TAKE-UP SIGNIFICANTLY ABOVE PREVIOUS YEAR'S RESULT
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The Dortmund office market recorded a very solid result of 71,000 sqm after the first nine months. Take-up is slightly (3%) above the long-term average and 39% above the previous year’s value. After a very strong start to the year, with 34,000 sqm already registered at the end of the first quarter, the high momentum slowed as the year progressed. After 17,000 sqm in the second quarter, contracts totaling 20,000 sqm were concluded in the third quarter.
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The structure of the contracts signed is strongly characterized by small and medium-sized lettings than in previous years. At 79%, the proportion of take-up of contracts for space up to 5,000 sqm is above average (average 10 years: 72%). In contrast, no deals have yet been registered in the segment of large-volume lettings over 10,000 sqm (Ø 10 years: 15%).
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The overall vacancy and the modern vacancy volume have remained almost constant over the course of the year, with a slight downward trend. Both are therefore within the range of their long-term average. At a constant 4.5%, the vacancy rate is slightly below the long-term average and the fluctuation reserve. However, at 127,000 sqm, there is still a comparatively large amount of space under construction. This is also reflected in the pre-letting rate, which has fallen slightly to 83%.
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The prime rent has been moving sideways at a level of €17.00 per sqm since the beginning of the year. The average rent has also remained constant at €12.50 per sqm.