Office letting at all-time high despite weak economy
JLL reports around 2 million sqm let in the seven largest German office letting markets in the first half of the year; Colliers International reports around 1.9 million sqm let. This is more than 5% above last year’s figures and just above the previous record from 2017. BNPPRE reports an 8% increase for the top 8 markets, Cushman & Wakefield calls it the best half-year results in the last 20 years for the top 4, CBRE sees a slight increase for the top 5 and Savills registers a 7% increase for the top 6. In contrast to the 1st quarter, lettings have now increased in all markets except Munich. However almost all the brokerage firms agree that Munich came out ahead of Berlin as the market with the highest turnover, with over 420,000 sqm. The forecasts for the year as a whole remain optimistic: due to the scarcity of space, rents are unlikely to collapse or vacancy rates skyrocket in the event of a further economic downturn.
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