Office take-up in Germany grew by nearly 18% year-on-year during the third quarter of 2011 as the bullish market trend continued, according to new figures released by BNP Paribas Real Estate.
The three months to end-September saw take-up of 863,000 m2 across Germany’s eight main office locations, marking the second-best quarterly result over the past three years. Only Dusseldorf and Frankfurt saw sales volumes either decline or hold steady: all other cities enjoyed positive growth.
Year-on-year figures also show growth in prime rents with an average national increase of just under 5%. The biggest increases were registered in Munich and Berlin, with rents up 14% and 9% respectively.
Vacancy rates over the period decreased more slowly in line with expectations, falling 2% to 8.57 million m2 nationwide. Modern developments saw the biggest demand, with the vacancy rate in the sector falling by more than 10%. The prospect of an upward trend in rents in this market cannot be ruled out, according to Peter Rosler, chairman of BNP Paribas Real Estate Germany.
‘With currently robust economic growth and positive trends in the labour market, we expect continued strong demand,’ said Rosler.
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