Frankfurt: office market at high level despite decline
The Frankfurt office market ended 2018 with a take-up of 622,100 sqm – despite a decline – according to initial figures from NAI Apollo. This is the second-highest figure in the past 15 years after the record year of 2017 (711,600 sqm), and exceeds the long-term average (475,500 sqm) by more than 30%. In addition to the banking and financial sector, the lion’s share of demand came from the “construction and real estate industry” with 86,300 sqm (13.9%), with coworking providers accounting for more than half of the take-up. NAI Apollo sees prime rents at €43.20/sqm, the highest value since 2001. The real estate consultancy also currently puts vacancies at 743,000 sqm, corresponding to a rate of 6.5%, its lowest figure since 2001. In the banking sector, this figure is just 2.6%.
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