Germany - Nordrhein-Westfalen

City News Q1/2010 Essen

Turnover well down on prior-year figure

After several years in which turnover was influenced by sizeable owne-occupier deals, the Essen office market is back to a normal level, with Q1 take-up of 18,000 m2. Compared with the very good result achieved in the same period in 2009, that represents a fall of 50 %. Without the large 6,500 m2 contract concluded by RWE, the year-on-year gap would actually have been quite a bit bigger. The RWE lease made the administrations of industrial companies the biggest contributor to turnover – something which is virtually a tradition in Essen – with a share of almost 39 %, ahead of consultancies, with 17.5 %, and other services, with 10 %.

Author(s): several

Source: BNP Paribas Real Estate

Published: 01.04.2010