GPP Marktbericht 2015 DS Web en

LOCAL EXPERTISE ACROSS GERMANY
INVESTMENT/OFFICE LETTING
COMMERCIAL PROPERTY MARKET

GERMANY/TOP 7
2015/Q1-4
WWW.GERMANPROPERTYPARTNERS.DE
MARKTBERICHT
MARKET SURVEY
INVESTMENT/BROVERMIETUNG
INVESTMENT/OFFICE LETTING 2015/Q1-4
2015/Q1-2
LOKALEEXPERTISE
LOCAL
KOMPETENZ
ACROSS
DEUTSCHLANDWEIT
GERMANY
ABOUT US
THE PARTNERS

GERMAN PROPERTY PARTNERS
Each of us is a leading commercial real estate

company in our respective regions, and we have joined
together to form a Germany-wide real estate network.
Previously, the four of us were strong partners.
In Northern Germany, Grossmann & Berger offers its
real estate services out of its locations in Hamburg
and Berlin, while Ellwanger & Geiger covers Southern
Germany from its bases in Stuttgart and Munich. ANTEON
Immobilien is the firm to contact for property matters in Dsseldorf and its environs, while GREIF & CONTZEN are your
eyes and ears in the metropolitan region of Cologne.
We have founded German Property Partners with the aim

of providing our special services in all of Germanys major
real estate centres. That way, whatever your commercial
real estate requirements, wherever you are in Germany,
you can obtain your advice from a single provider, and
that is us. Via our network and thanks to our respective
market positions, we can offer you outstanding local
knowledge and preferential market access throughout
Germany. The many years of service our employees
have put in, and the affiliation of the two founding
partners Grossmann & Berger and Ellwanger & Geiger
with reputable regional banks, makes German Property
Partners a reliable partner for long-term collaboration in
the fields of commercial real estate and finance.
Partner
Grossmann & Berger
ELLWANGER & GEIGER
ANTEON
A real estate consultant with

experience stretching back
for over 80 years, Grossmann
& Berger is one of the leading
service providers for the sale
and letting of commercial
and residential real estate
in Northern Germany, and
is an affiliate in the HASPAGruppe of companies.
ELLWANGER & GEIGER Real

Estate offers a full range
of services in connection
with commercial property
assets. With the resources
of the parent companys
private banking business,
this service provider has
over 100 years of experience.
ANTEON is an owner-managed real estate

consultancy firm that specializes in brokering lets
and investments in residential and commercial
properties. In addition, as
one of the market leaders,
ANTEON offers property
marketing, project support
and research services.
GREIF & CONTZEN

This owner-managed company
with over 40 years of experience in the Cologne region
provides consultancy, valuation, brokerage and commercial property management
services. Services offered by
this real estate specialist range
across the entire value chain of
the property business.
Dear Readers,
2015 will be remembered as one of the most successful
years on the markets for office lets and property investments in Germanys top 7 real estate locations since the
record year of 2007.
This market survey provides a review of the year 2015 as
it played out on Germanys top 7 markets. In addition to
drawing comparisons between the top 7 markets, we offer
a detailed look at the investment and office letting markets
in Hamburg, Berlin, Dsseldorf, Cologne, Frankfurt/Main,
Stuttgart and Munich.
GERMANY/TOP 7 ............................................................ 4
HAMBURG ...................................................................... 8
BERLIN ......................................................................... 10
DSSELDORF ............................................................... 12
COLOGNE...................................................................... 14
FRANKFURT ................................................................. 16
STUTTGART .................................................................. 18
MUNICH ........................................................................ 20
The process of preparing and interpreting the data was

made possible thanks to a partnership between four of the
leading service providers specialized in commercial properties based in north, central and south Germany - the
nationwide network German Property Partners (GPP). Our
knowledge of local markets is as broad as it is deep, giving
us access to data on the entire market, the top 7 locations
and the sub-markets within each one.
The present survey offers you a general view of the market.
We would be happy to hold personal talks with you and
answer your specific questions about property matters.
Kind regards
Bjrn Holzwarth
Spokesman for German Property Partners
3
MARKET SURVEY INVESTMENT/OFFICE LETTING 2015/Q1-4
GERMANY/TOP 7
FACTS & FIGURES
KEY FIGURES 2015/Q1-4
New record turnover figures for investments in Berlin, Dsseldorf and Cologne. And new record take-up of office
space in Berlin and Stuttgart. Overall, the results for the top 7 locations narrowly missed equalling the record figures
returned for office lets and investment activity in the year 2007.
Bjrn Holzwarth, spokesman for German Property Partners
HAMBURG
Investment: strongest buyer groups by location
Office letting: strongest industries by location
(share of take-up of space)
(share of transaction volume)
Hamburg 25.1 %
Open-end/specialized funds
Hamburg 18.7 %
Berlin 22.2 %
Berlin 27.3 %
IT/telecommunications
Dsseldorf 26.9 %
Dsseldorf 37.9 %
Cologne 39.0 %
Stuttgart 61.4 %
Stuttgart 41.4 %
Munich 64.2 %
Munich 17.9 %
0%
20 %
40 %
60 %
80 %
0%
810,000 m
24.00 /m
14.90 /m
4.3 %
7.8bn
3.90 %
(+2.0 %)
(0.0 %)
(-0.7 pp)
(+9.6 %)
(-0.5 pp)
420,000 m
26.00 /m
15.25 /m
9.6 %
2.73bn
4.50 %
Services to business
Industrial companies
Take- up of space
[m]
Year-on-year change
Dsseldorf
Cologne
10 %
20 %
30 %
40 %
Frankfurt1)
Stuttgart
Munich
290,000 m
21.25 /m
12.50 /m
5.7 %
1.90bn
4.40 %
Top 7
540,000
810,000
420,000
290,000
389,000
290,000
755,000
3,494,000
+2.9 %
+28.6 %
+76.5 %
+11.5 %
+5.9 %
+4.3 %
+29.3 %
+21.2%
14.50
14.90
15.25
12.50
19.00
12.50
15.00
Year-on-year change
0.0 %
+12.9 %
+10.5 %
+2.5 %
-2.6 %
0.0 %
+2.7 %
Premium rent
[net /m/mth]
25.00
24.00
26.00
21.25
38.50
22.80
32.50
+2.0 %
+6.7 %
0.0 %
0.0 %
+1.3 %
+6.0 %
-5.5 %
698,000
Year-on-year change
-12.6 %
-10.0 %
-11.6 %
-13.7 %
-6.6 %
-16.9 %
-30.6 %
5.2 %
4.3 %
9.6 %
5.7 %
11.8 %
3.5 %
4.0 %
5.8 %
-0.7 pp
-0.5 pp
-1.3 pp
-0.9 pp
-0.8 pp
-0.8 pp
-1.7 pp
-1.0 pp
4,000
7,800
2,727
1,900
5,690
1,705
5,450
29,272
+9.6 %
+95.0 %
+42.6 %
+46.2 %
+13.5 %
+70.5 %
+9.7 %
+34.0%
4.00
3.90
4.50
4.40*
4.50
4.50
3.50
66
60
55
38
87
62
78
Vacancy rate
[%]
Year-on-year change
[percentage points (pp)]
Transaction volume
[million ]
Year-on-year change
Premium yield
Office [%]
Share of asset class
Office [%]
730,000
440,000
1,358,000
270,000
1)
(+95.0 %)
(-0.85 pp)
(0.0 %)
(+10.5 %)
(-1.3 pp)
(+42.6 %)
(-0,25 pp)
917,000
FRANKFURT1)
389,000 m
38.50 /m
19.00 /m
11.8 %
5.69bn
4.50%
(+11.5 %)
(0.0 %)
(+2.5 %)
(-0.9 pp)
(+46.2 %)
(-0.3 pp)
STUTTGART
290,000 m
22.80 /m
12.50 /m
3.5 %
1.71bn
4.50 %
Vacant space
[m]
810,000
(-0.5 pp)
50 %
Average rent
[net /m/mth]
Year-on-year change
(+12.9 %)
Key figures top 7

