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IPD German Annual Lease Review

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- The first edition of the IPD German Annual Lease Review is based on detailed analyses of more than 45,000 leases that have been newly signed in the respective years. The study includes analyses on lease lengths, break clauses, rent free periods and income profiles focussing on retail and office leases. For the reporting year 2010 than analysis includes 6,812 new let leases.

- The average unweighted lenght of all lettings including any break options was 4.7 years in 2010 and therefore heavily increased compared to the previous year (3.5 years). By excluding short leases of less than 4 years lease term the value rises to 8.3 years in 2010 compared to 8.0 years in 2009.

- The average lenght of all leases weighted by rent including any break options was 6.9 years in 2010 (previous year 6.1 years) and therefore 1.2 years higher than the unweighted result. This shows that leases with higher rents generally have longer lease terms.

- Looking at unweighted results about 60% if all leases have a lease lenght of 1 to 5 years, about 36% of all leases have a lease lenght of 6 to 10 years. Results weighted by lease lenght show slightly different results, as here only 42% of all leases fall in the lease length of 1 to 5 years and 51% have a lease length between 6 and 10 years.

- Over all properties the share of leases with break options has decreased in 2010 and is at 43% compared to 69% in 2009. This heavily relies on the retail sector where the change was from 42% in 2009 to only 20% in 2010. In contrast the share office leases with break options remained stable with 41% in 2009 and in 2010.

Source : IPD

Mots-clés : IPD