SIGNIFICANTLY LOWER TAKE-UP; LIVELY MOMENTUM IN THE SMALL SPACE SEGMENT
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With a take-up of around 154,000 m² in the Düsseldorf municipality area, the result for the Düsseldorf office market is well below average. Compared to the same period last year, around 14% less space was taken up within the city borders. The letting volume in the entire market area including the periphery also totalled just 164,000 m², which is almost 13% below the previous year's figure and a good 38% below the long-term average (266,000 m²).
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There is a particular lack of large deals: While twice as many deals of 5,000 m² or more were registered in the previous year, market activity in the current year is concentrated on the space segments up to 5,000 m² - around 92% of take-up was generated in these size categories. This means that BLB NRW's letting in Kennedydamm remains the largest contract of the current calendar year at around 7,000 m². The dynamic in the space segment up to 500 m² is particularly lively with over 50,000 m² (~31%) of take-up.
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Overall, 94% of the result is attributable to the city area, where the CBD/Banking District recorded the highest take-up in submarket comparison at around
20,000 m². The Seestern (a good 19,000 m²) and Kennedydamm (just under 18,000 m²) submarkets also achieved significant take-up volumes. -
The increasing shortage of modern space in the city's prime locations has pushed prime rents to a new record of €43.50/m² (+9% compared to Q3 2023). The generally more volatile average rent was €19.00/m² at the end of September 2024.