SOLID START INTO THE YEAR
The major German office markets remain stable in the first quarter of 2021. Despite the ongoing lockdown and only slight easing of contact restrictions, take-up in Germany‘s top eight office markets Berlin, Düsseldorf, Essen, Frankfurt, Hamburg, Cologne, Leipzig and Munich was around 697,000 m² in the first quarter of 2021. Thus, the previous year's result was only missed by just under 6%. This is even more noteworthy because the first quarter of 2020 was hardly affected by the Corona pandemic until March. The current result is a clear sign of restored confidence of corporate decision makers. The rise in vacancies continued at a reduced pace in the first quarter. The vacancy rate is currently above 5% only in Frankfurt and Düsseldorf. The prime rent remained constant in all locations.
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