Frankfurt Office MarketView

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Frankfurt Office MarketView"

Transcription

1 Frankfurt Office MarketView Q3 214 Quick Stats Q3 214 GDP Q % Q-o-Q Q-o-Q Take-up 97, sq m Vacancy 1.34m sq m Prime rent 38. /sq m Prime yield 4.7% GDP Q % Q-o-Q IFO BUSINESS CLIMATE INDEX 14.7 Sept. 214 OVERVIEW Global Research and Consulting BA-X 17 Sept. 214 UR FFM 7.3% Sept. 214 Economy Frankfurt is both Germany s finance capital and an international financial centre. For decades, the city has been the headquarters of important regulatory authorities, principally the European Central Bank. As the European regulatory system expands, the city on the Main is benefiting in particular from this development. This is already having an effect on the office letting market. In the third quarter, the Deutsche Bundesbank (German Central Bank) and the state-backed Kreditanstalt für Wiederaufbau expanded its branches and leased new space. A survey of 4 German companies in the banking and financial services sector carried out by the Center for Financial Studies in the third quarter showed that consultancies benefit in particular from new regulations in the banking sector, and are taking on new staff and looking to invest further. 1 Completions 1,8 sq m Hot Topics Office space take-up down in the year to date due to lack of large-scale lettings Third quarter is strongest quarter s office space take-up Prime rent remains stable slight rise in average rent Limited new completion pipeline expected for 21/216 Continued high demand from core investors means stable prime yield at low level Rising investor demand for refurbishment properties and locations outside the CBD Office market In the first nine months of 214, 262,4 sq m was taken up in the Frankfurt office letting market. This equates to a reduction in take-up of around 18% compared to the same period last year. This development was principally caused by the significant decrease in letting volume in the larger size categories. The achievable prime rent remained stable at 38./ sq m/month. The vacancy level decreased considerably by 22% year-on-year. For the full year 214, we expect an extraordinarily high volume of new-build space, primarily due to the completion of the new European Central Bank building. A below-average office space pipeline is expected for 21 and 216, based on current information. Investment market The total investment volume in the Frankfurt commercial property investment market gained significant momentum in the third quarter, with 81m, which equates to a rise of 32% compared to the previous quarter. However, the cumulative investment volume in the first three quarters was 23% below the excellent result of the previous year, and a remarkable 43% in excess of the - year average of the first three quarters. This reflects the continual rise in demand and marketability of commercial property investments in the finance capital, Frankfurt. Given the number of imminent investment transactions, momentum will increase strongly by the end of the year and prime yields will remain under pressure. Table 1: Office market key data Q3 213 Q3 214 Y-o-Y Stock, million sq m % Take-up, cum. 1, sq m % Vacancy, million sq m % Vacancy rate, % %-Pts. Prime rent, /sq m/month % Prime yield, % %-Pts. Capital value index (Q = 1) % 214, GmbH

2 1, sq m % 1, sq m Q3 214 Frankfurt Office MarketView TAKE-UP The third quarter closed with take-up of 97, sq m and was therefore the strongest quarter of 214 to date. The letting of 1,4 sq m to the headquarters of the Deutsche Bundesbank in Trianon on Mainzer Landstrasse in the immediate vicinity of project developments such as the Marienbogen, Main Zero and T8, and the second largest letting of 7,8 sq m to the Kreditanstalt für Wiederaufbau (KfW) in the IBC contributed much to this performance. The cumulative decrease in the office space take-up volume in the first three quarters of 18% to 262,4 sq m compared to the same period last year, is due to the overall lack of large-scale deals and to the limited supply of high-quality space in central locations, which means that there is little pressure to relocate. Instead, companies have often been extending their existing lease contracts. Lease extensions have totalled almost 1, sq m in the year to date, equating to around 37% of the cumulative take-up, but are excluded from the take-up statistics. The most active submarket by far in terms of take-up in the first three quarters of 214 was the Banking District, which accounted for 29% of the total take-up. This was followed at some distance behind by the central submarkets Westend (12%), City (1%) and City West (1%). The largest lettings in the first nine months of the year were to Deutsche Bank in Main Zero with a total of 32,6 sq m and the aforementioned letting to Deutsche Bundesbank in Trianon. This is also reflected in the take-up by sector. At 3%, the banking and financial services sector was by far the most dominant tenant group in the year to date. Legal advisors and chartered accountants followed in second place, but accounted for a share of only 9% of the total take-up volume. The IT sector was in third place at around 6%. VACANCY Compared to the previous year, the vacancy rate across the entire market fell by a significant 3 %-points to just 11.% at the end of the third quarter, and is therefore well below the 1-year average of 1%. The vacancy level also fell considerably by 22% to its current level of 1.34m sq m of office space. This positive development in vacancy in the first nine months of 214 was principally due to demolitions and changes of use of mainly vacant office buildings totalling almost 2, sq m, which is almost three times the previous year s level. Conversions were mainly of obsolete offices into residential space, due to a shortfall of residential space in Frankfurt. Chart 1: Office space take-up Chart 2: Office space take-up (cumulated, %) by sectors* - Top - Chart 3: 2, 2, Remaining sectors 4% Real Estate % Q1 Q1 Q3 Q4 Transport, Traffic % 1-year average: 462,9 sq m IT 6% Legal Adv., Chart. Acc. 9% Office space vacancy 1-year average: 1. % Banks, Financial S. 3% *in total 2 sectors The supply of office space in the Frankfurt market area is currently around 1.4m sq m, which equates to a supply rate of 12.%. In addition to vacant areas and space available for sub-letting, speculative completions in the next twelve months are also included. Due to the many demolitions and very limited volume of speculative completions, the supply volume has fallen by 21% over the past twelve months. The volume of office space available for sub-letting has also fallen 2% year-on-year, which is a positive sign for Frankfurt as an economic location. 1, 1, Q Vacancy Vacancy rate 214, GmbH

