RESTRAINED FIRST HALF OF 2023
With take-up of 95,000 m², the Cologne office market was unfortunately unable to gain further momentum in the first half of the year, recording the second-weakest result in the last 10 years. The comparable figure for the previous year was missed by 59% and the ten-year average by 34%. Due to the continuing challenging economic times and difficult overall conditions, declines in take-up can be observed at almost all German office locations. Düsseldorf and Munich in particular recorded similar significant declines in a long-term comparison across Germany. In Cologne, both the first and second quarters fell well short of the previous year's figures, with take-up of just 59,000 m² and 36,000 m² respectively. Against the background of the weakening economy, no contracts above 10,000 m² could be recorded in the second quarter as well. A good 17% of the result is attributable to the size segment between 5,000 and 10,000 m², which is due to the two biggest lettings in the market area, the contract signed by KZVK over 9,000 m² and the rental of more than 7,000 m² of office space by BCG in Q1. Fortunately, market developments in the rather small-size segment up to 1,000 m² are very lively and achieve a significantly above-average share with 61% of take-up.