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Berlin: Office leases continue to increase – vacancy only 3 %
Take-up on Berlin’s office market was around 220.000 sqm in the second quarter, according to initial calculations by Cushman & Wakefield (C&W). This is a further increase over Q1, which at roughly 192,000 sqm was already the second-strongest quarter of the last 10 years. Accordingly, the vacancy rate has dropped to now only 3 %. Companies in need of large spaces increasingly opt for pre-letting or developments, C&W states, adding that significant market relief from developments is not anticipated this year. Of the 66,000 sqm that are expected to be completed by the end of this year, half are already pre-let. The brokerage firm is not expecting the supply situation to improve before 2019. Top office rents have also increased further to €26.50/sqm.
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