3 1, sq m Index Q = 1 /sq m/month Chart 4: Prime rent & Weighted average rent Q3 Prime rent Weighted average rent Chart : Prime office rent index RENT The weighted average rent based on all lettings over the last twelve months rose by % year-on-year to per sq m/month by the end of September. This is principally due to the high level of demand in central locations. The sustainable achievable prime rent for the well appointed office buildings in the city centre remained stable at 38. /sq m/month. The prime rent is expected to rise in the medium-term, due to the fall in supply of new and highquality space in the CBD. Of Frankfurt s 2 submarkets, the highest weighted average rent was recorded in the Banking District, at 26.4 /sq m/month. The other two leading submarkets were the other CBD districts of City and Westend, with /sq m/month and 2.9 /sq m/month respectively. As the achievable prime rent has remained stable for years, the Frankfurt Rental Price Index has remained unchanged at 219 index points since the final quarter of 28. In contrast, the index for Germany has risen slightly by.9 %-points compared to last year, due to a rise in achievable prime rents in Hamburg and Munich. Q3 214 Frankfurt Office MarketView Germany Frankfurt Chart 6: Office space future supply 4 4 PIPELINE For the full year 214, we expect an extraordinarily high completion volume totalling 261, sq m of new or fully refurbished office space in the Frankfurt market. Of these, 4% has already been completed in the year to date. In the fourth quarter, the high completion volume of 12, sq m is principally due to the large-scale owner-occupied European Central Bank building with 14, sq m in the East submarket, which means that the 214 volume will be around one quarter higher than the long-term average. Over the next few years, the completion pipeline will subside to below-average levels of 14, sq m in 21 and 1, sq m in 216. The long-term average from 24 to 213 is almost 28, sq m, which means that these volumes will be 33% and 2% below that level respectively, providing that no further projects appear in the next few quarters. The relatively low completion volume and high level of demand for high-quality space, particularly in central locations, means that there is an urgent need for speculative project developments year average: 27,7 sq m Completed Speculative Pre-let Owner-occupied The current volume of office space completions which are still un-let in 21 (2%) and 216 (%) will significantly reduce by the time they are completed. Speculative completions expected in the CBD such as MA RO (8,9 sq m) and Vista (7, sq m) relieve the scarcity of supply situation for high-quality centrally located space in the office letting market to some extent, but only from the end of 21 to mid-216 at the earliest. According to current information, supply will increase slightly in the City submarket from the end of 21 with the 1, sq m Turm-Center and from the start of 216 with Opernplatz XIV with its 7, sq m , GmbH

4 Index Q = 1 % 1, sq m Q3 214 Frankfurt Office MarketView PIPELINE BY SUBMARKETS At the end of 214, the owner-occupied new European Central Bank building will be completed, which means that the Frankfurt East submarket will lead the pipeline by submarket, but probably for the last time. Due to the increased demand for high-quality office space in the city centre, there appears to be a slight increase in building activity in the Banking District, in particular along Mainzer Landstrasse, Taunusanlage and Neue Mainzer Strasse. However, a large proportion of this office space (6%) will be completed in 216 at earliest, and 4% of projected office space in this submarket up to the end of 216 is already pre-let. According to current information, only 14% of new-build space is still available to let in the Railway Station District. In the City submarket, the completion of the as yet un-let Turm-Center with around 1, sq m office space from year end 21 is likely to bring about a slight easing of tension in the scarcity situation. In the more peripheral City West submarket, the St. Martin Tower is currently under construction, and its 23, sq m office space is still un-let. INVESTMENT The third quarter saw the strongest turnover performance of 214 to date, with a commercial property investment volume of 81m. In particular, there has been a significant increase in transactions in the lot size categories over m compared to last year. The number of transactions and the investment volume in these size categories has almost doubled and, in addition to institutional investors, it is increasingly private investors who have been turning to property investments because of the much higher returns compared to bonds and the money markets. As a result, the average investment volume halved to around 26m by the end of September. The most sought-after asset class in the first three quarters was office property with a share of 8% of the total investment volume. The main reason for this high level was the sale of the police headquarters (part of the Leo I portfolio) by Commerz Real to Patrizia for well over 3m, the sale of the DB Schenker Headquarters Alpha Rotex in the new Frankfurt district of Gateway Gardens in the vicinity of Frankfurt Airport by Gross und Partner/OFB (Helaba Gruppe) to the Zurich Group, and the sale of the Chart 7: Office space future supply (Q ) by submarkets* -Top - Chart 8: Prime yield, capital value and benchmark yield *in total 2 submarkets Q3 214 WestendCarree properties by Tishman Speyer to IVG for over 1m each. The second highest investment volume was hotel properties with a share of 17%, which was a significant rise in investment volume compared to last year (+83%). It is worth mentioning that a high proportion of around 6% of all hotel transactions were part of portfolio sales, including the sale of the InterContinental in the Railway Station District by GSSG to Katar Hospitality as part of a pan-european portfolio. The largest single transaction was the sale of the Frankfurt Hilton with a volume of more than 11m by London & Regional to an international private investor. The deal was done through Hotels and was the largest single asset sale in the whole German hotel segment in the current year to date. The share attributable to portfolios increased across all asset classes and indeed doubled compared to 213. In the fourth quarter, the high level of demand for high volume investment alternatives in the Frankfurt commercial property market will be particularly evident, as there are a number of large-scale transactions due to be completed, and this will mean that a full year result of around 4bn cannot be ruled out. The high level of demand means that the prime office yield remains stable at its low level of 4.7%. There is yield compression in the market for properties in secondary locations, as investors willingness to take on risk increases and they turn increasingly to properties offering value enhancement potential. In addition, we have registered increased investor interest in project developments in central office market locations East Bank. D. Rail. St. D. Speculative Pre-let Owner-occupier Capital value index Prime yield (%) 1Y Bund (%) City City W FORECAST The suspension of letting decisions by companies and the traditionally strong final quarter mean that expects a rise in letting volume in the fourth quarter, and office space take-up could still reach the 4, sq m mark. The achievable prime rent will remain stable until year-end. In the medium-term, the decrease in supply of new and refurbished space in the CBD will mean that the prime rent is likely to rise. The vacancy level will fall further, particularly in the case of well-appointed office space in central locations. There will be a below-average completion pipeline in the next few years. 214, GmbH

