THE MUNICH OFFICE MARKET IS BACK ON TRACK
After market activity had already picked up noticeably in the second half of 2021, this upward trend continued impressively in the opening quarter of the current year. Overall, the take-up in the first three months amounted to 190,000 sqm, exceeding the previous year's result by an impressive 83%. It is noteworthy that the ten-year average was also topped by around 4%. This result shows that the effects of the Corona pandemic are clearly subsiding and the confidence in the market has returned. The very homogeneous distribution of lettings across all size classes is encouraging; this indicates that the recovery in demand is based on a broad foundation. How good the first quarter turned out is also shown by the fact that Munich has taken the lead nationwide, relegating Berlin to second place, even though the gap is narrow. The most important contracts include a lease from Bosch Building Technologies for just under 20,000 sqm in the submarket municipal area south and an owner-occupier deal from SAP SE for 10,000 sqm in the submarket region north.