Berlin
(+6.7 %)
(+76.5 %)
COLOGNE
Hamburg
(+28.6 %)
DSSELDORF
Public administration
Frankfurt 18.5 %
Pension funds
BERLIN
(+2.9 %)
Public administration
Cologne 22.0 %
Funds
Frankfurt 16.2 %
540,000 m
25.00 /m
14.50 /m
5.2 %
4.0bn
4.00 %
5,223,000
(+5.9 %)
(+1.3 %)
(-2.6 %)
(-0.8 pp)
(+13.6 %)
(-0.25 pp)
MUNICH
755,000 m
32.50 /m
15.00 /m
4.0 %
5.45bn
3.50 %
(+4.3 %)
(+6.0 %)
(0.0 %)
(-0.8 pp)
(+70.5 %)
(-0.5 pp)
(+29.3 %)
(-5.5 %)
(+2.7 %)
(-1.7 pp)
(+9.7 %)
(-0.5 pp)
KEY FIGURES OFFICE LETTING/INVESTMENT:
68
Take-up of space (year-on-year change)
Vacancy rate (year-on-year change)
Premium rent (year-on-year change)
Transaction volume (year-on-year ch.)
Average rent (year-on-year change)
Premium return office (year-on-year ch.)
Data: Colliers International Deutschland

* Net initial return
1)
5
GERMANY/TOP 7
INVESTMENT
OFFICE LETTING
2015 saw a greater volume of transactions in Germanys

top 7 locations than any year since 2007 (31.85bn). At
the end of 2015 the volume of investment transactions
in commercial real estate (not including buy to rent residential) totalled 29.27bn. Berlin, Dsseldorf and Cologne posted new record turnover, Stuttgart came within
a whisker of the citys best-ever result.
TRANSACTION VOLUME
Three of the top 7 locations reported record turnover in
2015. In 2015 Berlin became the capital of property investment in Germany. Commercial real estate valued at
7.8 billion - more than a quarter of the overall volume was traded in the city. The result was thus well beyond
the 6.45bn attained in the previous record year of 2007.
Munich proved to be the second biggest-grossing city for
commercial property investments in 2015, registering
transactions totalling 5.45bn. Year on year, Munich
posted growth of about 10%. Totalling 5.69bn, Frankfurts result was also higher than the prior years, rising by
some 14 %. With five agreements for sums in the hundreds
of millions, Hamburg closed with a transaction volume
of 4.0bn, thus bettering the result in 2014 by 10 %. With
transactions totalling 2.72bn, Dsseldorf surpassed its
record result of 2007 (2.3bn). Cologne, too, succeeded in
beating its old 2007 record (1.8bn) with a total of 1.9bn.
Stuttgart posted a transaction volume of 1.71bn, thus
coming very close to its best ever result of 1.8bn seen in
2007. Stuttgart reported a growth rate of 70.5 %, the second-highest of the top 7 locations after Berlin.
INVESTORS AND VENDORS

The interest of international investors in commercial real
estate in Germanys top 7 locations was appreciably higher
in 2015, up by some 50 per cent compared with the prior
year. International players invested some 14.9bn in commercial properties. Mirroring the position at the end of
2014, open-end and specialist fund managers were the
most active buyers and vendors in the top 7 real estate
markets during the year 2015.
RETURNS
Compared with 2014 the premium return on office properties had declined further in each of the top 7 locations by
the end of 2015. Yields varied from a mere 3.50 % (Munich)
to 3.90 % (Berlin), 4.0 % (Hamburg) and 4.40 % (Cologne)
up to a maximum of 4.50 % (Dsseldorf, Frankfurt and
Stuttgart). Yields fell most steeply in Berlin, where returns
dropped 85 basis points.
OUTLOOK
Excess liquidity, more demand than supply, a scarcity
of properties and low yields will probably dictate what
happens on the investment market for commercial properties in Germanys top 7 locations over the coming months.
The Feds decision to raise interest rates could perhaps
halt the downward spiral of premium returns on office
properties, and uncertainty about how Chinas economy
will develop might create even more demand from international and institutional investors. In view of these factors, a
transaction volume of around 24.0bn is seen as a realistic
forecast for 2016.
Transaction volume Germany/top 7
Transaction volume by asset classes Germany/top 7
(in bn )
(in %)
Other (3 %)
30
Logistics (3 %)
Undeveloped land (3 %)
Hotel
5-year average (2011-2015):