5 Table 2: Submarket key data Cumulated Take-up sq m Future supply Q sq m Vacancy rate % Rental band /sq m/month Weighted average rent /sq m/month Railway Station District 14,6 48, Banking District 7,9 84, Office Location/Niederrad 7, City West 27,3 23, Eschborn 13, Frankfurt City 26,9 2, Frankfurt Airport 4, Frankfurt North n/a Frankfurt East 16,1 11, Frankfurt South 1, n/a Frankfurt West, Merton District 12, Trade Fair/Europe District 1,2 21, n/a Niedereschbach 1, n/a Offenbach Kaiserlei 1, n/a Rebstock n/a Sachsenhausen 1,6 13, Sossenheim/Rödelheim/Hausen 8,3 3, Westend 3,6 17, Westhafen 4, TOTAL 262,4 39, Q3 214 Frankfurt Office MarketView 214, GmbH

6 Q3 214 Frankfurt Office MarketView For more information about this MarketView, please contact: Research Germany Dr. Jan Linsin Senior Director Head of Research Germany 6323 Frankfurt t: e: Johannes Dreher Analyst 6323 Frankfurt t: e: Agency Frankfurt Carsten Ape Managing Director Head of Agency Germany 6323 Frankfurt t: e: Alexander Riegel Director Co-Head of Agency Frankfurt 6323 Frankfurt t: e: + FOLLOW US GOOGLE+ FACEBOOK 6 Global Research and Consulting This report was prepared by the Germany Research Team which forms part of Global Research and Consulting a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe. Disclaimer Information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. This information is designed exclusively for use by GmbH clients, and cannot be reproduced without prior written permission of GmbH , GmbH

Frankfurt Office MarketView

Frankfurt Office MarketView Frankfurt Office MarketView Q2 213 GDP Q1 GER +.1% Q-o-Q GDP Q4 GER -.6% Q-o-Q IFO BUSINESS CLIMATE INDEX 1.9 June 213 Global Research and Consulting GFK CONSUMER CLIMATE INDEX 6. June 213 UR FFM 7.3%

More information

Berlin Office MarketView

Berlin Office MarketView Berlin Office MarketView Q2 213 GDP Q1 GER +.1% Q-o-Q GDP Q4 GER -.6% Q-o-Q IFO BUSINESS CLIMATE INDEX 1.9 June 213 CBRE Global Research and Consulting GFK CONSUMER CLIMATE INDEX 6. June 213 UR BER 11.6%

More information

Dusseldorf Office MarketView

Dusseldorf Office MarketView Dusseldorf Office MarketView 214 Q3 GDP 214 Q2.2% Q-o-Q GDP 214 Q1 +.7% Q-o-Q IFO BUSINESS CLIMATE INDEX 14.7 Sept. 214 CBRE Global Research and Consulting BA-X 17 Sept. 214 UR DUS 8.6% Sept. 214 1 Quick

More information

Hamburg Warehouse and Logistics MarketView

Hamburg Warehouse and Logistics MarketView Warehouse and Logistics MarketView H2 212 GDP Q4 GER -.6% Q-o-Q GDP Q3 GER +.2% Q-o-Q IFO BUSINESS CLIMATE INDEX 15.2 Jan. 212 Global Research and Consulting GFK CONSUMER CLIMATE INDEX 5.7 Jan. 212 UR

More information

Stable demand and limited completions on the Viennese office market in Q2 2016

Stable demand and limited completions on the Viennese office market in Q2 2016 Vienna Office, Q2 2016 Stable demand and limited completions on the Viennese office market in Q2 2016 10.85m sq m 6,000 sq m 61,000 sq m 6.0% 26.00/sq m/month Compared to Q2 2015 Figure 1: Office market

More information

Yield Compression is evident in the prime end of the market

Yield Compression is evident in the prime end of the market MARKETVIEW Helsinki Metropolitan Area (HMA) Office, Q4 2014 Yield Compression is evident in the prime end of the market 0.9% (Nov Y-o-Y) 1.0% (2014 Y-o-Y) 8.8% (Dec) QUICK STATS ECONOMIC OVERVIEW Q4 2014

More information

The Office Market Frankfurt/Main

The Office Market Frankfurt/Main CB RICHARD ELLIS MARKET VIEW Frankfurt/Main OFFICE MARKET Q3 28 Overview The Office Market Frankfurt/Main Take-up almost at last year s level Marginal increase in vacancy Higher demand for middle price

More information

UK Prime Rents and Yields MarketView

UK Prime Rents and Yields MarketView Q 2 Q1 2 Q1 2 Q 2 Q2 2 Q1 2 Q 2 Q 2 Q2 2 Q 2 Q2 211 Q 212 UK Prime Rents and Yields MarketView CBRE Global Research and Consulting RENTS - RISERS 2 YIELDS - FALLERS RENTS - FALLERS YIELDS - RISERS ACCELERATING

More information

Warsaw Office MarketView

Warsaw Office MarketView Warsaw Office MarketView H1 213 CBRE Global Research and Consulting OFFICE STOCK 4. M SQ M OFFICE VACANCY 1.5% OFFICE TAKE-UP 334, SQ M COMPLETION 152, SQ M UNDER CONSTRUCTION 7.8% Y-O-Y GENERAL OVERVIEW

More information

Record office take-up Investment market remains dynamic

Record office take-up Investment market remains dynamic Berlin Market Report OFFICE LEASING AND INVESTMENT Q1 2016 Record office take-up Investment market remains dynamic Margit Lippold Director Research Office leasing Office take-up (in 1,000 sqm) including

