MUNICH OFFICE MARKET BACK ON TRACK
With take-up of 440,000 m², the Munich office market has regained momentum and at the end of the third quarter is only 4% short of the previous year's result. After a poor first half-year, in which good take-up was recorded in the small and medium-sized market segments, but major contracts were lacking, the latter have now been concluded in the third quarter. With a Q3 result of 206,000 m², the second-best quarterly figure in the last ten years was achieved. At the same time, the long-term average for the third quarter was outperformed by 19%, which can be seen as a success against the background of the unchanged difficult general conditions. A major contribution to this development was made by Deutsches Patent- und Markenamt's major lease of around 45,000 m² in the Pandion Soul project. As the previously observed recovery in take-up in the smaller sized deal segments has continued, the Bavarian capital is clearly on the road to success again. In a nationwide comparison, Munich is thus once again in its familiar second place by a wide margin, behind the capital Berlin.