MODERATE TAKE-UP AT THE START OF THE YEAR
After some catch-up effects on the user markets last year covered the slowdown in economic momentum, the increased macroeconomic uncertainties at the start of 2023 are also having a delayed effect on letting activity. Accordingly, the Frankfurt office market achieved a take-up of 93,000 m² (84,000 m² in the narrower gif market area) at the end of the first quarter of 2023, a result that cannot match the strong start to 2022 (-32%). Although the long-term average was as well undercut by around 14%, this deviation is still within the range of the usual annual fluctuations. Accordingly, the market dynamics can still be assessed as solid overall. It is significant that, for the first time since 2013, no major deal was recorded in the above 10,000 m² segment at the start of the year. The largest contract of the year so far is the letting of 9,600 m² of office space by Universal Investment in Frankfurt's first office building in timber hybrid construction, the Timber Pioneer in the Europaviertel.