The German office rental market has proved to be stable despite turbulent times on finance markets, according to a report from Frankfurt-based independent real estate consultancy NAI Apollo. According to NAI Apollo, compared with the previous quarter, the big five German office locations of Berlin, Frankfurt, Hamburg, Munich and Düsseldorf saw an interim space turnover of 2,135,000 m[sup]2[/sup] through the third quarter of 2008, equivalent to a rise of 14.7% from the third quarter of 2007. The consultancy noted that the average vacancy rate is 8.75% while the peak rent is EUR 42/m[sup]2[/sup] per month for high-quality areas in the best locations.
The German office rental market has proved to be stable despite turbulent times on finance markets, according to a report from Frankfurt-based independent real estate consultancy NAI Apollo. According to NAI Apollo, compared with the previous quarter, the big five German office locations of Berlin, Frankfurt, Hamburg, Munich and Düsseldorf saw an interim space turnover of 2,135,000 m2 through the third quarter of 2008, equivalent to a rise of 14.7% from the third quarter of 2007. The consultancy noted that the average vacancy rate is 8.75% while the peak rent is EUR 42/m2 per month for high-quality areas in the best locations.
NAI Apollo also showed that Berlin now has 410,000 m2 of rented office space (first to third quarter of 2008), putting it ahead of Frankfurt for the first time (395,600 m2). ‘That means that Berlin has finally arrived among the foremost real estate management locations in Germany,’ said NAI Apollo CEO Axel König.
