Market in Minutes

Germany office markets - Q2 2014

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Take-up in the top six office markets totalled almost 1.3 million sq m in the first half year, representing a decrease of almost 6% compared with the same period last year.

Contrary to expectations, take-up declined in all markets with the exception of Hamburg and Cologne, albeit at different rates. The greatest decreases were registered in Frankfurt (-18%) and Düsseldorf (-20%). This is attributable to the low number of large deals, particularly in the second quarter.

However, despite the relatively low take-up to date, vacancy rates continued to decline in all markets. The average vacancy rate across the top six markets stood at 7.8% at the end of June; 60 basis points lower than last year’s figure.

The decline in vacancies is correlated with predominantly positive rental growth, with the average prime rent across the top six markets rising by 3.3% y-o-y to €28.00 per sq m/month. The average rent also increased to €14.57 per sq m/month, equating to 5.2% growth.

Rents are expected to show further growth over the remainder of the year, albeit at a somewhat slower rate than has been witnessed recently.

Vacancy rates are not expected to decline significantly over the coming months.

Since the lettings markets normally lag economic trends, we expect to see a revitalisation in the second half of the year. Take-up for the full year is projected to reach 2.8 million sq m (2013: 2.8 million sq m).

Source : Savills

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Mots-clés : Savills

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