Average office rents grew faster in Germany’s B cities than in the top seven cities in the second half of 2016, research by Corpus Sireo and Bonn-based research institute Empirica has found.
The average asking rent in the 14 B-cities (Aachen, Bonn, Bremen, Dortmund, Dresden, Essen, Hanover, Karlsruhe, Leipzig, Mainz, Mannheim, Münster, Nuremberg and Wiesbaden) increased by 1.8% to €8.42 per m2. By contrast, the average rent per m2 increased by only 0.2% to €13.66 in the top seven cities (Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich, Stuttgart).
The cities of Aachen, Hanover, Mannheim and Wiesbaden were outperformers, with rents rising by an above-average 4% in H2 2016, the research shows.
With an average office rent of €9.92 per m2, Bonn (pictured) remained the most expensive B-city. Conversely, rents fell in Essen (by an average of 1.6% to €8.17), Mainz (by 0.8% to €9.57 per square metre) and Dresden (average rent of €6.85 per m2).
In the top seven cities, Berlin witnessed strong growth of 5% to an average of €12.92 per m2, which placed it in the number one position, followed by Cologne with rental growth of 3.1% (to €11.04). In comparison, the office market in Frankfurt weakened slightly in the second half of 2016, where the average asking rent fell by 3.3% to €14.99 per m2. Rents also fell in Hamburg by 0.8% to an average of €12.96.