More information

Midtown South Manhattan Office MarketView

Midtown South Manhattan Office MarketView Midtown South Manhattan Office MarketView CBRE Global Research and Consulting LEASING ACTIVITY 1.1 MSF NYC UNEMPLOYMENT RATE (DEC. 1) 7.5% NYC OFFICE EMPLOYMENT (DEC. 1) 1,6, U.S. GDP CHANGE (Q 1) 4.1%

More information

Warsaw Office MarketView

Warsaw Office MarketView Warsaw Office MarketView Q4 212 CBRE Global Research and Consulting OFFICE STOCK 3.9 M SQ M OFFICE VACANCY 8.8% OFFICE TAKE-UP 68,5 SQ M COMPLETION 268, SQ M UNDER CONSTRUCTION.2% Y-O-Y GENERAL OVERVIEW

More information

Helsinki Metropolitan Area (HMA) Office MarketView

Helsinki Metropolitan Area (HMA) Office MarketView Helsinki Metropolitan Area (HMA) Office MarketView Q3 2014 CBRE Global Research and Consulting GDP -0.6% (Y-o-Y) CPI 1,3% (Y-o-Y) UNEMPLOYMENT RATE 8,2% (Sep) HELSINKI OFFICE MARKET - SALES VOLUME IS IMPROVING

More information

P R E S S R E L E A S E

P R E S S R E L E A S E P R E S S R E L E A S E COMMERCIAL PROPERTIES 2014: TRANSACTION VOLUME APPROACHES 40 BILLION EURO MARK - Share of foreign investors rises to 46 percent - Portfolio sales nearly doubled - Prime yields continue

More information

Luxembourg Office MarketView

Luxembourg Office MarketView Luxembourg Office MarketView Q4 2012 CBRE Research & Consulting 2012 GDP 0,5% TAKE-UP 169.000 m² PRIME RENT 40 EUR/m²/mth PIPELINE 64.000 m² VACANCY RATE 6,08% PRIME YIELD 5,5% 2012 CATCHES UP DURING THE

More information

Caracas Office MarketView

Caracas Office MarketView Caracas Office MarketView CBRE Global Research and Consulting SALE PRICE CLASS A 45.03% VACANCY CLASS A 15.81% LEASE RENT CLASS A 36.21% NEW SUPPLY 0 sq. m. *Arrows indicate changes from previous quarter.

More information

Warehouse and Logistics Market MarketView Germany

Warehouse and Logistics Market MarketView Germany Warehouse and Logistics Market MarketView Germany Spring 2014 CBRE Global Research and Consulting GDP Q4 GER Q/Q + 0.4 % GDP Q3 GER Q/Q + 0.3 % IFO INDEX M/M 110.7 Mar 2014 10Y BUND Q/Q 1.52 % Mar 2014

More information

Contents. Economy Investment Office...5. Industrial Summary Q Summary Q Prognosis... 4

Contents. Economy Investment Office...5. Industrial Summary Q Summary Q Prognosis... 4 Czech Republic MARKET OVERVIEW Q1 2016 Contents Economy... 3 Summary Q1 2016... 3 Investment... 4 Summary Q1 2016... 4 Prognosis... 4 Office...5 Summary Q1 2016... 5 Prognosis... 6 Industrial... 7 Summary

More information

Market in Minutes Germany office markets Q2 2016

Market in Minutes Germany office markets Q2 2016 Savills World Research Germany offices Market in Minutes Germany office markets 216 The facts at a glance Office space is becoming scarce, driving rents higher In the major German office markets, office

More information

Rebound after a slow start

Rebound after a slow start DTZ Research PROPERTY TIMES Rebound after a slow start Europe Office Q2 2015 28 August 2015 Contents Take-up 2 New office supply 3 Vacancy ratio 4 Prime office rents 5 Outlook 6 Definitions 7 3 million

More information

European office sector recovery gains momentum

European office sector recovery gains momentum The Jones Lang LaSalle Office Property Clock Q4 2013 European office sector recovery gains momentum European Office Rental Index increases q-o-q Aggregate European leasing volume up 18% on Q3 Completions

More information

European office sector recovery continuing Divergence in speed and strength remains

European office sector recovery continuing Divergence in speed and strength remains The Jones Lang LaSalle Office Property Clock Q3 2013 European office sector recovery continuing Divergence in speed and strength remains European Office Rental Index decreases q-o-q Aggregate European

More information

Investment Market Overview. Germany I 2 nd quarter of 2014 Published in July 2014

Investment Market Overview. Germany I 2 nd quarter of 2014 Published in July 2014 Investment Market Overview Germany I 2 nd quarter of 2014 Published in July 2014 JLL Investment Market Overview July 2014 2 Strong momentum on the German investment market The German investment market

More information

Leasing and investment market off to a lively start in 2016

Leasing and investment market off to a lively start in 2016 Düsseldorf Market Report Office Leasing and Investment Q1 2016 Leasing and investment market off to a lively start in 2016 Lars Zenke Director Research Düsseldorf Office Leasing The Düsseldorf office leasing

More information

Hanoi Quarterly Report

Hanoi Quarterly Report Market Insights from CBRE s Hanoi Quarterly Report Presented by: CBRE RESEARCH & CONSULTANCY Richard Leech Executive Director Thanh Tran Senior Manager CB Richard Ellis (Vietnam) Co., Ltd. October 13 th

More information

Office Leasing and Investment

Office Leasing and Investment Market report Munich Mid-year report 215 Office Leasing and Investment Accelerating success. Office Leasing Munich Statistics Population 1,5,56 Unemployment Rate 4.4 % Employees Paying Social Security

More information

Warehouse & Logistics Market MarketView Germany

Warehouse & Logistics Market MarketView Germany Warehouse & Logistics Market MarketView Germany Feb 2013 GDP Q4 GER -0.6% q-o-q GDP Q3 GER +0.2% q-o-q IFO BUSINESS CLIMATE INDEX 107.4 Feb. 2013 CBRE Global Research and Consulting GFK CONSUMER CLIMATE

