Cologne: steady office turnover, falling vacancy rate
Office space take-up in Cologne was around 310,000 sqm last year, according to a preliminary analysis by Greif & Contzen, bringing a return to 2017-level earnings. The vacancy rate fell from 3.6% to 2.6%, with companies currently having 200,000 sqm available to lease, not including space for project development. The area-weighted average rent increased almost 10% to around €15.00/sqm. Prime rents rose from €21.50/sqm to around €23.00/sqm, while the year’s most expensive transaction (€25.00/sqm) remained below the previous year’s €26.50/sqm. The brokerage firm expects demand for space to fall this year as economic forecasts have slackened, with supply remaining tight, however. Annual take-up will likely be in the range of 280,000 sqm.
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