Office market Dortmund

BEST Q1 OF THE LAST 10 YEARS

• Dortmund's office market has made a strong start to 2024. With take-up of 34,000 m² at the end of the first quarter, the solid result of the previous year has not only been increased by 70%, but the long-term average has also been exceeded by an impressive 55%. On a par with the first three months of 2021, the current result is the best Q1 figure in the last 10 years.
• This strong result is largely due to letting activity by the public sector, which is responsible for around 71% of take-up. More than 21,000 m² of this is accounted by the City of Dortmund alone, which concluded a whole series of contracts, including the three largest of the year. The largest contract is the letting of around 9,700 m² for the youth welfare office in the Westfalendamm submarket.
• While contracts above the 5,000 m² mark usually account for slightly less than a quarter of take-up, this figure is currently around 45%. However, the small-scale segment below the 1,000 m² mark is also experiencing lively letting activity overall, to which other sectors, such as ICT-firms and consultancies in particular, are also contributing.
• The prime rent currently stands at a level of €17/m², representing a sideways movement compared to the end of 2023. By contrast, the significantly more volatile average rent has fallen slightly by 20 cents to €12.70/m², not least due to the disproportionately high share of space occupied by the public sector.

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