ca. 19.26bn
9%
15
Retail
10
11.43
12.39
15.37
17.26
21.84
29.27
2010
2011
2012
2013
2014
2015
14 %
TAKE-UP OF SPACE
Two of the top 7 locations returned record take-up figures,
and four posted double-digit growth rates. The biggest
increase was noted in Dsseldorf, where the final figure
of 420,000 m represented year on year growth of some
77 %. Munich saw take-up rise by around 30 %. Some
755,00 m of office space was let in the city during 2015.
In Berlin take-up of space rose by 29 % to reach a record
level of 810,000 m. Cologne posted an increase of roughly
12 % compared with 2014. Take-up of space here totalled
some 290,000 m. Growth was also noted in Stuttgart
where take-up of space rose by a good 4 % year on year
to a total of 290,000 m. Total take-up of 389,000 m
in Frankfurt translated into a 6 % increase compared
with 2014. Take-up of office space in Hamburg totalled
540,000 m or 2.9 % more than the figure at the end of
2014.
RENTS
The highest average rents for office space were paid in
Frankfurt, at 19.00/m/month, followed by Dsseldorf
(15.25/m/month) and Munich (15.00/m/month). Nearly
identical average rents were paid in Hamburg (14.50/
m/month) and Berlin (14.90/m/month). In Cologne and
Stuttgart the average rents were 12.50/m/month. The
greatest price increase was the 13 % rise registered in
Berlin, attributable above all to leases for large amounts of
space in new-build projects commanding high rates.
AVAILABLE SPACE AND VACANCIES

Thanks to a brisk 4th quarter, the volume of empty space
in the top 7 office property locations declined further
and the year closed with some 5.2m m of vacant space,
14.9 % below the level at the end of 2014. Based on a total
stock of office space of 89.5m m, the average vacancy
rate is thus 5.8 %. In Munich vacancies fell more steeply
than elsewhere. Around 917,000 m of space stood empty,
a decline of some 31 %. In 2015 around 1.0 million m of
new-build office space in 85 projects was completed. The
highest levels of construction activity were registered in
Berlin (304,000 m) and Munich (240,000 m). However,
110,000 m of Berlins total is attributable to the new BND
(German intelligence service) building. The volume of completions in the top 7 locations is set to be slightly higher in
2016, at some 1.13m m. The pre-letting rate for new-build
space is between 50 and 60 % in most of the cities. The
volume of new buildings on the open market thus remains
modest. Occupants are found for large, contiguous newbuild office suites within a very short time.
OUTLOOK
Economic research institutes offer positive forecasts on
the growth of the German economy. The only scenario
that might affect the German economy is if global economic growth were to falter unexpectedly, especially as a
result of a worsening situation in China. In 2016 the good
employment figures, the highly confident mood of trade
and industry bosses and their willingness to hire new employees will have a positive impact on the office markets
in the top 7 locations. Forecast take-up of office space for
2016 is about 3.0m m.
Take-up of space Germany/top 7

(in 000s m2, incl. owner-occupiers)
3,5

ca. 3.13 million m2
3,0
25
20
Take-up of office space in Germanys top 7 locations

fell only very slightly short of the record results of 2007
(3.52m m). The total take-up of office space in 2015 was
3.49m m, which translates into a year on year increase of
21.2 %. In the 4th quarter alone about 1.2m m of office
space was newly let. As in the prior year, owner-occupiers accounted for around 9 % of the total. Whereas
Berlin and Stuttgart posted new record results, Dsseldorf came within a whisker of its 2007 record. This
strong growth was produced by a high number of IT companies taking large amounts of space
68 %
Office
As far as premium rents are concerned, Frankfurt heads

the field with 38.50/m/month, followed by Munich with
32.50/m/month. Premium rents stood at 26.00/m/
month in Dsseldorf, 25.00/m/month in Hamburg and
24.00/m/month in Berlin. Top rates in Stuttgart and
Cologne peaked at 22.80 and 21.25/m/month respectively. The biggest rise in premium rents - 6 % - was seen
in Stuttgart.
2,5
2,0
1,5
1,0
0,5
0,0
2.93
3.29
3.06
2.90
2.88
3.49
2010
2011
2012
2013
2014
2015
7
OFFICE LETTING
HAMBURG
An agreement for a large amount of space pushed take-up
in the 4th quarter to 185,000 m, the highest quarterly
result of last year. A total of 540,000 m of office space
was taken up in the Hamburg market, a year on year
rise of about 3 %. With owner-occupiers accounting for
around 15 % of the total (80,000 m) the 460,000 m of
new lettings was 34,000 m higher than in 2014.
INVESTMENT
HAMBURG
By the end of the year the volume of investment transactions on the Hamburg property market had reached a
new high of 4.0 billion. This figure was second only to
the total seen in 2007. Compared with the prior year, the
result increased by 10 %.
INVESTMENT PROPERTIES
As in the prior year, office properties were the most traded
assets, accounting for 66 % of the total. Portfolio trades
valued at some 1.2bn made up about 30 % of the total
volume, whereas in 2014 they accounted for only about
430m. Four sizeable office property packages were sold
in 2015. Considerably more was invested in hotel real
estate, some 540m compared with about 250m in 2014.
One of the major hotel transactions was the sale of the
Radisson Blue at Dammtor (Marseiller Strasse 2, Alster
West) which Azure Hotels bought back from Invesco for
a sum in the three-digit millions. Year on year, Hamburg
saw premium returns decline appreciably to the lowest
levels registered to date. Yields on office and retail assets
slipped from 4.5 to 4.0 %.
In 2015 international players took a livelier interest in
the market for investments in commercial real estate
in Hamburg than national investors, and accounted for
about 57 % of the total volume of transactions. Most of
the investors came from the UK, France and Switzerland.
The biggest single group of investors was comprised of
open-end/specialist funds with a share of some 25 %
(about 1.0bn) of the transaction volume. Asset managers/portfolio holders took the second-highest share
with 560m, or 14 % of the total. And open-end/specialist
funds were also the most active group of vendors, selling
8
commercial real estate in Hamburg for around 1.3bn, and