More information

European office market recovery continues but at varying speeds

European office market recovery continues but at varying speeds The Jones Lang LaSalle Office Property Clock Q2 2013 European office market recovery continues but at varying speeds European Prime Office Rental Index continues upward trend Aggregate European leasing

More information

LARGE OFFICE SPACE Where to find 5,000 sq m in Europe

LARGE OFFICE SPACE Where to find 5,000 sq m in Europe EMEA Office July 2015 LARGE OFFICE SPACE Where to find 5,000 sq m in Europe HIGHLIGHTS The availability of large office premises has reduced by 12% year-on-year Choice is limited - only 19% of options

More information

Office Leasing and Investment

Office Leasing and Investment MarkEt REPORT Berlin 214/215 Office Leasing and Investment Accelerating success, Office leasing Berlin STATISTICS Population 3,422, Unemployment rate 11.1 % Employees paying social security contributions

More information

Office and Investment Markets an overview

Office and Investment Markets an overview CITY SURVEY Germany 215/216 and Investment Markets an overview Accelerating success. Achim Degen Executive Management Spokesman achim.degen@colliers.com Good year for landlords and considerable increase

More information

Property Times Europe Q3 2010 Short supply improves rental outlook

Property Times Europe Q3 2010 Short supply improves rental outlook 1999 2000 2001 2002 2003 2004 2005 2006 2007 2011 2012 2013 2014 Property Times Europe Short supply improves rental outlook 19 October Contents Overview 1 Market Statistics 2 Office Market Overview 3 Outlook

More information

Strong activity on the office leasing market Commercial investment market continues strong upward trend

Strong activity on the office leasing market Commercial investment market continues strong upward trend Germany Leasing and Investment Q1 2015 MARKET REPORT Strong activity on the office leasing market Commercial investment market continues strong upward trend ANDREAS TRUMPP MRICS Head of Research Germany

More information

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis Current Issues Note 27 By Yeukai Muchenje and Nick Ennis copyright Greater London Authority November 2010 Published by Greater London Authority City Hall The Queen s Walk London SE1 2AA www.london.gov.uk

More information

EMEA Office MarketView

EMEA Office MarketView EMEA Office MarketView 2014 CBRE Global Research and Consulting EMEA PRIME YIELD 7.9 BPS EU-28 VACANCY RATE 0.02 PP EMEA PRIME RENT 0.3% EMEA CAPITAL VALUE 1.8% TAKE-UP 17% TAKE-UP STILL SUBDUED BUT SOME

More information

Investment market continued strong in 2015

Investment market continued strong in 2015 2008 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F MARKETVIEW Helsinki Metropolitan Area (HMA) Office, H2 2015 Investment market continued strong in 2015-0.2% (Y-o-Y) -0.2% (Y-o-Y) 9.2% QUICK STATS ECONOMIC

More information

European office rental struggle amidst subdued demand

European office rental struggle amidst subdued demand The Jones Lang LaSalle Office Property Clock - Q2 2012 European office rental struggle amidst subdued demand The European rental index records a second successive modest fall (-0.2%) The European vacancy

More information

Brussels Office MarketView

Brussels Office MarketView Brussels Office MarketView CBRE Research 2012 GDP -0.2% 2013 GDP 0.6% UNEMPLOYUMENT 7.2% EXPORTS -1.1% BUSINESS CONFIDENCE CONSUMER CONFIDENCE CORPORATE DEMAND REBOUNDS AND OFFICE RECONVERSIONS CONTINUE

More information

UK commercial property prime rental values continue to increase.

UK commercial property prime rental values continue to increase. MARKETVIEW UK Prime Rent and Yield, UK commercial property prime rental values continue to increase. 164 3 23 6 *Arrows indicate change from previous quarter. Prime rental values increased by 1.3% in,

More information

German Housing Companies Invest Heavily in Existing Portfolios

German Housing Companies Invest Heavily in Existing Portfolios 16 April 2015 German Housing Companies Invest Heavily in Existing In the last five years spending on maintenance and refurbishment climbed significantly among the 20 largest German housing companies. The

More information

GDP growth. annual % change. Source: European Commission. Total employment growth. annual % change. Source: European Commission.

GDP growth. annual % change. Source: European Commission. Total employment growth. annual % change. Source: European Commission. Economy Economy According to the latest European Commission (EC) forecasts for the Greek economy, economic activity is estimated to continue to grow at well above the Euro area average at around 3.% in

More information

Frankfurt/RheinMain Airport Location Neu-Isenburg!

Frankfurt/RheinMain Airport Location Neu-Isenburg! Frankfurt/RheinMain Airport Location Neu-Isenburg Summary of the Market and Location Analysis Frankfurt am Main, May 2014 Bettinastraße 62 60325 Frankfurt (Main) Tel. +49 69 75 61 46 760 info@.de www..de

More information

Lisbon Office Market Outlook. 1st Half

Lisbon Office Market Outlook. 1st Half 1st Half www.prea.pt Summary and Outlook In Spring the 3 year bailout plan was concluded with a clean exit and official registered success by major entities: EU, ECB and IMF. Major austerity measures are

More information

Suburban Boston Office MarketView

Suburban Boston Office MarketView Suburban Boston Office MarketView CBRE Global Research and Consulting U.S. UNEMPLOYMENT 6.7% MA UNEMPLOYMENT 6.3% OCCUPIED SQ. FT. 93.4M AVAILABILITY 20.2% SUBLEASE SQ. FT. 2.7M UNDER CONSTRUCTION 1.6M

More information

After a year of records, 2016 will be a year of challenge for the office makret

After a year of records, 2016 will be a year of challenge for the office makret Warsaw Offices, Q4 After a year of records, 216 will be a year of challenge for the office makret 4,68 mln sq m 12.3% 833,2 sq m 289,75 sq m Figure 1. Chosen office buildings completed in Q4 *Arrows indicate

