Office Leasing Investment Retail Industry/Logistics
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1 MARKET REPORT Stuttgart 215/216 Office Leasing Investment Retail Industry/Logistics Accelerating success.
2 Stuttgart IN NUMBERS Population 64,297 Unemployment Rate 5.3 % Employed and paying Social Security Contributions 389,562 Trade Tax Multiplier 42 % Per Capita Disposable Income 25,25 Sources: Statistisches Amt Stuttgart, Bundes agentur für Arbeit, Nexiga GmbH Fast Facts OFFICE LEASING (INCL. LEINFELDEN-ECHTERDINGEN) Office Take-up Leasing Take-up Prime Rent Average Rent Office Space Stock 29,5 sq m 226, sq m 22.8 per sq m 12.1 per sq m 7.6 million sq m Vacancy Rate 3.5 % Office Leasing The office leasing market posted a record year in 215. High leasing volume in the manufacturing sector as well as a strong overall yearend rally led to a record result in office space take-up. Top rents also reached a new high this year. Take-up 215 was a record year in the Stuttgart office leasing market (including Leinfelden-Echterdingen). Total take-up was 29,5 square meters, which was the highest leasing result ever recorded in the capital of Baden-Württemberg. The fourth quarter was especially strong, posting several deals Take-up per 1, sq m Leasing Owner-Occupiers 2 Market Report Stuttgart 215/216 Market Report Office Leasing Investment Retail Industry/Logistics
3 for large amounts of space. Take-up for the fourth quarter alone was 12,4 square meters. Leasing performance (take-up excluding owner-occupiers) was also far above average at 226, square meters, falling just short of the result recorded in the exceptional year 211 (239,2 square meters). Leasing activity remained at the high level achieved in 214 with 297 deals signed. Looking back at the past five years, the Stuttgart office leasing market has recorded consistently high activity resulting in rising take-up and high leasing performance. As expected, the largest share of leasing deals were closed for space in central Stuttgart locations (65%). Among decision makers, City Center won out over City with 98 deals to 95 deals. Interestingly, while Stuttgart City Center (65,5 square meters) and Stuttgart City (54,3 square meters) posted the highest leasing performance, both submarkets added together accounted for just over 4% of total take-up. This is due to the low supply of available spaces greater than 2, square meters in City Center locations, forcing office space seekers to look for space in the peripheral submarkets. As a result, above average takeup was registered in the submarkets Weilimdorf, Feuerbach/ Zuffenhausen and Möhringen with large deals of 43,2 square meters, 37,5 square meters and 35,1 square meters and respectively. Overall, large space leases were predominant in 215. Eleven leases alone, making up for a total of 133,1 square meters in the band above 5, square meters, generated almost half of all take-up. These included a new lease to a large corporation in the automobile industry for the former Ernst & Young space (3, square meters) in Stuttgart Weilimdorf and the Robert Bosch (owner-occupier) deal for 3, square meters of office space in the IT Campus in Feuerbach. The majority of new tenants concentrated, however, on small areas of up to 5 square meters. This segment reported the second highest amount of take-up with 63,9 square meters. Supply and Vacancies Vacancies have been on the decline almost without exception since 21. This trend continued in 215 with office space stock sinking during the past 12 months by further 44, square meters to a current 27, square meters. Only toward yearend did we notice a slight lateral movement, with vacancies remaining constant as compared to the third quarter (269,5 square meters). The Stuttgart vacancy rate is 3.5% based on total office space stock of 7.6 million square meters. The Stuttgart office leasing market has the lowest office space supply and the lowest vacancy rate of all top office locations in Germany. This development is due to the high pre-letting rate for new construction as well as the continued high demand for office space in the capital of Baden-Württemberg. Completion volume for 215 was 74,8 square meters, thereof 93% was already leased by the end of the year. An additional 169,2 square meters of office space will come on the market in 216, of which 8% is already pre-let. One of the most prominent examples is the 33, square meter development Airport City in Leinfelden-Echterdingen, new home to Ernst & Young, one of the big four public accounting firms, which leased 25, square meters in the building back in 213. Another large development with large area leases already registered prior to yearend is the Design Office Tower in Stuttgart Fasanenhof. Demand Large space leases in the manufacturing sector were the driving factor behind the high level of take-up in 215. This business sector alone was responsible for 138,8 square meters or nearly 5% of the result for the year. The tenants included well-known corporations in the automobile industry and their suppliers. Companies from the information and technology and