accounting for the biggest share (32 %) of the transaction
volume. Developers and builders followed in second place
with a share of some 14 % (572m ).
OUTLOOK
The investment environment is set to remain favourable in
2016. However, it is rather unlikely that the volume of transactions will continue on a record-breaking track because
there is a shortage of suitable investment properties for
sale. The volume of transactions is expected to close at a
figure somewhere between the totals for 2014 and 2015.
TAKE-UP OF SPACE
Overall in 2015 appreciably fewer agreements for
5,000 m or more were noted - eleven as opposed to 16 in
2014. However, five of these eleven contracts for space
in excess of 5,000 m fell into the 15,000 m or more category, a welcome development on the Hamburg market.
The largest contract recorded in the year was an insurance
companys decision to take 39,000 m in a project development at Gassstrasse in Bahrenfeld district. First and
second places were occupied by City and City South which
accounted for about 29 % and 14 % of total take-up respectively.
let already. In all likelihood the volume of completions in

2016 and 2017 will be some 334,000 m. Less than half of
this volume (around 48 %) will go on the market as speculative space.
OUTLOOK
The underlying mood on the market is positive. The service
industry is optimistic and planning to hire more staff. Thus
all the signs point to a good year on the letting market.
However, we do not expect the years take-up of space to
rise above 500,000 m because fewer agreements for large
units are anticipated. One of the reasons for this is that
fewer alternatives will be available to customers looking
for office space.
TOP 3 SUB-MARKETS (take-up of space / average rent)
RENTS
In the 4th quarter several expensive agreements caused
the premium rent to rise year on year by 50 cents to 25.00/
m/month. Weighted by amount of space taken, the average rent was stable at 14.50/m/month.
CITY / 155,800 m / 18.30/m/month

CITY SOUTH / 74,200 m / 11.20/m/month
HAFENCITY / 30,800 m / 18.30/m/month

Compared with 2014 the amount of space standing empty
fell from around 798,000 m to the current figure of about
698,000 m. By the end of the year the vacancy rate had
fallen to a mere 5.2 %. In 2015 around 120,000 m of office
space was completed. Around 86 % of this space has been
1. INSURANCE COMPANY
Gasstr. / ca. 39,000 m
2. COUNCIL OFFICE
Caffamacherreihe 3 / ca. 32,000 m
3. BANK
Lbeckertordamm 5 / ca. 19,700 m
TOP 3 CONTRACTS
Transaction volume Hamburg
Take-up of space Hamburg
Rents Hamburg
(in bn )
(net in /m2/mth)
600
4,0
3,5
3,0
25.00

ca. 495,000 m2

ca. 2.9bn
500
23.00
400
2,5
2,0
23.50
24.00
24.00
average rent
200
14.50
100
1.9
2.2
1.9
2.8
3.7
4.0
2010
2011
2012
2013
2014
2015
25.00
15.00
1,0
0,5
24.50
20.00
300
1,5
0,0
premium rent
14.00
14.00
2012
2013
14.50
14.50
2014
2015
13.00
506
540
430
440
525
540
2010
2011
2012
2013
2014
2015
10.00
2010
2011
9
OFFICE LETTING
BERLIN
In 2015 take-up of office space in Berlin reached a new
all-time high of some 810,000 m, smashing the prior
years record turnover of 630,000 m. Numerous agreements for large amounts of space led to this very good
result.
INVESTMENT
BERLIN
The investment market for commercial properties in
Berlin closed the year 2015 with a new record. Essentially,
this was due to one portfolio sale and numerous transactions valued at over 100m each. The total volume of
transactions was 7.8bn, whereby the 4th quarter alone
saw commercial real estate change hands for a total of
3.4bn. The volume of transactions was some 1.3bn
higher than the old record of 2007.
The largest transaction was Savills Fund Managements
sale of the ensemble of buildings at Potsdamer Platz for
some 1.3bn to Brookfield, an asset manager, acting in
a joint venture with an Asian pension fund. Overall, not
counting this portfolio trade, the city registered 15 transactions each costing upwards of 100m. Of all single
transactions announced, the largest was the sale of The
Q (Quartier 205), a shop and office building for which
Tishman Speyer paid Inditex/Banco Santander some
335m. In 2015 investors continued to focus on office
buildings, which accounted for 60 % of the total volume of
transactions. Last year was marked by considerable yield
compression, driving the premium returns on office and
retail properties down to 3.9 % and 3.7 % respectively by
the end of the year.
Accounting for 22 % of the total, open-end/specialist
funds were more active on the buying side than asset
managers (about 17.9 %) and REITs (about 12.7 %). When
it came to selling, asset managers led with a 27 % share of
the total, followed by project developers with 18 %. In 2015
an above-average proportion of both vendors and buyers
on the market for commercial investment properties in
10
Berlin came from outside Germany. Although international

investors were the purchasers of some 58 % of the volume
traded, they sold slightly more, namely around 60 % of the
total.
OUTLOOK
In 2015 Berlin repeatedly demonstrated that it is an attractive target for international investors. In 2016, however,
it is to be assumed that fewer large properties will be on
sale than in 2015 so that - if the environment remains favourable - the year 2016 is expected to close with a transaction volume of 4.5bn.
TAKE-UP OF SPACE
19 contracts were signed for over 5,000 m of space, a
result similar to the prior years (18 contracts); nine lets
and/or owner-occupier transactions passed the 10,000 m
mark. The largest contract of the year was the 4th-quarter
pre-let agreement signed by Allianz for some 50,000
m of office space by the Adlershof train station. Other
major leases noted in 2015 were concluded by Zalando
(42,500 m) and Rocket Internet (22,000 m). A list of
take-up by district starts with 13.2 % in Friedrichshain,
followed by 12.7 % in Mitte, 12 % in Kreuzberg and 11.1 % in
Tiergarten. Firms in the information and telecommunications industry were the most active players on the market,
with 27 % of take-up.
RENTS
Due to the growing shortage of available real estate in
Berlin - driven by high levels of turnover and, at the same
time, little speculative new-build activity - the premium
and average rents both rose appreciably. Year on year the
premium rent increased by 1.50/m to 24.00/m/month.
Efforts to avoid high prices by moving to the periphery,
where rents are presumed to be lower, led to an increase
in rates here, so that the average rent for the entire area
within city limits rose by about 13 % to 14.90/m/month.

