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Sign in Sign up for a FREE subscriptionBNP Paribas Real Estate Germany publishes first quarter office market results
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)