DIP – Deutsche Immobilien-Partner enables continuous and comparative analysis of 14 German office markets (Berlin, Dresden, Düsseldorf, Essen, Frankfurt am Main, Freiburg
Hamburg, Karlsruhe, Cologne, Leipzig, Magdeburg, Munich, Nuremberg and Stuttgart) cross-cutting comparisons between markets in North and South Germany or West and East and between cities of different market sizes.
Analyzes by DIP – Deutsche Immobilien-Partner show that space occupation at individual locations has evolved very differently. Overall, there is an increase compared to the same period of 2021:
• Total take-up (including owner occupants) in the first three quarters of 2022 is approximately 3.07 million m², a significant 29% higher than the value of the same period of the previous year (Q1-Q3 2021 approximately 2 , 38 million m²). The long-term average (Ø Q1-Q3 2012-2021: 2.71 million m²) was also exceeded by a good 13%.
• The supply reserve in the DIP markets increased in one year by almost 350,000 m², equal to approximately 7%, currently amounting to approximately 5.19 million m² (third quarter 2021: 4.84 million m²). The vacancy rate has risen from 4.4% at the end of the third quarter of 2021 to 4.6% today.
• The average prime rent in the DIP office markets increased in one year by around € 1.80 / m² (+ 5.4%) to around € 35.10 / m².
DIP Office Markets: Sales momentum is increasing.
Although in the 14 German DIP office markets with a total occupancy of around 3.07 million m², an increase of around 29% was achieved compared to the same period of the previous year (Q1-Q3 2021: around 2.38 million m²), the development was not so positive in all DIP office markets.
• The eastern offices in Leipzig (-5%) and Dresden (-19%) as well as Karlsruhe (-21%) and Nuremberg (-28%) recorded negative sales growth. All four markets are B locations, but there is no discernible regional model.
• On the other hand, all “Big Seven” locations were able to increase: Stuttgart was able to record the largest increase of all DIP markets with an increase of around 227% over the previous year . Cologne (+ 61%), Hamburg (+ 36%), Munich (+ 33%), Berlin (+ 19%), Dusseldorf (+ 12%) and Frankfurt am Main (+ 12%) also achieved higher sales than in comparable period of the previous year.
• Increases in turnover are also observed for the remaining three DIP stores, albeit to a lesser extent in some cases: while Essen managed to increase its take-up by around 48%, the percentage increased in Freiburg (+ 11%) and Magdeburg (+ 9%) fell, more moderate.
“Big Seven” with high turnover
. • The “Big Seven” (Berlin, Dusseldorf, Frankfurt am Main, Hamburg, Cologne, Munich, Stuttgart) occupied a total of approximately 2.73 million m² of offices. This means an increase of around 35% compared to the same period last year (Q1-Q3 2020: 2.03 million m²). The share of the total turnover of the DIP offices has therefore increased to around 89% (2021: 86%).
• As in the last three years, Berlin is the take-up winner with 625,000 m² (Q1-Q3 2021: 526,000 m²). Munich ranks second with 580,000 m² (Q1-Q3 2021: 435,000 m²), Hamburg third with 453,000 m² (Q1-Q3 2021: 332,000 m²).
• Frankfurt aM follows with approximately 294,300 m² (Q1-Q3 2021: 263,600 m²), Cologne with approximately 292,000 m² (Q1-Q3 2021: 181,000 m²), Stuttgart 245,000 m² (Q1-Q3 2021: 75,000 m²).) And Düsseldorf with approximately 244,700 m² (Q1-T3 2021: 217,700 m²).
Different results in the other DIP offices.
• The other seven medium-sized DIP office centers (Dresden, Essen, Freiburg *, Leipzig, Magdeburg, Nuremberg and Karlsruhe) achieved a total occupancy of 333,800 m² in the first three quarters of 2022. Compared to the previous year, this corresponds to a reduction of approximately 3% (Q1-Q3 2021: 345,700 m²). This reduces the share of total sales recorded by DIP to around 11% (2021: 14%).
• The results in the interviewed cities were very heterogeneous: on the one hand, in Nuremberg with 53,000 m² (Q1-T3 2021: 73,500 m²), in Karlsruhe with 31,500 m² (Q1-T3 2021: 40,000 m²), in Leipzig with 90,000 m² (Q1-Q3 2021: 95,000 m²) and in Dresden with 36,500 m² (Q1-Q3 2021: 45,000 m²). On the other hand, there was market activity in Essen with 84,000 m² (Q1-T3 2021: 57,000 m²), in Freiburg with 20,000 m² (Q1-Q3 2021: 18,000 m²) and Magdeburg with 18,800 m² (Q1-Q3 2021: 17,200 m²). ) to.
Increased availability of offices.
• In one year, the total volume of offices available at short notice in the 14 DIP locations increased by 351,500 m² (+ 7.3%) from approximately 4.84 million m² to approximately 5.19 million m² today. As a result, the average vacancy rate in the DIP office markets increased from around 4.4% to around 4.6%.
• There are different trends in the individual markets: the “Big Seven” – with the exception of Hamburg and Frankfurt am Main – recorded an expansion of the supply reserve during the year. The other seven DIP office centers also show a more differentiated picture: While supply reserves have grown in Essen and Nuremberg, office space available at short notice has decreased in Dresden, Freiburg, Karlsruhe, Leipzig and Magdeburg.
The level of the rental price rises.
• Regardless of the increase in available office space, the weighted average rent in the 14 German markets of the DIP offices analyzed increased by 5.4% or € 1.80 / m² to € 35.10 / m² in one year. The main reasons for this are top-notch rent increases in Stuttgart (€ 32 / m² + 28%), Dresden (€ 18.50 / m² + 3.8%) and Hamburg (€ 40 / m² +7 , 9%) to call.
• Frankfurt remains the leader with € 46 / m², followed by Munich with € 42 / m² and Berlin with € 41.50 / m².
• The average rental level of offices in city locations also increased by approximately 4.9% or € 1.00 / m² from approximately € 21.70 / m² to approximately € 22.70 / m².
