First-quarter take-up in the eight main office locations in Germany has risen 17% compared to the equivalent period in 2007, according to a survey by German property consultant Atisreal. The report found that office take-up in Berlin, Cologne, Dusseldorf, Essen, Frankfurt, Hamburg, Leipzig and Munich totalled 766,000 m[sup]2[/sup] in 2008 compared to 656,000 m[sup]2[/sup] in 2007.

First-quarter take-up in the eight main office locations in Germany has risen 17% compared to the equivalent period in 2007, according to a survey by German property consultant Atisreal. The report found that office take-up in Berlin, Cologne, Dusseldorf, Essen, Frankfurt, Hamburg, Leipzig and Munich totalled 766,000 m2 in 2008 compared to 656,000 m2 in 2007.

Artisreal also noted that with the exception of Hamburg and Leipzig, all the office centres registered year-on-year turnover increases, some of them substantial. Munich recorded the highest turnover, with 236,000 m2 (+24 %). followed by Frankfurt with 116,000 m2 (+59 %). Dusseldorf (+14 %) and Hamburg (-22 %) each had take-up of 113,000 m2.

Cologne achieved the largest relative increase with 68,000 m2, a rise of 79%, while Berlin saw 10% growth at 78,000 m2.

Peter Rosler, chairman of Atisreal Germany, commented: 'The results of the first quarter underline the fact that the German office markets are in good shape. Since a considerable number of large-unit transactions are currently being negotiated and demand overall can be expected to remain buoyant, we anticipate that the result for 2008 as a whole will be on a par with that achieved last year. Rosler added that in some locations, 'turnover will be even higher than in 2007.'

Overall, the survey found that the volume of vacant space fell by over 3% in the past 12 months. Munich was the only location where the stock of unoccupied office premises increased; all the other cities report reductions. In particular, the survey noted there was a sharp decline of almost 12% in the volume of empty modern premises.

As a result, most of the cities surveyed saw prime rents rise, with Berlin, Frankfurt, Hamburg and Munich achieving increases between 6 - 8%. Rosler commented: 'In view of the ongoing very strong level of demand and the declining supply of space in the high-quality segment, the rental price level in several locations offers further potential for increases.'