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German Office Leasing Down 24% in 2009

BERLIN-The group forecast a generally stable outcome for all 15 markets in 2010, at around 2.8 million square meters.

By Allan Saunderson | Updated on January 14, 2010

BERLIN-Lettings in the 15 largest office locations in Germany fell by around 24% last year to 2.86 million square meters amid the economic crisis, thus returning to the activity level of 2002 to 2004, according to German brokerage partnership DIP – Deutsche Immobilien-Partner. The group forecast a generally stable outcome for all 15 markets in 2010, at around 2.8 million square meters.

Overall vacant floor space rose to end-November to around 9.78 million square meters from 9.43 million at the end of 2008, taking the vacancy rate up to 9.3% from 9.0%, with prime rents falling some 8% to €23.20 per square meter on average. In the seven largest cities – Berlin, Dsseldorf, Frankfurt, Hamburg, Cologne, Munich, Stuttgart – letting activity fell to 2.3m sq.m., and was 29% below 2008. The most active office market in the nation was, as in prior years, the Bavarian capital of Munich with around 225,000 square meters leased. Dsseldorf saw the largest volume drop, down 47%, while Stuttgart, down 5%, was the only city to almost hold stable.

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