THE GAP TO THE PREVIOUS YEAR IS GETTING SMALLER
Even if the result on the Cologne office market is around one third below the previous year's figure, with take-up of 148,000 m² market activity has picked up noticeably over the course of the year. While the result at the beginning of the year was still 53% lower than in 2019, the year-on-year difference in the third quarter was only 16%. The fact that the decline is not at all location-specific, but is primarily due to the impact of the Corona pandemic is underlined by the 36% decrease in office take-up across Germany. However, the two major contracts concluded by AOK Rheinland (18,000 m²) in the "Quadra" and the Cologne Hauptzollamt (10,000 m²) in the "Ehrenwert" show that even in 2020 despite external market effects new major tenants have been found for two office complexes that have not yet been completed. In the submarket overview, the two office market zones Porz/Airport (32,000 m²) and Ehrenfeld/Braunsfeld (28,600 m²) benefit from the aforementioned major contracts, while the City submarket comes to a volume of 31,800 m² (21%) due to a large number of smaller contracts.
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