consulting sectors take second and third place with 35,6 square meters and Market Overview Location Take-Up including Owner-Occupiers Leasing Performance Sustainable Rents (1) Average Rents Vacancy Completions in 215 City-Center 1 65,5 sq m 65,5 sq m per sq m (3) 14.7 per sq m 54,8 sq m 5,6 sq m City 2 54,3 sq m 53,1 sq m per sq m (3) 12.4 per sq m 38,1 sq m sq m Zuffenhausen 3 Feuerbach 4 37,5 sq m 4,5 sq m per sq m (2) 11.5 per sq m 12,7 sq m 23,2 sq m Weilimdorf 5 43,2 sq m 43,2 sq m per sq m (2) 9.6 per sq m 2,5 sq m sq m Bad Cannstatt 6 Wangen 7 15,2 sq m 13,7 sq m per sq m (2) 1.7 per sq m 18,3 sq m 4, sq m Vaihingen 8 2,7 sq m 19,7 sq m per sq m (4) 1.5 per sq m 25,6 sq m 6, sq m Degerloch 9 8 sq m 8 sq m per sq m (2) 11.6 per sq m 11,9 sq m sq m Möhringen 1 35,1 sq m 7,3 sq m per sq m (2) 1.6 per sq m 27,3 sq m sq m Fasanenhof 11 1,5 sq m 1,5 sq m per sq m (2) 11.4 per sq m 22, sq m sq m Leinfelden-Echterdingen 12 7,7 sq m 7,7 sq m per sq m (2) 11. per sq m 39, sq m sq m Gesamt 29,5 sq m 226, sq m 12.1 per sq m 27,2 sq m 74,8 sq m (1) Rents attained in per sq m during the past 12 months (2) Existing Buildings (3) Existing Buildings and New Construction (4) Existing Buildings & High Rises Research: Alexander Rutsch, alexander.rutsch@colliers.de Colliers International 3
4 Office Space Take-up by Size (in sq m and %) and Number of Leases Take-up by Segment Top Five in sq m and Share of Total Take-up (in %) ,9 22% 12% 13% 7% 46% up to 5 up to 1, up to 2, up to 5, from 5,1 Take-up 33,3 138,8/48% 38,5 35,6/12% 14,3/11% 9,/9% 13,5/5% 21,7 Number of Leases 133, Manufacturing Industry Information and Telecommunication Consulting Firms Publ. Admin. Organiz. Churches Development and Real Estate 32, square meters respectively. In absolute number of deals, consulting firms were, as in prior years, the most active sector again this year with 78 deals signed. The information and telecommunication sector generated an additional 5 leases. Only 37 leases pertain to the manufacturing sector in 215 despite the overall high level of take-up. With leases signed for an average of 3,75 square meters, companies in this segment took up significantly larger areas than companies in the health-and welfare sector where of the 16 leases signed, the average space was 35 square meters. Rents Most lease contracts were signed in the lower price segments in 215. However, in comparison to recent years, we noticed a trend toward slightly higher rents. Top rent increased from 21.5 per square meter at the beginning of the year to 22.8 per square meter at December 31, 215. This is also the highest rent ever paid in the Stuttgart office letting market. The share of contracts with rents of up to 1. per square meter was, at 34% (1 deals), at a ten year low. In contrast, new record take-up of 19, square meters was set in the band above 17.5 per square meter. 4,4 square meters were leased in the band over 2. per square meter. In view of this development, the drop in average rent from 12.6 per square meter at December 31, 214 to 12.1 per square meter at December 31, 215 seems contradictory. However, the decline can be explained due to the fact that several very large lease deals were in the band under 1. per square meter, driving the (space) weighted average arithmetical mean of all rent prices downward significantly. This is also reflected in the spread of lease contracts by size. Leases for larger spaces for lower asking rents were signed in peripheral submarkets, while smaller space leases were signed in more expensive central locations. Property Index IMMAX Prime and Average Rents (in per sq m) The Property Index, Immax for short, illustrates the development of the supply and demand situation in the market for office space in Stuttgart including Leinfelden- Echterdingen. The index represents the ratio of supply to turnover of office space for the previous 12 months. It is, therefore, possible to make a statement concerning time-comparative trends. Supply takes into consideration both vacancies at the beginning of the year as well as the space which will potentially become available through the completion of new buildings in addition to existing space becoming vacant within a period of 12 months. The volume of office space lease take-up during the previous 12 months is included in the calculation of absorption. Office space occupied by owner-occupiers has not been taken into account. 211 Prime Rent Average Rent 215 When looking at absorption, the volume of office lease take-up during the previous 12 months is included in the calculation. Office space occupied by owner-occupiers has not been taken into account. 4 Market Report Stuttgart 215/216 Market Report Office Leasing Investment Retail Industry/Logistics
