WEAK START INTO 2024
- With a take-up of just 9,000 m², the Essen office market recorded its weakest start into the year for twenty years achieving only just under half of the previous year's result. Particularly in smaller office markets, in which the overall result is often determined by a few large lettings, occasional weak quarters are not unusual, and should rather be seen as a snapshot. For example: 83% of take-up in 2023 was achieved in the last three quarters of the year.
- It is not uncommon for the Essen market to have a very subdued start to the year with significantly below-average take-up. In 2015 and 2016, for example, very little space was taken up in the first quarter and yet good to very good annual results were achieved.
- The largest deals to date were concluded by an IT company with 1,700 m² in the submarket of the remaining city area and the HR service provider Hays with 1,400 m² in the city centre. In addition, the deals were mainly in the small-scale space segment, which explains the low total take-up.
- The prime rent has remained unchanged at €18/m² since September 2023 and continues to be achieved for high-quality space in prime locations in the city centre. By contrast, the generally more volatile average rent has fallen slightly. It currently stands at €12/m² (-4% compared to the previous year).
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