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Despite the absence of an economic tailwind, the German office markets remain in good shape overall at the end of the third quarter of 2024. After three quarters, take-up totalled around 1.95 million m², up almost 4% on the previous year (1.88 million m²). Although letting activity in the office markets of Berlin, Düsseldorf, Essen, Frankfurt, Hamburg, Cologne, Leipzig and Munich is still below average, some markets are sending out strong signals of stabilisation and the first signs of a catch-up trend. In the fourth quarter, we also expect the successful signing of some signalling large-volume rental contracts, although their impact is unlikely to be sufficient to lift the market as a whole to a completely new level. However, we expect take-up to exceed the previous year's level. While the vacancy rate is likely to have almost reached its cyclical high, the growth trend in prime rents will continue as before.