More information

Minneapolis/St. Paul Office MarketView

Minneapolis/St. Paul Office MarketView Minneapolis/St. Paul Office MarketView Q2 2014 CBRE Global Research and Consulting BIG 2ND QUARTER HAS VACANCY RATE TRENDING DOWNWARD Quick Stats GDP GROWTH MN EXPORTS MN UNEMPLOYMENT CONSUMER SPENDING

More information

Budapest City Report Q City Reports

Budapest City Report Q City Reports Budapest City Report City Reports COPYRIGHT JONES LANG LASALLE IP, INC. 2016 Budapest City Report million GDP Growth () Unemployment rate () Economy & Investment Economy Inflation 2.9% 6.0% () -0.1% Average

More information

Greater Toronto Area Industrial Market Snapshot October 2013

Greater Toronto Area Industrial Market Snapshot October 2013 Greater Toronto Area Industrial Market Snapshot October 2013 CBRE Global Research and Consulting LOCATION, LOCATION, AND TRANSPORTATION WHERE IS INDUSTRIAL DEVELOPMENT HEADED? By: Lynn Duong Senior Research

More information

Office market report Luxembourg

Office market report Luxembourg Office market report Luxembourg On Point 4 th quarter 2015 The year of the mega deals Take-up in Q4 surged to 87,000 sqm., up vs. 58,000 sq.m. in Q3. Over the full year, take-up amounted to 231,000 sq.m,

More information

Lisbon Office Market Outlook. 4th Quarter 2009

Lisbon Office Market Outlook. 4th Quarter 2009 (data on ) Contacts: Pedro Pimentel pedrop@prea.pt 214406420 Research & Market Analysis Dept. www.prea.pt Outlook Following a major downturn in economic performance office space demand continues to be

More information

Commercial Property Newsletter

Commercial Property Newsletter Commercial Property Newsletter November 2010 Inside: Irish Commercial Property Commentary UK Commercial Property Commentary - Irish Life UK Property Fund Information European Commercial Property Commentary

More information

Leasing activity drives new construction in Milwaukee

Leasing activity drives new construction in Milwaukee MARKETVIEW Milwaukee Office, Q3 2015 Leasing activity drives new construction in Milwaukee Vacancy Rate 15.5% Lease Rate $22.29 PSF Net Absorption 108,597 SF Under Construction 563,717 SF *Arrows indicate

More information

Development activity is limited and will probably remain so for some time as developers are facing financing constraints for speculative schemes.

Development activity is limited and will probably remain so for some time as developers are facing financing constraints for speculative schemes. Luxembourg Offices www.cbre.lu/research Quick Stats Take-up Vacancy Developments Rents Yields Hot Topics Evolution Q4 10 Q3 11 The office real estate market has performed very well in 2011, achieving a

More information

Market report European Offices September 2014

Market report European Offices September 2014 Savills World Research European Commercial Market report European Offices September 20 graph 1 Prime CBD rental growth Positive or stable in most markets y-o-y prime rental growth 30% 25% 20% 15% % 5%

More information

Adelaide CBD Office Market

Adelaide CBD Office Market SPRING 2015 MARKET TRENDS Leasing demand strengthened in the year to July 2015, led by take up from the Government and regulatory authorities and Utilities, Mining and resources sectors. Supply additions

More information

Briefing Office sector November 2014

Briefing Office sector November 2014 Savills World Research Beijing Briefing Office sector November 2014 SUMMARY Image: CBD area, Chaoyang district City-wide vacancy rates hovered at the lowest level in China despite the market receiving

More information

interim report 2004June 30, 2004

interim report 2004June 30, 2004 interim report 2004June 30, 2004 Macroeconomic trends In the first quarter of 2004, the euro-area economy grew 0.6% sequentially. This represented a faster pace of growth than in the previous quarters.

More information

West End of London Office Property Market Outlook

West End of London Office Property Market Outlook September 2011 West End of London Office Property Market Outlook Mark Callender, Head of Property Research, Schroders By contrast with the pedestrian recovery of the overall UK economy, the West End of

More information

Market Commentary Canberra Office

Market Commentary Canberra Office Market Commentary Canberra Office November 2015 Executive Summary A further strengthening in the Canberra office market has been recorded over 3Q15 with a total of 9,300 sqm of positive net absorption.

More information

EMEA Office MarketView

EMEA Office MarketView EMEA Office MarketView 20 CBRE Global Research and Consulting EMEA PRIME YIELD 7.6 BPS EU-27 VACANCY RATE 0.11 PP EMEA PRIME RENT 0.5% EMEA CAPITAL VALUE 1.9% TAKE-UP 9.6% EMEA OFFICE MARKETS SET FOR IMPROVEMENT

More information

London Market Snapshot October 2015 10/15

London Market Snapshot October 2015 10/15 London Market Snapshot October 2015 10/15 Global Macro Overview Global equities experienced their sharpest falls since 2011, with most major markets moving into correction territory (a fall of more than

More information

Market Survey Commercial

Market Survey Commercial Hamburg, Quarters 1 3, Market Survey Commercial Office Letting Grossmann & Berger s promise: Market transparency. Commercial Market Survey Hamburg Quarters 1 3, Office Letting Office Letting Key figures

More information

Bank of America Center. Office Space for Lease. 303 Roma & 500 4th Street NW, Albuquerque, NM. PROPERTY TYPE: General Office

Bank of America Center. Office Space for Lease. 303 Roma & 500 4th Street NW, Albuquerque, NM. PROPERTY TYPE: General Office Office Space for Lease 303 Roma & 500 4th Street NW, Albuquerque, NM Bank of America Center PROPERTY TYPE: General Office AVAILABLE: 428 50,535 ± sq. ft. SUBMARKET: Downtown/ Central Business District

More information

Outlook for Australian Property Markets 2010-2012. Perth

Outlook for Australian Property Markets 2010-2012. Perth Outlook for Australian Property Markets 2010-2012 Perth Outlook for Australian Property Markets 2010-2012 Perth residential Population growth expected to remain at above average levels through to 2012

