MODERATE START TO THE YEAR
After a brilliant prior year the Dortmund office market got off to a subdued start in the new year. With take-up of just 15,000 sqm, the previous year's value was missed by more than half and the long-term average was also clearly undercut. This is primarily due to the fact that no major lettings in excess of 5,000 sqm were recorded in the first three months of the year. Particular in smaller markets individual large leases make a much stronger contribution to the overall result than in the major German office locations. As a result, demand was also better than the result would suggest at first glance. Precisely there was a big movement in the market segments up to 500 sqm, which leads to the result of a take-up around a third higher than the long-term average. On the other hand in the larger classes above 2,000 sqm the result was almost three-quarters lower than in the same period last year. This demonstrate that the weak start of the year should primarily be seen as a snapshot.