth. Accordingly, many companies are progressing at a slower pace on their future path and are very selective in renting space for growth.