SOLID FIRST QUARTER
The Cologne office market achieved a take-up of 59,000 m² in the first quarter of 2023. Despite the challenging market situation, the cathedral city is only a good 6% below the ten-year average and 13% below the good previous year‘s result. In fact, despite the somewhat lower take-up, considerably more contracts (+40%) were included which shows that the demand situation on the Cologne office market remains good. However, so far no contract for more than 10,000 m² has been concluded. On the other hand, the lively market activity is particularly noticeable in the rather small-size segment up to 1,000 m², in which 58% of the take-up was generated, so noticeably more than in the comparable period of the previous year. A further 28% of the result is accounted by the size segment between 5,000 and 10,000 m², for which in particular the largest lettings in the market so far are responsible: KZVK with over 9,000 m² and the Boston Consulting Group with over 7,000 m² of rental space in the sought-after city centre locations. Accordingly, the City was the office market zone with the highest volume in the first quarter with around 27,000 m².