Germany

Property Report Office Market in Germany 2011

Increase in take-up bigger than expected

In 2010, take-up of office space in the nine most important German office locations – Berlin, Cologne, Düsseldorf, Essen, Frankfurt, Hamburg, Leipzig, Munich and Stuttgart – totalled just over 3.1 million m². That represents a year-on-year increase of almost 19 % and means that the office markets have made a far stronger recovery that had been anticipated at the start of 2010. The German economy’s swift and very dynamic upswing after the end of the severe recession has acted as a sustained stimulus for turnover in the office sector. In particular the very positive development of the labour market and the ongoing confidence exhibited by business firms, especially regarding the outlook for this coming year, are seen as the main factors driving take-up higher.

Author(s): several

Source: CB Richard Ellis

Published: 10.02.2011