RESTRAINED MARKET ACTIVITY IN THE FIRST QUARTER
With a take-up of 60,000 m², the Düsseldorf office market started quite slowly into the new year. The result is around one third below the long-term average. Why the office market in the North Rhine-Westphalian state capital did not really get going yet is attributable to two factors. On the one hand, the ongoing Corona pandemic and the related uncertainties continue to confront market participants with a number of challenges, with the result that some planned lettings are still pending. On the other hand, in the first three months no deal with a volume of more than 5,000 m² was registered and, compared to previous years, significantly fewer deals between 1,000 - 5,000 m², which highlights the current restrained momentum in the market as a whole. Despite the difficult conditions, the central City locations achieved an above-average result (7%) in the first quarter thanks to a large number of small-scale lettings, which impressively underlines the brisk demand for the City locations of the Rhine metropolis.
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