GERMAN OFFICE MARKETS UNDERPERFORMING IN 2023
As expected, the weak economic development has left its mark on the German office markets in 2023. Take-up in the eight locations of Berlin, Cologne, Düsseldorf, Essen, Frankfurt, Hamburg, Leipzig and Munich totalled around 2.6 million m². This fell short of both the previous year's result and the 10-year average by around a quarter. Although the typical year-end rally failed to materialise at the end of 2023, an increase of almost 12% can be reported compared to the previous quarter. In many markets, the fourth quarter was by far the strongest of the year in terms of take-up, despite the continuing challenging conditions. The market appears to be slowly stabilising.
The PDF download contains an overview of the key figures for the German 2023 office market and the detailed table of key figures at submarket level can be accessed via the following link.
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