Office take-up in Germany could exceed 2.7 million m2 in 2015 following a strong first quarter in which 680,000 m2 was absorbed by the market, according to research from Savills.
Office take-up in Germany could exceed 2.7 million m2 in 2015 following a strong first quarter in which 680,000 m2 was absorbed by the market, according to research from Savills.
Take-up in 2014 amounted to 2.71 million m2 and Savills forecasts that the figure for this year could reach 2.73 million m2.
Munich and Hamburg performed best in the first quarter of 2015 with a 20% and 16% increase in take-up respectively, the firm found.
Marcus Mornhart, head of office agency at Savills Germany, commented: ‘Due to the solid first quarter and a number of large-scale searches currently in the markets we expect take-up to be positive throughout the year, exceeding last year’s figures.’
Besides an increase in take-up, Munich and Hamburg saw prime and average rents rise significantly to €34.50 and €15.85 per m2 and €24.50 and €14.50 per m2 respectively.
Average prime rents across the six markets surveyed also rose slightly, by 1.0% year-on-year to €27.63 per m2, with average rents increasing by 5.4% to €14.73 per m2.
