Tenant demand in the German office market remained strong during the summer months, according to new data from Colliers International. Office take-up totalled as much as 2.2 million m[sup]2[/sup] in the first three quarters of the year, representing a 15% increase year-on-year.
Tenant demand in the German office market remained strong during the summer months, according to new data from Colliers International. Office take-up totalled as much as 2.2 million m2 in the first three quarters of the year, representing a 15% increase year-on-year.
'Regardless of the mood in the overall economy, which has darkened somewhat, office users are continuing to lease large amounts of new office space,' said Andreas Trumpp, head of research at Colliers International in Germany.
The year-on-year comparisons are especially positive for Stuttgart, Munich and Berlin. The market in Stuttgart, the state capital of Baden-Württemberg, is booming to some degree. Driven by new leases for large spaces, like that signed by the State of Baden-Württemberg for 14,000 m2 in the Postquartier development, about 206,000 m2 of office space has been taken up so far, an increase of almost 77% from 2010 figures. In light of this trend, Stuttgart is on track to break its previous record, set in 1999, of 220,000 m2 of take-up, most likely early in the fourth quarter.
By comparison to last year's figures, the Munich office market gained a total of about 39%, rising to 595,700 m2, making it the top performer by take-up volume. Berlin came in second at the end of the third quarter, with 455,000 m2 of space taken up, an increase of 33% year on year.
'Based on the requests for space we have received, we currently forecast take-up of for 2011 to be about 7% above the result for the previous year,' concluded Trumpp.
