Some 135,500 m[sup]2[/sup] of office space was let in Frankfurt in the first quarter of 2009, compared to 98,000 m[sup]2[/sup] in the same period last year, according to property adviser NAI Apollo. But the 38% increase in comparative letting activity was largely due to two major transactions, the Deutsche Bahn SilverTower and the former Dressdner Bank which accounted for 72,000 m[sup]2[/sup].

Some 135,500 m2 of office space was let in Frankfurt in the first quarter of 2009, compared to 98,000 m2 in the same period last year, according to property adviser NAI Apollo. But the 38% increase in comparative letting activity was largely due to two major transactions, the Deutsche Bahn SilverTower and the former Dressdner Bank which accounted for 72,000 m2.

Excluding the Deutsche Bahn transaction, total letting fell by 35.20% to approximately 63,500 m2 compared to previous year's value, NAI Apollo said.

The deal should be classed as a special case, according to Martin Angersbach, head of Office Letting NAI Apollo Frankfurt: 'There will be no absorption of office space since the employees of various properties will be merged. This means that a comparable vacancy will occur in other properties and no growth will be implemented.'

The average rental price in Frankfurt comes to 16.50 EUR/m2, a decline of 15.38%. Prime rent has decreased by 3.95% to 36.50 EUR/m2.