5 IMMAX 1/216 = 296, sq m = , sq m After decreasing to 1.6 at the beginning of 214, the Property Index Immax has stabilized at a consistently low level. Stock supply of only 1.3 times letting performance was a new record-low at mid-year 214. During the last 18 months this trend continued, ending 215 at 1.3. While an increase in the Property Index IMMAX in 213 meant that leasing performance could not keep up with office space stock, the decrease in the IMMAX is proof of the sinking vacancies and increasing leasing performance. This mirrors the current development in the Stuttgart office leasing market, which is currently experiencing limited availability of space and high leasing activity. Although Stuttgart and Leinfelden- Echterdingen await the completion of a large amount of office space by the end of 217, Colliers International expects the IMMAX to remain at a low level in the near future due to a continuing low vacancy level and stable demand. Summary and Outlook The Stuttgart office leasing market took off in 215 where the prior years left off. Record take-up and high leasing activity (297 deals) are a testimonial to this positive development. The vacancy rate dropped further and was at an all-time low by mid-year. This trend continued in the second half of 215, while rents increased noticeably. A new record-high top rent was reached by year-end. We anticipate activity to remain at a similarly high level in the Stuttgart office leasing market in 216. Although we do not expect that the take-up record set in 215 can be matched, we do believe an above average level of appreciably more than 2, square meters is realistic. Vacancies (in 1, sq m) and Vacancy Rate (in %) Property Index IMMAX 1/1 7/1 1/11 7/11 1/12 7/12 1/13 7/13 1/43 7/14 1/15 7/15 1/16 5.7% 5.4% 4.9% 4.3% 3.5% Completion Volume (in 1, sq m) and Pre-Let/Owner-Occupied Completion Volume Pre-Let/Owner-Occupied Research: Alexander Rutsch, alexander.rutsch@colliers.de Colliers International 5
6 Investment Transaction Volume Alexander Rutsch Dipl.-Geograph Research Analyst Colliers International Stuttgart GmbH Königstraße 5 D 7173 Stuttgart TEL Stuttgart real estate investment market posts record level transaction volume in 215. Fast Facts INVESTMENT Commercial transaction volume Largest Buyer Group: Open Property Funds/Special Funds Largest Seller Group: Opportunity Funds/ Private Equity Funds Most Popular Real Estate: Office 1,695 billion 55.3 % 44.6 % 43.4 % Prime Yield Office 4.3 % The Stuttgart real estate investment market finished 215 as expected with a brilliant yearend rally. Numerous large volume transactions in the fourth quarter alone boosted commercial real estate transaction volume to more than 67 million, a significantly higher result than was achieved during each of the first three quarters. Transaction volume for the year ending December 31, 215 reached a record high 2.45 billion. This includes the Südewo residential portfolio of 65 million the largest transaction ever registered in Stuttgart. Commercial investments alone accounted for 1.7 billion. Both an above average absolute number of deals (8) as well as the deal volume were characteristic of the investment market in 215. There were four individual transactions in central Stuttgart locations of over 1 million each and a total volume of 6 million. The sale of the former Karstadt building on Königstrasse by Signa to Union Investment and the acquisition of the Zeppelin-Carré by Deka were the two most significant transactions. Buyer and Seller Groups The Stuttgart real estate market currently offers many opportunities to a wide range of investors. Similarly varied were the types of players on the buyer side in 215. Open real estate funds and special funds again shared the lion s share or 55% of commercial transaction volume. Private investors or family offices also took a significant share of the market this year with more than 18 million in investment volume. Opportunity/private equity funds followed with 14 million and asset managers/wealth managers with 121 million. Opportunity/private equity funds dominated transaction volume on the seller side with 45% of transaction volume. Real Estate corporations followed farther behind with 15% of transaction volume. Commercial transaction volume (in billions of ) Investment Properties Office real estate was again the strongest asset class, topping out at more than 43% of commercial transaction volume in 215. Mixed use properties followed in second place (especially commercial buildings) with a share of 27%. Retail properties took 18% of transaction volume. All three asset classes profited from large volume investments in their segments. Ownership of both the traditional premium five star Steigenberger Graf Zeppelin Hotel in Stuttgart City Center and the four star Pullmann Hotel in Stuttgart Vaihingen changed hands in 215. The sale of building sites for project developments was also an important factor in Stuttgart investment transactions this year such as the former ENBW property in the City Center and the former Siemens Nixdorf property in Stuttgart Degerloch. 6 Market Report Stuttgart 215/216 Market Report Office Leasing Investment Retail Industry/Logistics
