The Munich office market has re-confirmed its very good prioryear performance by registering first-quarter take-up of 181,000 m². That is almost exactly the same as in the first three months of last year and exceeds the ten-year average by all of 9 %. In the nationwide inter-city ranking, this result gives Munich second place behind Berlin, just as in 2015. It is gratifying to note that the impressive turnover was once again fuelled by all segments of the market. Large contracts upwards of 5,000 m² account for around 27 % of total take-up, more or less on a par with the 2015 level. Among the biggest new leases were one for premises of 12,300 m² in Region West concluded by MorphoSys AG and one for just over 9,300 m² in the zone Centre Fringe South taken out by the City of Munich's Building Department. The Centre Fringe and the subcentres each generated just under onethird of aggregate take-up. In contrast, the City Centre areas produced a turnover share of only around 15 %, one reason being the restricted availability of sizeable downtown office units.
Source : BNP Paribas Real Estate