LIVELY MARKET ACTIVITY IN THE MID-SIZED OFFICE SPACE SECTOR; NEVERTHELESS, DECLINE IN TAKE-UP
-
The Leipzig office letting market achieved a total take-up of 119,000 sqm in 2024 and was therefore unable to match the stable results of the two previous years 2022 (130,000 sqm) and 2023 (132,000 sqm). The current result is slightly below the previous year's figure (-10%) and the long-term average remains unattained (-11%).
-
Although demand in the mid-sized office space segment was very lively through-out the year, the lower take-up in the small-scale segment of up to 500 sqm led to a comparatively moderate result. A small volume of only around 21,000 sqm was registered in this size category, significantly less than in the last 10 years (average 50,000 sqm). On the other hand, the clearly above-average market activity in the office space sector from 2,000 to 5,000 sqm, with a share of almost 28% (33,200 sqm), is pleasing.
-
In the large-scale office space segment, one contract over 10,000 sqm was signed: The Leipzig-based gas group VNG will relocate its headquarters to the “Ring location” in mid-2027 and has rented office space of more than 10,000 sqm in the former Telekom administration building near Johannisplatz. This letting also represents the largest deal of the entire year.
-
Due to the limited supply of modern, well-equipped office space, the rent level has risen further in a 12-month comparison. While the average rent for the total market increased by 7% to €13.00 per sqm, the prime rent rose by almost 11% to €21.00 per sqm. The highest rental agreements, which in some cases already exceed €21.00 per sqm, continue to be achieved for premium office locations in the city centre.
The PDF download contains an overview of the key figures for the Leipzig 2024 office market and the detailed table of key figures at submarket level can be accessed via the following link.