7 The trend to value add properties with the potential for value appreciation and an a more intensive need for asset management. Such properties have become more interesting to investors due to above average office leasing performance, a historically low vacancy rate of 3.5% combined with an increase in top rents in the Stuttgart office leasing market. In addition, investors are willing to invest in project developments early using forward funding models or at least by means of a forward purchase in order to secure investments in the core segments. Transaction Volume by Buyer Groups (Millions of ), Share (in %) 1, % The abundance of liquidity in the market combined with the continued high demand by German and international investors resulted in falling yields in view of the lack of adequate supply in all asset and risk classes. Downtown commercial buildings recently produced a yield of 3.9%, City Center office buildings were sold with a yield of 4.3% and the yield for logistics properties was at 6.% Summary and Outlook 25 Open Property Funds/ Special Funds Private Investors/ Familiy Offices Opportunity Funds/ Private Equity Funds 11% 8% 7% 3% Project Developer Corporates The market parameters are looking good for high investment dynamics to continue in 216. The German economy continues to grow, the unemployment rate remains low and exports are on the rise. As a result, the German real estate market will live up to its reputation as being a safe investment haven. In addition, cheap money and the lack of investment alternatives demand will drive demand in 216. However, the supply of good investments will fall short of demand. On the up side, low yields may offer some sellers the opportunity to divest investments that are no longer the right fit for their portfolios. Total transaction volume is expected to fall short of 215 levels. Yields will remain low this year across all asset classes and investors will have to change their yield expectations longterm to stay in the game. Transaction Volume by Seller Groups (Millions of ), Share (in %) % 15% 1% 8% 6% Opportunity Funds/ Private Equity Funds Real Estate Corporations Open Property Funds/ Special Funds Corporates Private Investors/ Family Offices Types of Properties (in %) Industry Land Parcels Logistics Hotel Retail Mixed Use 27 Office Research: Alexander Rutsch, alexander.rutsch@colliers.de Colliers International 7
8 Retail Fast Facts RETAIL Revenue Index Purchasing Power Index 11.5 Retail Revenue in millions of 4,279 Centrality Index Prime Rent 32. per sq m Stuttgarter City Center retail passes the acid test this year. In an effort to stave off the increasing number of closures among traditional owner-run specialty stores, 1 such traditional stores in Stuttgart joined forces in 215 under the leadership of City-Initiative Stuttgart to form a special interest group. Operating under the name Stuttgarter Traditionsgeschäfte, these retailers celebrated their first year anniversary in the fall of 215 and painted an optimistic pictures of the future. This was confirmed at the end of 215 by increased footfall. Demand There was a temporary decrease in frequency in the Stuttgart City Center subsequent to the simultaneous openings of the Milaneo and Gerber shopping centers in the fall of 214 with 3 new stores and 7, square meters of additional retail space. Now, a year later we can confirm two things: shoppers are back in the City Center and the Gerber Quarter has been clearly revitalized by the Gerber shopping center. Supply International retailers are markedly increasing their presence in the Stuttgart retail market. Stuttgart s highstreet Königstrasse has several new, primarly, price aggressive concept stores such as Reserved and Uniqlo. TK Maxx, also servicing the lower price segment, took over 3,6 of space previously occupied by C&A. Sources in the market report that Primark is about to sign a lease for the 1, sqm Karstadt space on Königstrasse. Outlook The Stuttgart retail market is looking good one year after two shopping centers and the majority of stores have responded well to the additional competition. Additional successful international retailers are waiting ante portas, even if certain peculiarities in German retailing cause many retailers to act carefully. Additional competition is expected due to further increases in online shopping in 216. According to HDE (German Retail Trade Federation), online sales increase in 215 by more than 1% to 41.7 billion. 8 Market Report Stuttgart 215/216 Market Report Office Leasing Investment Retail Industry/Logistics
9 Industry/Logistics Take-up The industrial and logistics leasing market in the Stuttgart region experienced a strong year in 215. After extraordinary take-up of 16, square meters in the first half of the year, take-up (excluding owner-occupiers) was also high during the second half of the year at 91, square meters. The total result for the year thereby reached 197, square meters. Owner-occupiers took up an additional 7, square meters including the largest deal of the year - 3, square meters by a mediumsized company based in Schorndorf. Manufacturing and other industrial companies were very active during 215. They took up 98, square meters or almost half of the total, followed by companies in the logistics and shipping sector with 71, square meters and other commercial enterprises with 21, square meters. Supply