Average take-up in a long term comparison
In the Munich market area a take-up totalling 179,000 m² was recorded in the first quarter of 2020. Compared to the same period of the previous year, this represents a decline of almost 8%, which puts Munich in a comparatively good standing compared to the rest of Germany. This is underlined by the fact that take-up is roughly on a par with the average of the last ten years. This result makes the Bavarian state capital the top among the major German office locations and also leaves the capital Berlin just behind. One of the reasons for this good performance is the high share of large contracts for more than 5,000 m² concluded in the first three months of the year, which account for 44% of the result. This means that the long-term average of around one third is noticeably exceeded. KPMG's contract for a good 31,000 m² in the Optineo project in the Werksviertel is particularly noteworthy. The slightly lower take-up is primarily due to the overall moderate economic growth at the end of 2019/beginning of 2020. In contrast, direct effects of the corona crisis are not yet reflected in these figures.
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