SIGNIFICANTLY MORE DYNAMIC IN THE GERMAN OFFICE MARKETS: TAKE-UP ON THE RISE
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The German office markets have started the new year with significantly more momentum than in the two previous years. In the first quarter of 2025, office space take-up in Germany’s top office markets of Berlin, Cologne, Dusseldorf, Essen, Frankfurt, Hamburg, Leipzig and Munich totaled 704,000 sqm. This result is almost 16% higher than in the previous year but remains below the long-term average due to the continued lack of an economic momentum. Although not all locations recorded an increase in take-up in the first months of 2025, five of the eight large markets reported a noticeable improvement in market sentiment and major rental agreements, which in some cases had a signaling effect.
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The Frankfurt office market can report an outstanding result in the first quarter - both in its own history and in the current national comparison. Take-up in Frankfurt amounted to 204,000 sqm. This exceeds the result from the already good prior-year quarter by 71% and represents the best start to the year since the Frankfurt office market figures have been recorded. Munich follows Frankfurt on the podium. At 137,000 sqm, the market is on a par with the previous year. Hamburg ranks third with a take-up of 111,000 sqm and an increase of 37%. In Hamburg, the generally brisker letting momentum for contracts with more than 2,000 sqm of rental space is responsible for the positive interim result. Berlin completes the group of markets with take-up of space more than 100,000 sqm with 103,000 sqm and a year-on-year decrease of a good 29%.