AT THE END OF Q3, MUNICH CONTINUES TO LEAD THE CITY RANKING FOR TAKE-UP AND PRIME RENTS
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In the third quarter, the Munich office market maintained where it left off in the first half of the year: With take-up of around 444,000m², the Bavarian capital once again took the lead among the top markets, ahead of Berlin (421,000m²) and Frankfurt (307,000m²).
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Although the ten-year average was missed by just under 15%, when comparing the last five years - which were characterized by various crises - only 2% are missing.
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Accordingly, the very small range of only 8% separating the three isolated quarters is a clear indication of the constant letting momentum over the current year.
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In the segment of major contracts, the letting to the Free State of Bavaria for the Bavarian state parliament in the LEHELS building ensemble in the Altstadt-Lehel district (19,200m²) was particularly noteworthy in the past three months. Other major lettings between July and September included Interhyp AG (9,000m²) as well as SBK Siemens-Betriebskrankenkasse (5,100m²) at Centre Fringe East and West respectively.
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The positive market development combined with the increasing focus on premium locations and properties is reflected in the development of rents in the top segment: prime rents have risen by 11% to €53.50/m² in the last 12 months. The average rent stands at €24.90/m².