GERMAN OFFICE MARKETS UNDERPERFORMING IN 2023
As expected, the weak economic development has left its mark on the German office markets in 2023. Take-up in the eight locations of Berlin, Cologne, Düsseldorf, Essen, Frankfurt, Hamburg, Leipzig and Munich totalled around 2.6 million m². This fell short of both the previous year's result and the 10-year average by around a quarter. Although the typical year-end rally failed to materialise at the end of 2023, an increase of almost 12% can be reported compared to the previous quarter. In many markets, the fourth quarter was by far the strongest of the year in terms of take-up, despite the continuing challenging conditions. The market appears to be slowly stabilising.