Property Times

Frankfurt : Take-up below average - Q4 2013

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The Frankfurt office market closes 2013 with a take-up of 429,600 sq m. The result failed to achieve the prior year result of 508,800 sq m and missed the average result for the past 10 years by 8%.

Compared to 2012, the decline in take-up resulted primarily from significantly lower volume in office rentals with a space between 1,000 and 3,000 sq m and from fewer large spaces of 10,000 or more sq m.

Vacancies, with 1,475 million sq m, are 2% below the prior year. During the course of the year, the vacancy rate declined from 12.5 to 12.2%. Nevertheless, Frankfurt still has the highest vacancy rate among the Top 5 markets. Numerous conversion and demolition projects show that a significant portion of this vacant space is no longer marketable. During 2013, almost 120,000 sq m of office space disappeared from the market.

Despite the disappointing take-up, the top achievable rent increased from 34.50 € at the beginning of 2013 to 38 € per sq m per month by year end. A few high quality new projects, which were well received by tenants, were the reason for this development.

Due to the positive economic forecast for Germany, we expect that the readiness to rent office space in 2014 will be higher than 2013; and, as a result take-up of 500,000 sq m can be achieved. The strong interest in high-quality space makes a further increase in prime rents highly likely.

Source : DTZ (Groupe UGL)

 

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Mots-clés : DTZ

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