From its 2014 level the volume of empty space fell by 10 %
to about 810,000 m. With the total stock of office space
standing at 19.0m m, the vacancy rate was only 4.3 %
or 0.5 percentage points lower than a year ago. The vacancy rate is likely to dip below the 4.0 % mark in 2016. In
2015 some 304,000 m of office space was completed, of
which 110,000 m is attributable to the new building for the
German intelligence service BND. The construction volume
in 2016 will comprise 180,000 m of office space in 16 projects.
OUTLOOK
The general situation continues to look positive for Berlin in
2016 in view of the good economic outlook and the booming
TMT sector in Berlin. Take-up of space in 2016 could therefore
be slightly higher than the ten-year average of 590,000 m.

FRIEDRICHSHAIN / 41,000 m / 16.50/m/month
MITTE / 103,000 m / 15.90/m/month
KREUZBERG / 97,000 m / 14.60/m/month
TOP 3 CONTRACTS
1. ALLIANZ
Rudower Chaussee / ca. 50,000 m
2. ZALANDO
Mhlenstr. / ca. 42,700 m
3. ROCKET INTERNET
GSW highrise, Kochstr. 22 / ca. 22,000 m
Transaction volume Berlin
Take-up of space Berlin
Rents Berlin
(in bn )
(net in /m2/mth)
8.0
1000
premium rent
25.00
7.0
24.00
800
6.0

ca. 4.3bn
5.0

ca. 631,800 m2
20.00
600
21.50
22.00
22.00
20.50
4.0
average rent
400
3.0
15.00
14.90
2.0
200
1.0
0.0
22.50
3.1
2.2
3.9
3.4
4.0
7.8
2010
2011
2012
2013
2014
2015
541
568
630
521
630
810
2010
2011
2012
2013
2014
2015
12.30
12.50
2010
2011
13.20
12.30
13.20
10.00
2012
2013
2014
2015
11
OFFICE LETTING
DSSELDORF
In 2015 take-up of office space in Dsseldorf was some
420,000 m, which represented an enormous year on year
surge of 76.5 % (2014: 238,000 m). Only in the record year
of 2007 was a better result posted (436,000 m). Various
large-scale agreements were instrumental in producing
this result.
INVESTMENT
DSSELDORF
In 2015 the volume of investment transactions on the
Dsseldorf market rose by a massive 42.6 % year on year
for a total result of 2.73bn. This figure topped the previous records set in 2006 (2.09bn) and 2007 (2.3bn).
Office properties were the preferred assets on the
Dsseldorf investment market, where they made up
54.9 % of the total volume. The largest known transaction and biggest agreement of the year was the sale of
the Kaufhof retail portfolio (Carsch-Haus, Kaufhof Knigsallee, Kaufhof am Wehrhahn including the sports arena)
for some 225m to a joint venture formed by the Hudsons
Bay Company and Simon Property Group. Portfolio sales
totalled around 939.6m, which translates into a share
of 34.5 %. The premium return for offices fell by 0.25 percentage points to 4.5 %.
Even if the market for commercial properties was dominated by domestic investors, players from other countries
accounted for a very sustantial share of trading - about
1.3bn or 48.4 %. Open-end retail and specialist funds
were the biggest single group of investors, accounting for
37.9 % (about 1.03bn). On the selling side, corporates/
owner-occupiers/non-properties predominated with a
share of 22.3 % (about 608m).
OUTLOOK
It might well be that the top result of 2015 on the Dsseldorf investment market could be more or less repeated
in 2016. Since a number of new-builds scheduled for
completion in 2016 are due to come onto the market, the
shortage of trophy and core investment products should
ease slightly, and the transaction volume is thus expected
to be as before at 2.5bn. Premium yields on office properties are still being squeezed, although the situation will
ease a little. A sideways drift is to be expected, in no small
part thanks to the Federal Reserves decision to raise the
base interest rate.
TAKE-UP OF SPACE
In 2015 leases for 5,000 m or more added up to 160,000 m
of the total space let. Six of the biggest eight leases within
city limits were signed for premises in new project developments. Contributing more than 50,000 m each, the
other size categories also played their part in realizing the
total result. The largest agreement was the lease signed by
Uniper to take 28,000 m in the MedienHafen, which was
also the largest amount of space ever taken by a single
tenant in Dsseldorf. The most popular sub-market was
Linksrheinisch/Seestern where total lets came to 80,000
m, followed by MedienHafen (about 75,900 m) and City
(about 68,600 m). Accounting for a share of 26.9 % of
take-up, the newly reviving information and telecommunications industry was the biggest group of new tenants.
RENTS
The premium rent remained stable at 26.00/m/month.
On average, companies in Dsseldorf paid 15.25/m/
month in rent, or 1.45 more than a year previously. For
some 130,000 m of space covered by the six biggest lets of
the year alone, the average rent charged was about 17.00/
m/month, which effectively raised the overall level on the
market.

From its 2014 level of 826,000 m, the amount of empty
space has fallen to 730,000 m. Based on a total stock
of offices of 7.57m m, this amount represents a vacancy
rate of 9.6 %, a year on year drop of 1.3 percentage points.
In 2015 completions totalled 65,000 m, falling below the
figure for the prior year of 89,000 m. 2016 could see a rise
in available properties. On completion, ten projects are set
to add a further 79,000 m.
OUTLOOK
In view of the excellent rally at the end of the year, the
outlook for Dsseldorfs office market is positive. But it will
be a struggle in 2016 to match the performance of the exceptional year 2015 because many tenants requiring large
office suites had already made their decisions by the years
end.