More information

Hotel Market Germany MarketView

Hotel Market Germany MarketView Hotel Market MarketView 2012 CBRE Hotels / CBRE Global Research and Consulting GDP Q4 GER 0.6% Q-o-Q GDP Q3 GER +0.2% Q-o-Q IFO INDEX 104.2 Jan 2013 10Y GOV BONDS 1.67% Jan 2013 UR GER 7.4% Jan 2013 OVERVIEW

More information

Q3 2014. Dubai Real Estate Market Overview

Q3 2014. Dubai Real Estate Market Overview Q3 2014 Dubai Real Estate Market Overview Dubai Market Summary The Dubai real estate market saw a welcome levelling-off during the summer months. The broad based recovery witnessed in the residential sector

More information

THE NETHERLANDS CAPITAL MARKETS OUTLOOK 2015

THE NETHERLANDS CAPITAL MARKETS OUTLOOK 2015 THE NETHERLANDS CAPITAL MARKETS OUTLOOK 2015 CONTENTS CAPITAL MARKETS OUTLOOK 2015 CONTENTS CAPITAL MARKETS OUTLOOK 2015 INTRODUCTION CAPITAL MARKETS OUTLOOK 2015 6 THE NETHERLANDS ECONOMY 8 CAPITAL FLOWS

More information

Conference Call HOCHTIEF acquires 50% in aurelis Real Estate 06 September 2007

Conference Call HOCHTIEF acquires 50% in aurelis Real Estate 06 September 2007 Conference Call HOCHTIEF acquires 50% in aurelis Real Estate 06 September 2007 Dr. Peter Noé, CFO HOCHTIEF Aktiengesellschaft Dr. Joachim Wieland, Managing Director HOCHTIEF Projektentwicklung TURNING

More information

Healthcare will thrive on structural change

Healthcare will thrive on structural change United Kingdom Healthcare, March 2016 Healthcare will thrive on structural change 4.50% (4.50%) 4.50% (4.50%) 5.00% (5.00%) 5.50% (5.50%) *Arrows indicate yield direction. Previous quarter yields in brackets.

More information

Leasing a Data Center: U.S. Market Cost Comparison

Leasing a Data Center: U.S. Market Cost Comparison GLOBAL RESEARCH AND CONSULTING Leasing a Data Center: U.S. Market Cost Comparison NOVEMBER 2014 EXECUTIVE SUMMARY The data center industry is expanding along with the seemingly limitless demand for data

More information

Deutsche Wohnen AG.» German Jour Fixe 1-1 Conference Merrill Lynch. London, 27 April 2010

Deutsche Wohnen AG.» German Jour Fixe 1-1 Conference Merrill Lynch. London, 27 April 2010 Deutsche Wohnen AG» German Jour Fixe 1-1 Conference Merrill Lynch London, 27 April 2010 1 » Agenda 1. Deutsche Wohnen at a glance 2. Results of the financial year 2009 3. Financial highlights 2009 4. Strategic

More information

Property Data Report

Property Data Report Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform

More information

Frankfurt dominates Q1 activity in Europe

Frankfurt dominates Q1 activity in Europe Supply MW Take-up MW MARKETVIEW European Data Centres, Q1 215 Frankfurt dominates Q1 activity in Europe +2.4% +4.5% 16.3MW European Colocation Supply & Take-up as at Q1 215 9 8 7 6 5 Supply Take-up Forecast

More information

Spain s Real Estate and Construction Markets. Think Tank of Deutsche Bank Group

Spain s Real Estate and Construction Markets. Think Tank of Deutsche Bank Group Spain s Real Estate and Construction Markets Think Tank of Deutsche Bank Group 1 2 3 4 Overall Macroeconomic Environment Real Estate Markets Construction Activity Concluding Remarks 1 Overall Macroeconomic

More information

Derwent London plc ( Derwent London / the Group )

Derwent London plc ( Derwent London / the Group ) 17 November 2011 Derwent London plc ( Derwent London / the Group ) INTERIM MANAGEMENT STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011 Continued strong letting progress and further rental growth during

More information

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3 2012.4 2013.1 2013.2 2013.3 2013.4 2014.1 2014.2 2014.3 2014.4 2015.1

More information

Office Leasing and Investment

Office Leasing and Investment MarkEt REPORT Berlin 215/216 Office Leasing and Investment Accelerating success, Office leasing Berlin STATISTICS Population 3,562, Unemployment Rate 1.1 % Employees Paying Social Security Contributions

More information

Canada Investment MarketView Q2 2013

Canada Investment MarketView Q2 2013 Canada Investment MarketView Q2 213 CBRE Global Research and Consulting CORE CPI 122.9 1 YEAR GOVERNMENT BOND 2.44% NATIONAL CAP RATE 5.96% INVESTMENT VOLUME $14.7 Billion YTD Arrow indicates change from

More information

Outlook for Australian Property Markets Sydney

Outlook for Australian Property Markets Sydney Outlook for Australian Property Markets 2010-2012 Sydney Outlook for Australian Property Markets 2010-2012 Sydney Residential Stimulus and the confidence drives recovery Finance commitments to buy or construct

More information

European Commercial Real Estate Finance 2015 Update

European Commercial Real Estate Finance 2015 Update VIEWPOINT CBRE Capital Advisors analysis of trends in Europe s debt market European Commercial Real Estate Finance 2015 Update Highlights A year on from our last review, we have updated our European Debt

More information

Real Estate Finance. Winter 2011 THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION?

