Office market: Berlin is booming
Initial quarterly figures for office markets in Germany show a positive trend, especially for Berlin. Angermann reported a third quarter rental volume of 208,000 sqm in the capital city, resulting in a total of 542,000 sqm for the year’s first nine months. This already puts the capital ahead of the ten-year average of 526,000 sqm and 48% above last year’s result. Angermann forecast a new record high for the entire year of 700,000-750,000 sqm. The real estate broker also calculated that there was a 3% decrease in its home market Hamburg to 365,000 sqm during the first three quarters, but still maintains that an annual result of 500,000 sqm is realistic. According to initial office market reports, Frankfurt is also achieving solid numbers. NAI Apollo said turnover rose 6.9% to 275,900 sqm, while blackolive reported a 9% increase to nearly 300,000 sqm. Both brokers are expecting a total of up to 400,000 sqm for 2015, which would be somewhat shy of the ten-year average.
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