WEST RHINE/SEESTERN / 80,200 m / 11.30/m/month
MEDIA PORT / 75,900 m / 19.83/m/month
CITY / 68,600 m / 12.90/m/month
TOP 3 CONTRACTS
1. UNIPER
FLOAT, Franziusstr. / ca. 28,000 m
2. TELEKOM
Am Seestern 3 / ca. 28,000 m
3. TRIVAGO
Speditionstr./Kesselstr. / ca. 25,900 m
Transaction volume Dsseldorf
Take-up of space Dsseldorf
Rents Dsseldorf
(in bn )
(net in /m2/mth)
3,0
500
2,5
30.00
400

ca. 1.7bn
2,0
premium rent

ca. 323,400 m2
27.50
25.00
300
26.00
26.00
23.50
23.00
20.00
1,5
26.00
average rent
200
1,0
15.00
100
0,5
0,0
12
1.4
1.1
1.0
1.8
1.9
2.7
2010
2011
2012
2013
2014
2015
14.40
334
304
308
347
238
420
2010
2011
2012
2013
2014
2015
13.40
14.10
14.90
2012
2013
13.80
15.25
10.00
2010
2011
2014
2015
13
OFFICE LETTING
COLOGNE
Around 290,000 m of office space was taken up in Cologne in 2015 - some 12 % more than in 2014. This figure
is slightly higher than the 5-year average of 286,000 m.
TAKE-UP OF SPACE
The largest lease of 2015 was signed by HRS (Hotel Reservation Service) to rent about 11,000 m in the Coeur
Cologne project (Breslauer Platz). As a result of several
agreements for large amounts of space signed by the
Federal Labour Agency, the Bundeswehr (German army)
and Cologne Municipality, the public administration
sector accounted for some 22 % of the total take-up of
space. On Colognes right-hand bank of the Rhine, the
Malteser charity decided to take some 10,000 m in the
EQUILO new-build project. This provided an added boost
to the up and coming Kalk sub-market.
INVESTMENT
COLOGNE
Commercial real estate transactions in the municipality
of Cologne reached a value of some 1.9bn in 2015, a year
on year increase of 46 %. This result surpassed the previous record of 1.8bn posted in 2007. Over the course of
the year premium returns have seen a significant decline
in all segments.
Accounting for a share of 38 % of the investment market
for commercial properties in Cologne, office buildings
were the most-traded asset. Mixed-use properties followed with a share of 32 %, but hotel and retail properties
also became more popular, each with an 11 % share of the
total. By far the biggest transaction, with a 440m price
tag, was the sale of the multifunction LANXESS Arena including the Stadthaus (seat of Cologne city administration)
and ancillary buildings. An office complex on Kaiser-Wilhelm-Ring, the Kaufhof department store at Hohe Strasse,
the mixed-use Barthonia Forum in the Ehrenfeld district
and one other apartment and commercial building each
changed hands for sums in the treble-digit millions.
Year on year the premium return on office properties softened by 0.3 percentage points to 4.4 %. The premium
yields on retail properties also slipped by 0.2 percentage
points to 3.8 %. The best yields on logistics real estate
were noted at 5.6 %, a year on year reduction of 0.9 percentage points.
Asian and Canadian investors were especially keen buyers

in 2015.
OUTLOOK
In view of the prevailing conditions on the capital market
and the dearth of safe investment opportunities, real
estate remains very much in demand overall, even if yields
have already fallen. The lack of available properties in the
core category could prove a limiting factor. The best opportunities to purchase real estate arise during the early
stages of project developments and whenever holders
seek to restructure their portfolios.
RENTS
Despite the growing shortage of available properties, rents
barely rose in 2015. Year on year the weighted average
rent rose by 2.5 % to 12.50/m/month. The premium rent
stayed as it was in the prior year at 21.25/m/month. Although isolated contracts were agreed for rates higher
than 24.00/m/month, their share of total take-up was
not yet big enough to make a difference in the figures.
of space who have specific requirements in terms of location and fit-out, are finding their choice increasingly
limited and decisions about new premises can be noticeably delayed.
OUTLOOK
In its economic report Colognes Chamber of Trade and Industry (IHK) notes that local firms are less optimistic about
the future, despite their present good business situation.
Nevertheless, no changes have been made to plans for
capital expenditure and recruitment. Several tenants are
known to be seeking large office suites in Cologne. Overall
take-up of space in 2016 is forecast to be as in the year just
ended. If the insurance company Zurich Versicherung were
to sign its anticipated lease in MesseCity Cologne, the
result for the year would probably be higher.

DOWNTOWN NORTH / 58,000 m / 15,00/m/month
EHRENFELD / 25,000 m / 10.50/m/month
RINGS OF COLOGNE / 22,000 m / 15.00/m/month
TOP 3 CONTRACTS

In 2015 Cologne registered the lowest volume of completions since 2001, with 49,000 m of new office space in
10 projects. Moreover, at the end of 2015 only 440,000 m
of office space, or 5.7 % of the total stock, stood empty,
which translates into some 14 % fewer available offices.
Potential tenants, especially those seeking large amounts
1. HRS - HOTEL RESERVATION SERVICE

Coeur Cologne, Breslauer Platz / ca. 11,000 m
2. HR DEPARTMENT OF THE BUNDESWEHR
Militrringstr. 1000 / ca. 11,000 m
3. MALTESER HILFSDIENST
Equilo, Erna-Scheffler-Str. 2 / ca. 10,000 m
Transaction volume Cologne
Take-up of space Cologne
Rents Cologne
(in bn )
(net in /m2/mth)
350
2.0
25.00
ca. 286,000 m2
300
1.5
21,00
250

ca. 1.16bn
premium rent
21,00
21,00
21,25
21,25
21,25
20.00
200
1.0
average rent
150
15.00

