Office market Frankfurt

TAKE-UP ABOVE LONG-TERM AVERAGE AND PREVIOUS YEAR'S QUARTER

• During the first quarter of 2024, 119,000 m² of office space was let in Frankfurt (in the narrower gif market area: 94,000 m²).
• This represents a solid result that is around 7% above the long-term average (Ø 10 years: 111,000 m²) and 28% above the prior-year quarter. The decisive difference compared to the same period of the previous year is due to registered large-scale lettings.
• In the city centre in particular, an above-average take-up of 60,500 m² was recorded in the first three months (10-year average: 52,000 m²). Approximately half of the total take-up in Frankfurt can therefore be attributed to the city centre locations. This underlines the higher demand for office space in prime locations for new lettings as part of the "flight-to-quality" trend.
• In contrast, take-up in Frankfurt's traditionally strong secondary locations (Ø 10 years: 58,000 m²) was well below average at 24,300 m².
• The prime rent remained unchanged from the fourth quarter of 2023 at a high level of €49.00/m², just below the €50-mark.
• In contrast, the average rent increased by €0.90/m² or +4% to €23.00/m². Compared to the same quarter of the previous year, however, it is nearly unchanged.

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