MODERATE LETTING ACTIVITY
The Munich office market reported a take-up of 568,000 m² at the end of 2020. As expected, take-up was moderate in a year dominated by the Corona pandemic. However, at around 26%, the year-on-year decline in Munich is below average compared to Germany as a whole, where the decline amounts to 34%. The ten-year average was missed by 25.5% in the Bavarian capital, which is usually characterized by strong letting activity. Nevertheless, with the current result Munich can successfully maintain its second place among the top German markets and is only surpassed by the German capital (710,000 m²). Frankfurt (385,000 m²) follows in third place by a wide margin.
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