Green buildings are becoming increasingly important in the five major German office markets Berlin, Düsseldorf, Frankfurt, Hamburg and Munich, according to international real estate advisor Savills. Throughout the first half of 2010 leases totalling approximately 144,000 m[sup]2[/sup] were concluded on green buildings in the five cities, equating to a share of 14% of the total letting volume transacted. By comparison, the full-year for 2009 came to 162,000 m2, representinging 8% of total take-up.
Green buildings are becoming increasingly important in the five major German office markets Berlin, Düsseldorf, Frankfurt, Hamburg and Munich, according to international real estate advisor Savills. Throughout the first half of 2010 leases totalling approximately 144,000 m2 were concluded on green buildings in the five cities, equating to a share of 14% of the total letting volume transacted. By comparison, the full-year for 2009 came to 162,000 m2, representinging 8% of total take-up.
'These figures demonstrate that green buildings are becoming established in the German office markets,' noted Robert Kellershohn, director of office agency at Savills Germany.
The data indicates major differences between the cities. Green buildings are already playing a major role in Düsseldorf and Frankfurt representing 50% of the green market and 10% of total take-up during H1. The increase is attributed to the high volume of office completions in both these cities. By comparison Berlin did not record a single green letting in the first half due to the limited availability of green buildings in that city. Nevertheless, the Berlin office market is placing increasing importance on green buildings, Kellershohn said: Total’s new headquarters, which is currently under negotiation, is set to receive a LEED certificate.
Christian Leska, director of office agency at Savills Berlin, noted: 'Companies seeking new office accommodation are paying increasing attention to the sustainability of a building. This is particularly relevant with large office requirements, where the green building certificate is a must.'
Savills predicts that the share of green building lettings will continue to rise significantly, and that occupiers will put pressure on investors to obtain certification for development schemes in order to improve the relet opportunities of the properties. In addition, refurbishments are increasingly focused on the sustainability aspect. Examples include Frankfurt’s Triton building (approx. 28,000 m2) which was purchased recently by Allianz Real Estate, and the Silver Tower (approx. 72,000 m2) in the banking district let to Deutsche Bahn in 2009.
