Despite ongoing sluggish economic activity, the German office markets recorded 609,000 square meters (6.6 million square feet) in take-up in first quarter 2024, almost matching previous-year results, according to BNP Paribas Real Estate Germany.
As expected, however, take-up in Germany’s 8 top cities of Berlin, Düsseldorf, Essen, Frankfurt, Hamburg, Cologne, Leipzig and Munich remained well below the 10-year average. Activity around lease signings varied greatly from one market to another at the start of the year. What has become apparent is that leases signed in the large-space segment are making all the difference in this challenging market environment. These figures are based on the latest analysis by BNP Paribas Real Estate.
Overview of key results:
609,000 square meters (6.6 million square feet) in take-up in line with the previous year but 22 percent below long-term average
Vacancy up to 6.5 million square meters (70 million square feet)