The most active players on the Cologne market in 2015
were property funds, accounting for about 40% of the sales
volume and 39% of purchases. Capital investment from
overseas comprised 53% of the volume of transactions.
14
100
0.5
10,80
50
0.0
0.8
1.0
0.8
0.8
1.3
1.9
2010
2011
2012
2013
2014
2015
230
330
270
280
260
290
2010
2011
2012
2013
2014
2015
11,20
11,40
2011
2012
11,90
11,90
2013
2014
12,50
10.00
2010
2015
15
OFFICE LETTING
FRANKFURT
Take-up of office space on the Frankfurt market (including Eschborn and Offenbach Kaiserlei) totalled some
390,000 m. This translates into 5.9 % higher take-up
than in the same period the year before.
INVESTMENT
FRANKFURT
Year on year the volume of investment transactions involving commercial real estate in Frankfurt rose by 13.5%
to some 5.7bn. However, this fell short of the record set
in 2007 (8.3bn).
The excellent result was mainly due to three huge transactions that together totalled more than 1.25bn. The largest
of these was the sale of the Trianon (Mainzer Landstr.
16), for which NorthStar Realty Finance paid Madison International Realty 540m in the 2nd quarter. The second-biggest transaction - likewise in the 2nd quarter - was
conducted by RFR Holding which sold its majority stake in
the Eurotower (Kaiser Strasse 29) to a German pension
fund for about 450m. In the 1st quarter Tishman Speyer
sold the MainZero (Mainzer Landstr. 13-17) to the South
Korean National Pension Service (NPS) for some 250m.
In 2015 demand for investment properties was concentrated on office buildings, which accounted for about 87%
of the total. Compared with the prior year the core and
core-plus segments lost a noticeable share of the market;
instead more money was poured into developments/refurbishments, value-add and opportunistic properties.
Location remained an important factor, but there was a
willingness to accept short-term contracts or the need for
asset management services.
Year on year the premium return on office properties softened by 0.25 percentage points to 4.5%. The premium
yields on retail properties slipped by 0.15 percentage
points to 4.05%. Top yields on logistics properties reached
6.0%.
16

International investors were very active in Frankfurt, figuring as buyers in 54% of total transactions. The three
largest property transactions were also traded almost exclusively by international investors. Only the Eurotower
was bought by a domestic investor, a German pension
fund.
OUTLOOK
Pressure to find investment opportunities and demand for
commercial properties will continue to characterize the
market in 2016. Following the good result posted in 2015,
the range of core properties now available in Frankfurt is
appreciably smaller, and the volume of transactions will
thus probably be about 5.0bn in 2016.
TAKE-UP OF SPACE
Again in 2015, a lack of large-scale agreements had an
impact on Frankfurts result for the year. This was balanced by a large number of leases for less than 1,000 m
of space, which added up to some 180,000 m. The largest
agreement concluded in 2015 and the only one for over
10,000 m, was the purchase of a 32,000 m office block
in the main station/Westhafen sub-market at Windmhlen
Strasse 14; the new owner of the building, formerly the
head office of Dresdner Bank, is financial consultancy
Deutsche Vermgensberatung (DVAG) which will use the
offices itself. The second-biggest agreement was a lease
for 7,000 m of space space signed by FIAT (Hanauer Landstrasse 150, followed by a 6,800 m lease in Eschborn
taken by the German Society for International Cooperation
(GIZ) at Ludwig-Erhard Strasse 30-34. Consultancies and
the banking/finance sectors led the take-up statistics
with a share of some 18 % of the total each.
RENTS
The rental agreements signed for space in prestigious
buildings such as the Taunusturm and the Opernturm
resulted in premium rents in Frankfurt rising by 50 cents
year on year to 38.50/m/month. Over the course of the
year 2015 the average rent fell from 20.00 to 19.00/
m/month due to large agreements in more peripheral
sub-markets. Only two of the nine leases for more than
5,000 m related to space in the CBD.

During the past 12 months the market has shed nearly
100,000 m of empty space. The vacancy rate fell by 0.8
percentage points to 11.8 %. Completions in 2015 totalled
some 110,000 m of office space in 16 projects. In 2016 the
volume will rise to about 164,000 m in some 20 projects.
Developers are once again starting to build speculative
projects; these include the Metzler Areal, the Marieninsel and Westend Sky.
OUTLOOK
With the volume of completions in Frankfurt due to rise in
2016, the stage is set for future turnover. Fuelled by the
good economic environment, take-up of office space will
total some 400,000 m in 2016.

FINANCIAL DISTRICT / 65,700 m / 31.00/m/month
MAIN STATION / WESTHAFEN / 56,600 m / 15.40/m/m.
CITY / 56,500 m / 21.10/m/month
TOP 3 CONTRACTS
1. DEUTSCHE VERMGENSBERATUNG (DVAG)
Windmhlstr. 14 / ca. 32,000 m
2. FIAT
Hanauer Landstr. 150 / ca. 7,000 m
3. GIZ
Ludwig-Erhard-Str. 30-34, Eschborn / ca. 6,800 m
Transaction volume Frankfurt
Take-up of space Frankfurt
Rents Frankfurt
(in bn )
(net in /m2/mth)
600
6.0
5.0
40.00
500

ca. 4.0bn
4.0
premium rent

ca. 432,600 m2
35.00
38.00
38.00
35.00
400
38.00
38.50
35.00
30.00
3.0
300
average rent
25.00
2.0
200
20.00
20.00
1.0
0.0
100
1.8
2.8
2.9
3.4
5.0
5.7
2010
2011
2012
2013
2014
2015
472
444
515
448
368
389
2010
2011
2012
2013
2014
2015
17.50
17.50
2011
2012
18.50
19.50
19.00
2013
2014
2015
15.00
2010
17
OFFICE LETTING
STUTTGART
2015 ended with take-up of office space in Stuttgart
standing at some 290,000 m, narrowly beating the previous record of 2011.
INVESTMENT
STUTTGART
With the trade in commercial properties reaching a
total of around 1.7bn, Stuttgarts investment market
came within a whisker of matching the record result of
2007 (1.8bn). Year-on-year, the transaction volume rose
by 70.5 %. Four transactions with price tags in the treble-digit millions were instrumental in producing this
strong result.
About 75 transactions were posted in 2015, of which only
45 % related to properties sold for prices in the single-digit
millions. Office buildings were the main focus of investor
interest, with a 62 % share of the total volume of transactions, followed by retail properties with some 22 % and
hotels with about 8 % of the trading volume. One reason
for the high proportion of office properties is the Zeppelin-Carr transaction, which alone accounted for some
160m. A combination of short supply and strong demand
has depressed the premium return on office properties in
Stuttgart from 5.0 % to 4.5 %.
In 2015 open-end/specialist funds were the most active investors in commercial real estate in Stuttgart, accounting
for some 61 % of the total. Private investors/family offices
took a 14 % share of the transaction volume. They were followed by project developers/builders with a share of about
6 %. All other groups of buyers played only a minor role.
for about 15 % of sales. Unlike last year, the proportion of

