8% MORE TAKE-UP AND A SMALLER GAP TO THE TEN-YEAR AVERAGE COMPARED TO OTHER CITIES
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Even though the Frankfurt office market was not yet able to match the above-average interim results from the years up to 2022 in the first three quarters of 2024, the overall improvement in market sentiment is reflected in the year-on-year increase in take-up. With take-up of around 307,000 m² (gif market area: 258,000 m²), the current result therefore surpasses last year’s result by around 8% and the deviation of only -14% from the long-term average was also low when comparing the German top office markets. With the current result, Frankfurt is also the only market which performs above the 5-year average. Overall, the Main metropolis ranks just ahead of Hamburg (301,000 m²) and thus in third place behind Munich (444,000 m²) and Berlin (421,000 m²).
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The analysis of take-up distribution illustrates the increasing location sensitivity on the occupier side in favor of central or well-connected Frankfurt office locations. In this context, the city center submarkets alone account for around 45% of the overall result. The banking district (73,000 m²) is at the top of the submarket overview, benefiting in particular from the ECB's major deal for almost 37,000 m². However, the inner city also made a significant contribution to take-up with a total of 46,300 m², whereby the Sparkasse’s 7,200 m² owner occupation deal should be mentioned in the large-volume segment. Outside the city boundaries, the large letting to the cosmetics company Cosnova of almost 16,000 m² in Sulzbach is also worth mentioning.
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The high demand, particularly for premium space and ESG-compliant fit-out, is reflected in the stable high level of the prime rent at €49.00/m². The average rent was listed at a high €24.20/m² at the end of September.