TAKE-UP AT PREVIOUS YEAR'S LEVEL DESPITE CHALLENGING CONDITIONS
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In a persistently challenging environment that is primarily characterized by the weak economic momentum in Germany, Cologne's office market remained stable overall at a sustainable level in 2024. Take-up totaled 227,000 sqm in 2024, matching the previous year's result (1.3%). As in the other German office locations, however, letting activity remains at a clearly below-average volume.
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After two very weak quarters in the first half of the year, letting activity picked up significantly in the third quarter. In addition to the two largest contracts in 2024 (each with more than 20,000 sqm), also leases in the range between 5,000 and 10,000 sqm were concluded again in the second half of the year.
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The strong result in the third quarter with 100,000 sqm could not be repeated in the fourth quarter, but the last part of the year was still one of the strongest quarterly results on the Cologne office market regarding the past two years. Accordingly, during the last three month of 2024, another contract was signed for more than 10,000 sqm, which is a positive sign for 2025.
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The prime rent remained stable at €33.50 per sqm compared to 2023. It is achieved in top city locations for well-equipped and high-quality office space. The traditionally more volatile average rent rose by €0.70 per sqm or 4% compared to 2023 to currently €18.90 per sqm.