and Demand Above average leasing activity throughout the year, especially in the manufacturing and industrial sector, leads to an impressive overall result for 215. Fast Facts INDUSTRY/LOGISTICS Take-up Top Rent* Average Rent 197, sq m 6.2 per sq m 4.7 per sq m *attainable rent for first lease in new consturction Although take-up increased again in 215, supply remained very limited, especially in the segment above 5, square meters. The market share of owner-occupiers continues to rise. There has been no new construction in the Stuttgart region to speak of in recent years, resulting in almost no vacancies in this property segment. The market for building sites paints a similar picture. Due to the high level of demand, primarily by owner-occupiers, supply is extremely low. This in turn leads to competition for land and results in rising prices. In view of continuing high demand for modern, easily accessible logistics facilities, we expect that not all companies will find appropriate space in the Stuttgart metropolitan area and will have to explore other regions in the search for alternatives. Rents and Outlook 215 rent prices remained at the high level reached in the previous year due to the continuing excess demand for industry and logistics space in the Stuttgart region. Top asking rent for high quality new construction was unchanged at 6.2 per square meter. Average rent was also unchanged at 4.6 per square meter. We did notice, however, that leases were renewed prior to expiration, keeping attractive space off the market. Incentives and rent reductions were practically nonexistent. Sustainable Rent STUTTGART AND REGION Stuttgart Ludwigsburg Rems-Murr Kreis Göppingen Esslingen am Neckar Böblingen per sq m per sq m per sq m per sq m per sq m per sq m Research: Alexander Rutsch, alexander.rutsch@colliers.de Colliers International 9
10 Interview Dr. Andreas Bunz Chief Executive Officer (CEO) LGI Logistics Group International GmbH Dr. Bunz, LGI Logistics Group International GmbH is already 2 years old. Can you describe your company s history and how you became managing director? LGI is a spinoff of the Hewlett Packard Germany logistics business and has grown significantly since it was founded 2 years ago. The LGI Group has grown from 16 to almost 4, employees. In the 9s, companies increasingly began to establish warehousing with integrated value added services as a separate business segment in addition to traditional shipping services. This business later became known as contract logistics. While I was in charge of controlling and process development at HP, I had the opportunity to personally manage the logistics segment spinoff. I was managing director right from the start. Thankfully almost all the management from HP joined me, also having the willingness to take the risk and assume additional responsibility. In retrospect, it was these two things that set us apart from the rest; our ability to respond to new market trends in the logistics industry thanks to our roots in manufacturing and our employees hard work tailor our product to the customers needs while always moving forward. LGI Logistics Group covers the complete spectrum of logistics services in the business segment contract logistics. What are the advantages of this business model? How are you different from your competitors? LGI still profits today from its roots in manufacturing, that is, the understanding of process chains and value added functions. These strengths are the reason that we can offer individual, custom-made services for our clients in shipping, warehousing and production-like processes. We have gathered a lot of experience and can look back on very longterm customer relationships. Our new customers benefit from this expertise as well. How important is contract logistics for the value added chain in the Stuttgart region? Baden-Württemberg, especially Stuttgart metropolitan region, is well-known for its manufacturing industry and extensive industrial competence. Industrial contract logistics is the connection between individual steps in the value-added chain, their efficiency and therefore an important prerequisite for competitive products from the region. Due to the closelyknit value-added steps on the one hand and high market dynamics on the other hand, there has to be a close connection and proximity between logistics companies and manufacturers. How important are new business sectors such as E commerce and what particular challenges do you associate with this trend? Have you already reacted? The sharp increase in online shopping has already had a huge impact on consumer behavior today. This trend will continue and will increasingly include shopping for everyday items such as fresh produce and other groceries. One of the main challenges in logistics is the final distribution to the customers especially the availability of the customers at the destination, usually at home. The individualization of 1 Market Report Stuttgart 215/216 Market Report Office Leasing Investment Retail Industry/Logistics
