Leasing and investment market off to a lively start in 2016

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1 Düsseldorf Market Report Office Leasing and Investment Q Leasing and investment market off to a lively start in 2016 Lars Zenke Director Research Düsseldorf Office Leasing The Düsseldorf office leasing market (municipal area only) got off to a good start in 2016 with office takeup of 109,700 sqm, up 49% yoy. Furthermore, the Düsseldorf office leasing market experienced a seamless continuation of the excellent trend we saw in Due to high take-up as well as some conversions over the past few months, vacancy has dropped considerably to 8.3% compared to spring Office space take-up in Düsseldorf (in sqm) Large-scale lease pushes Q1 result Good quarter results can partly be attributed to the largescale lease signed by Uniper for almost 28,000 sqm at a project development in the Hafen (Harbour Area) submarket. Even without this large-scale lease being signed at the turn of the year, however, results would still be up by slightly more than 12% yoy. 121 leases have been signed in total across all space segments in the City of Düsseldorf so far this year. Commercial transaction volume in Düsseldorf (in billion ) Particularly notable is the lively market activity recorded in the two space segments of between 501 sqm and 1,000 sqm and 2,001 sqm and 5,000 sqm. Take-up more than doubled to 14,300 sqm in the space segment between 501 sqm and 1,000 sqm. The more than 20 new leases signed contributed to this increase.

2 Demand for space in the segment of between 2,001 sqm and 5,000 sqm was also high, generating take-up results of 27,500 sqm (up by just over 50%). The smallest space segment of up to 500 sqm and the mid-size space segment, however, both suffered losses of around 20%. Highest office take-up in Harbour Area and Linksrheinisch (Left Bank of the Rhine) submarkets Fast Facts Office Leasing Office space take-up Leasing take-up Prime rent 109,700 sqm 103,800 sqm /sqm In terms of spatial distribution, office take-up in Q was particularly high in the Hafen (Harbour Area) submarket (37,500 sqm, seven leases signed) and the Linksrheinisch (Left Bank of the Rhine) submarket (16,300 sqm, 19 leases signed). The Düsseldorf-Nord submarket also achieved good quarterly results at 13,300 sqm, followed by the two central submarkets City Center (12,100 sqm) and Central Business District (10,100 sqm). Lowest vacancy rate in ten years Weighted average rent Vacancy rate (in %) /sqm Vacancy rate 8.3 % Office stock 7.67 million sqm The vacancy trend has been favorable over the past few quarters and has continued into Q1 2016, leading to a further decrease in excess supply. While office vacancy in the City of Düsseldorf was still at 9.9% at the end of March 2015, space available for immediate tenancy has decreased considerably to 635,200 sqm. The vacancy rate (including sub-lets) is currently the lowest it has been in ten years at 8.3%. Large-scale leases for space in project developments boost weighted average rent The considerable number of large-scale leases signed for space in project developments over the past few months has had a noticeable impact on weighted average rent for the entire City of Düsseldorf. Weighted average rent in the city has risen yoy by around 9.5% to a current per sqm. Prime and weighted average rents If we disregard project developments and properties of prime new-build quality and only look at leases signed for space in stock property, weighted average rent comes to around per sqm. Prime rent, however, remains stable at per sqm with changes last recorded at the end of Market Report Q Office Leasing and Investment Colliers International

3 Pre-leasing rate for projects to be completed in current year still below 50% Submarkets Düsseldorf However, vacancy could increase slightly over the course of the year as more projects with some space still available for lease are completed. The pre-leasing rate for projects due to be completed this year only comes to a current 40%. We expect a total of 82,000 sqm of space to be completed in 2016, with almost 50,000 sqm of new space available to potential tenants. Outlook Topping 2015 results of 391,000 sqm is going to be a challenge. Colliers International expects office take-up of around 340,000 sqm for the City of Düsseldorf. Office Leasing Market Düsseldorf (Q1 2016) Markt overview Submarket Office space take-up (in sqm) Prime rent Weighted average rent Vacancy (incl. sub-lettings in sqm) (1) CBD 10, ,700 (2) City Center 12, ,300 (3) Harbour Area 37, ,100 (4) Kennedydamm 3, ,400 (5) Left Bank of the Rhine 16, ,500 (6) Düsseldorf-North 13, ,200 (7) Airport City 1, ,700 (8) Grafenberger Allee 4, ,400 (9) City Centre-East 3, ,500 (10) Düsseldorf-South 6, ,400 City of Düsseldorf 109, ,200 3 Market Report Q Office Leasing and Investment Colliers International

4 Investment A total of 320 million was poured into the Düsseldorf commercial investment market in Q Following a very strong 2015 with transaction volume exceeding 2.5 bn, the market also got off to a favorable start in Q even generated a 78% yoy increase in transaction volume. A total of 15 transactions were registered throughout the City of Düsseldorf. Focus on core plus properties ranging between 20 m and 50 m in Q1 Q1 was largely characterized by transactions in the office property segment. A total of more than 90% of transaction volume can be attributed to the office asset class. These investments largely involved core plus properties in the price range between 20 and 50 m. Supply scarce in city center Fast Facts Investment Transaction volume 320 million Largest purchaser group: Open-ended funds/ Special funds Largest vendor group: Banks Most important property type: Office 66.5 % 36.8 % 90.9 % Prime yield office 4.50 % Transaction volume by purchaser groups (in million ) The sale of the historic Commerzbank building (Breite Straße) in the CBD is the largest deal signed so far this year. Other notable deals were signed in the Hafen submarket. Art-Invest Real Estate, for example, purchased the office property at Kaistraße 5 in the Harbour Area submarket for 30 m on behalf of a special fund at the start of the year. Other deals exceeding 20 m were signed in the Düsseldorf-North and Grafenberger Allee submarkets. The fact that deals were spread throughout most of the municipal area reflects the limited supply in the city center. Highest activity by German buyers Although the largest deal signed in Q1 involved a foreign investor, German investors accounted for the largest share of transaction volume at more than 60% (roughly 196 m). German investors also claimed a strong lead sell-side, parting with properties valued at 309 m, more than 96% of total transaction volume. Another interesting aspect is that all transactions this year to date have been single deals. Prime yields (in %) Further adjustment in office prime yields Q also got things moving when it came to Düsseldorf yields. Due to ongoing high demand, prime yields for office assets in Düsseldorf once again experienced a marked adjustment of 25 basis points at the start of the year, down to a current 4.5%, the lowest seen in the last ten years. Prime yields for High Street retail remain stable at up to 4.10%. Outlook Transaction volume in Düsseldorf will remain high in 2016 with a solid foundation laid in Q1. Colliers International expects total transaction volume for 2016 to once again exceed 2 billion. 4 Market Report Q Office Leasing and Investment Colliers International

5 554 offices in 66 countries on 6 continents USA: 153 Canada: 34 LATAM: 24 Asia/Pacific: 231 EMEA: billion in annual revenue 103 billion in transaction volume with more than 80,000 investment and leasing deals Author: Lars Zenke Director Research Düsseldorf Colliers International Düsseldorf GmbH Königsallee 60 C / Entrance Grünstraße D Düsseldorf million square meters under management 16,000 professionals About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,000 professionals operating from 554 offices in 66 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 10 consecutive years, more than any other real estate services firm. For the latest news from Colliers International, visit Colliers.com, or follow us on LinkedIn. To see the latest news on Colliers International in Germany follow colliers.com Picture credits: Medienhafen Düsseldorf - Foto: hespasoft, Copyright 2016 Colliers International Düsseldorf GmbH This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to theaccuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved

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