UPWARD TREND IN THE FOURTH QUARTER
The Düsseldorf office market presented itself comparatively restrained in 2022. With a take-up of 291,000 m², the previous year's result was missed by around 7% and the long-term average by almost 23%. After a very solid interim result in the first half of the year (H1: 177,000 m²), the weak third quarter with only 39,000 m² take-up was responsible for the below-average full-year figure. The market recovery in the fourth quarter was a positive factor. Despite the continuing weakness of the German economy, a clear upward trend was observed again in Düsseldorf with 75,000 m² of take-up. Remarkable is the development of rents in the absolute top segment, which, driven by a very special combination of factors, has seen an increase of 33%, for the first time on the market. As in the other German office markets, high demand for top space in prime locations in Düsseldorf coincides with a very low vacancy rate that is compatible with demand. The situation in the Rhine metropolis is particularly special due to the fact that the current project developments, especially around Königsallee, are bringing product and space qualities to the market that Düsseldorf has not seen for some time. In certain cases, space in these premium projects were already successfully let for 38.00 €/m² at the end of the fourth quarter, and further lettings at a comparable rent level are expected to follow soon. The realised prime rent calculated according to "gif" is currently quoted at 34.00 €/m² (+19.3% compared to Q4 2021).