11 the orders and convenient delivery at home will create an additional burden for our traffic system. The deliveries in residential areas will also increase. The main challenge is to manage this unstoppable trend toward online shopping, without increasing the burden to the infrastructure. We introduced our concept Pakadoo in the spring of 215, which enables employees both at private companies and in government offices to receive packages at a specific and secure location at their place of work. Numerous companies have already started using this solution. Independent surveys confirm that more and more employees can imagine using such services. Combining such shipments with business deliveries reduces the impact on traffic and many deliveries to residential areas can be eliminated. What is the value of contract logistics to the cities and towns in the Stuttgart region? What still has to be done? The value of contract logistics has been increasing for several years. In many locations, it is now understood that contract logistics is less about a pure truck freight activity than an important supply chain function we perform for local manufacturing companies. An additional e-commerce challenge we need to meet in the future will be how to manage frequent deliveries on a timely basis. In some parts of Germany, same day delivery trials are currently underway as Amazon recently announced. This type of service is only possible if logistics centers are available in the metropolitan areas that ensure the supply of goods to the online customer. This will result in an even further increase in the already high demand for logistics space. The market is aware that something needs to be done, but appropriate solutions are still in the pipeline. How will the Stuttgart logistics region develop in the future? Which factors are important in order to provide the best service to the customer especially industry and retail across Germany and internationally? Logistics played a smaller role in the Stuttgart region the past as compared to the large ocean or river ports (like Rhine/Ruhr). Growths in industry and population influx are important factors behind the increasing importance of logistics in the Stuttgart region, to ensure efficient and timely delivery of goods to the customer. The attractiveness of the Stuttgart industrial region is dependent on the success of the logistics concepts that can be implemented here. The excellent services provided by medium-sized logistics companies today and the growing number of jobs in the logistics sector are a reflection of the importance of logistics in the region. You have been working in the Stuttgart region for many years and understand the peculiarities of the area. What do you like best about the Stuttgart in comparison to other economic regions in Germany? Moreover, where do you see room for improvement especially related to orientation for the future. A big advantage to the Stuttgart region is the highly qualified workforce. It was this workforce that enabled the LGI to grow in the first place. We were able to recruit talented junior employees and executives despite the high level of competition, thus securing our growth. The industrial competence in the region is certainly still very important, but other regions are catching up. Other regions are already a step ahead related to start-ups and e-commerce. We hope that close collaboration with higher education institutions will enable the region to assume a leading role in the increasing digitalization of the value added streams. After a hard day of successful work as managing director of LGI Logistics Group, what is your favorite way to spend the evening? After a hard day at the office, I enjoy spending the evening with my family. If I have time, I play keyboard or sing in the choir that s the best way for me to wind down and recharge my batteries. Would you tell us what Swabian dish you like best? Since I am Swabian with some Allgäu roots, my favorites are dishes that are more rustic but low in meat such as Krautkrapfen (sauerkraut noodles) or Kässpätzle (spätzle with cheese) with fresh field salad. Research: Alexander Rutsch, alexander.rutsch@colliers.de Colliers International 11
12 52 offices in 67 countries on 6 continents USA: 14 Canada: 31 Latin America: 24 Asia / Pacific: 199 EMEA: 18 Author: Alexander Rutsch Senior Consultant Research alexander.rutsch@colliers.de Colliers International Stuttgart GmbH Königstraße 5 D Stuttgart Tel billion in annual revenue 75 billion in transaction volume with more than 84, investment and leasing deals 16 million square meters under management 16,3 Professionals worldwide About Colliers International Germany Colliers International is a global leader in commercial real estate services, with over 15,8 professionals operating out of more than 485 offices in 63 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world. colliers.de Photos Cover s Zentrum Stuttgart, Adrian Beck Photographer Office Leasing - Adrian Beck Photographer Copyright 216 Colliers International Stuttgart GmbH The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
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