Real Estate Finance.  Winter 2011 THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION? Real Estate Finance www.cbre.com/research THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION? by Natale Giostra Head of UK and EMEA, Real Estate Finance INTRODUCTION The global financial crisis and the

More information

OUT OF TOWN NORTH LIVERPOOL CITY FRINGE OUT OF TOWN WAVERTREE

OUT OF TOWN NORTH LIVERPOOL CITY FRINGE OUT OF TOWN WAVERTREE LIVERPOOL COMMERCIAL OFFICE MARKET REVIEW 2013 WATERLOO NORTH LIVERPOOL BOOTLE CITY FRINGE KNOWSLEY ST HELENS CITY CENTRE RIVER MERSEY WAVERTREE LIVERPOOL CITY REGION MAP SOUTH LIVERPOOL SUMMARY Combining

More information

European Supply Pipeline (as a percent of stock)

European Supply Pipeline (as a percent of stock) CB RICHARD ELLIS MARKET VIEW EMEA Offices FOUTH QUARTER 26 Occupier demand was strong across the region in the final quarter of 6, showing a 27 increase in take-up on Q4 25. The strong leasing market resulted

More information

CZECH INVESTMENT MARKET

CZECH INVESTMENT MARKET RESEARCH CZECH INVESTMENT MARKET MARKET OVERVIEW 1 / Q3 MACROECONOMIC DATA... 3 GDP GROWTH RATE... 3 GDP PROGNOSIS... 3 INFLATION RATE... 3 UNEMPLOYMENT... CZK / USD, EUR... CONSTRUCTION OUTPUT INDEX...

More information

We estimate that the value of all world real estate totals around US$180 trillion.

We estimate that the value of all world real estate totals around US$180 trillion. We estimate that the value of all world real estate totals around US$180 trillion. Most of this is directly owned residential property and most of that (72%) is owner occupied. About 17% of it is commercial

More information

Chart 2: Floor Space in Office Buildings Under Construction, 905 Area, Dec. 31

Chart 2: Floor Space in Office Buildings Under Construction, 905 Area, Dec. 31 The office real estate market remains robust in the Greater Toronto Area (GTA). However, taking a closer look at the two primary areas (city of Toronto and 905 area) that make up the GTA tells a different

More information

Cologne s Office Space Market February 2013

Cologne s Office Space Market February 2013 Cologne s Office Space Market High turnover in 2012 - Increasingly optimistic outlook for 2013 Despite the financial and debt crisis, the office-letting market once more produced very good results in 2012.

More information

UK Commercial Property Market Overview

UK Commercial Property Market Overview UK Commercial Property Market Overview MARCH 2008 2 UK commercial property market overview March 2008 Key Highlights The decline in capital values in the UK commercial property market has begun to ease.

More information

Postbank Group Interim Management Statement as of September 30, 2013

Postbank Group Interim Management Statement as of September 30, 2013 Postbank Group Interim Management Statement as of September 30, 2013 Preliminary Remarks Macroeconomic Development Business Performance Preliminary Remarks This document is an interim management statement

More information

InvestIng In london commercial real estate

InvestIng In london commercial real estate InvestIng In london commercial real estate contacts gareth Williams Partner Property Department for Royds LLP Tel: +44 (0) 20 7583 2222 gwilliams@royds.com andrew cruickshank Tel: +44 (0) 020 7338 4434

More information

Basis of a defensive Strategy for institutional real estate investment

Basis of a defensive Strategy for institutional real estate investment Basis of a defensive Strategy for institutional real estate investment 1. introduction There are a number of reasons why real estate is currently the focus of deliberations for institutional investors.

More information

Q Abu Dhabi Real Estate Market Overview

Q Abu Dhabi Real Estate Market Overview Abu Dhabi Real Estate Market Overview Abu Dhabi Market Summary The third quarter of 2014 recorded the continued growth of prices in the residential market, with more limited improvement in the hospitality,

More information

Unaudited Financial Report

Unaudited Financial Report RECRUITING SERVICES Amadeus FiRe AG Unaudited Financial Report Quarter I - 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Amadeus FiRe Group Financial

More information

Suburban Boston Office MarketView

Suburban Boston Office MarketView Suburban Boston Office MarketView CBRE Global Research and Consulting U.S. UNEMPLOYMENT 7.3% MA UNEMPLOYMENT 7.2% OCCUPIED SF 93.3M AVAILABILITY 20.5% SUBLEASE SF 2.9M UNDER CONSTRUCTION 1.1M *Arrows indicate

More information

Central Los Angeles Leasing Activity Surges Despite Negative Absorption

Central Los Angeles Leasing Activity Surges Despite Negative Absorption office CENTRAL LOS ANGELES market report Central Los Angeles Leasing Activity Surges Despite Negative Absorption Market overview MARKET indicators - VACANCY 19.8% NET ABSORPTION -112,300 CONSTRUCTION 1,242,600

More information

Research & Forecast Report OFFICES H1 2016

Research & Forecast Report OFFICES H1 2016 Research & Forecast Report OFFICES H1 2016 DEALS MAP 2015 by > 10.000 m² 5.000-10.000 m² 2.000-5.000 m² 1.000-2.000 m² < 500 m² A5 CASCAIS Z 6 PONTE 25 ABRIL Z 2 Z 3 AMOREIRAS AV. 24 CAMPO GRANDE MARQUÊS

More information

Office investment activity is on a hot streak

Office investment activity is on a hot streak MARKETVIEW Cincinnati Office, Office investment activity is on a hot streak Vacancy Rate 19.8% Asking Rate $18.82 PSF Net Absorption 24,977 SF Construction 1,266,248 SF *Arrows indicate change from previous

More information

Property Data Report

Property Data Report Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform

More information

Western Europe: Corporate Occupier Conditions

Western Europe: Corporate Occupier Conditions EMEA Corporate Occupier Conditions - Q4 2011 Western Europe: Corporate Occupier Conditions Falling sentiment increases pressure on CRE teams 2 On Point EMEA Corporate Occupier Conditions Q4 2011 WESTERN

More information

Quarterly Update January 2014. Lothbury. Review of 2013. Investment Management

Quarterly Update January 2014. Lothbury. Review of 2013. Investment Management Q4 Quarterly Update January 2014 Lothbury Property Trust Review of 2013 Investment Management Overview Lothbury Property Trust Fund Description Lothbury is an offshore Trust investing in UK real estate.

More information