DYNAMIC MARKET ACTIVITY IN THE SMALL OFFICE SPACE SEGMENT; NUMBER OF CONTRACTS ON THE SAME LEVEL
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Although Düsseldorf's office market was unable to achieve a good result in terms of take-up in 2024 due to the slow pace of economic recovery, there are still signs of the letting momentum during the last 12 months: with a total volume of around 220,000 sqm, Düsseldorf missed the overall result from2023 by 21%. However, the impact factors behind this take-up are very differentiated.
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First and foremost, the distribution of take-up across the size categories is striking, with the segments up to 2,000 sqm even increasing by 3%, while the decline in take-up is attributable to the categories above this. In this context, around 49% less volume was achieved with contracts of over 2,000 sqm than 12 months earlier.
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Another factor that has made the market much more heterogeneous than a few years ago is the location sensitivity of users. The fact that around two thirds of take-up is accounted for office locations in the city centre or in Düsseldorf's office centres reflects this observation. The City Centre (22,600 sqm; +28%), Grafenberger Allee (10,300 sqm; +41%) and Seestern (20,600 sqm; +70%) submarkets achieved even better results than in 2023.
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The focus of demand on rather small-scale premium office space in the best locations has been noticeably reflected in the development of prime rents in a 12-month comparison: at currently €43.50 per sqm, it has increased by 9% since the end of 2023. Meanwhile, the average rent stands at €18.90 per sqm.