SECOND QUARTER VERY SUBDUED
The Cologne investment market achieved a commercial investment volume of €633 million by the end of the first half of 2022. Although this fell short of the previous year's strong result by a good 22%, it nevertheless corresponds to a volume in line with the long-term average. At 27%, the portfolio share is higher than in previous years, which is attributable to the alstria acquisition by Brookfield. However, the overall solid performance of the Cologne market is largely due to the strong start to the year. After the first quarter, €480 million were already on the books. Due to the geopolitical upheavals, the gloomy economic outlook and the interest rate turnaround now heralded by the ECB, the attitude of many investors has become noticeably more wait-and-see. Accordingly, the past three months accounted for just €154 million, missing the quarterly average of the past 10 years by about 52%.