overseas buyers on the market has fallen back. These investors accounted for only 17 % in 2015. When it came to
selling properties, overseas players featured in 38 % of the
volume traded, a proportion similar to that in 2014.
OUTLOOK
For 2016 continuing dynamic trading activity is forecast
on the investment market for commercial real estate in
Stuttgart, with a final total well above 1.0bn.
TAKE-UP OF SPACE
The excellent result was partly owing to ten agreements
for more than 5,000 m of space. Owner-occupiers accounted for some 64,000 m of take-up. The largest
single transaction was the construction start of the
roughly 30,000 m Bosch IT Campus. The largest rental
agreement was signed by Porsche AG for about 29,800 m
in the Weilimdorf industrial estate in northern Stuttgart.
Stuttgart City was the top-ranking sub-market with about
65,700 m of take-up. Comprising the two biggest leases
signed In the City sub-market, pharmaceuticals firm Celesio AG took 10,500 m in the Europe Plaza new-build
project and Robert Bosch GmbH took some 9,300 m in
the Zeppelin Carr. Industrial companies, above all the
car industry, were the biggest clients for office space in
Stuttgart, accounting for 41 % of the total take-up. It must
be added, however, that for many years the diversity of
businesses in Stuttgart has created stable demand for
office space, especially for smaller units.
RENTS
By the end of 2015 a number of agreements signed for
space in new-build projects in Stuttgarts City district had
pushed the premium rent to the record level of 22.80/m/
month. The average rent remained stable at 12.50/m/
month.
Now 3.5 %, the vacancy rate is on course for a new record
18
OUTLOOK
Good forecasts for the economy mean that the take-up
of space in 2016 may reach 230,000 m. Rents will remain
stable. The small range of available properties could result
in the activation of projects that have been on hold for
quite a long time. This applies in particular to Suttgarts
peripheral locations.

CITY / 65,700 m / 15.90/m/month
VAIHINGEN/MHRINGEN / 56,300 m / 11.10/m/month
FEUERBACH / 53,500 m / 12.40/m/month
TOP 3 CONTRACTS
1. ROBERT BOSCH GMBH
Bosch IT Campus, Stuttgart Feuerbach / ca. 30,000 m
2. PORSCHE AG
Mittlerer Pfad / ca. 29,800 m
3. CELESIO AG
Europe Plaza, A 1 Areal S-City / ca. 10,500 m
Transaction volume Stuttgart
Take-up of space Stuttgart
Rents Stuttgart
(in bn )
(net in /m2/mth)
300
2.0

ca. 260,500 m2
premium rent
25.00
250
22.80
1.5
200

ca. 1.05bn
21.50
20.00
20.00
1.0
20.00
18.80
150
average rent
17.50
15.00
100
On the selling side of the equation, the 2015 market was

dominated by project developers/builders and open-end/
specialist funds, whose shares of the total volume of transactions were about 30 % and 23 % respectively. Corporates
and banks were also very active as vendors, accounting
low. Based on a total stock of about 2.63m m this rate

translates into 270,000 m of empty offices. At about
40 %, the decrease was largest in central Stuttgart. By the
end of the year a mere 38,200 m or so was available in the
centre. A large part of the 74,900 m of office space completed in 2015 has been let already. A further 169,000 m of
office space will be completed in 2016, of which only about
20,500 m will come onto the open market.
0.5
11.00
50
0.0
0.5
0.4
1.2
0.9
1.0
1.7
2010
2011
2012
2013
2014
2015
194
285
192
258
278
290
2010
2011
2012
2013
2014
2015
11.60
12.40
12.00
12.50
12.50
2014
2015
10.00
2010
2011
2012
2013
19
OFFICE LETTING
MUNICH
In 2015 take-up of office space totalled 755,000 m. After
two rather quiet years, take-up surged upwards, surpassing the 700,000 m mark for year on year growth of
about 30 %.
INVESTMENT
MUNICH
Again in 2015 the investment year closed with a very good
result in Munich. Total trading in the commercial properties sector was about 5.45bn, a year on year increase
of around 10 %. 15 transactions with price tags in excess
of 100m, some appreciably so, together accounted for
more than 40 % of total turnover.
As in the past, office properties were the biggest-selling
asset class, comprising over 78 % of the total. In the first
half of the year Amundi paid over 200m for the north88
(Riesstrasse) and for a similar price AXA acquired the
Elisenhof (Elisenstrasse). In the second half of the year,
the sale of Kustermann Park to Ares Management for a
price of some 170m and the Bayer Post hotel to Deka
for 180m made a major contribution to the result. As
had been expected, the premium return on office properties slipped further and by the end of the year it stood at
3.5 %. Core properties remain in demand, but are increasingly difficult to obtain. Investors have thus focussed
more and more attention on value-add properties in reputable and well-established locations. Therefore a growing
squeeze of initial returns on value-add properties became
apparent.
National investors accounted for about 64 % of the volume
of transactions. Large transactions were concluded by
well-known national players such as DEKA (Bayer Post),
Real I.S. (Haidenauplatz) and Wealthcap (Olof-Palme
Strasse) as well as by international firms such as Amundi
(north88), various Asian state funds and, last but not
least, insurance companies like Swiss Life. As in the past,
open-end/specialist/pension funds took the lions share
20
of the market on both the buying and selling sides of the

equation.
OUTLOOK
In Munich, 2016 will be another year of rapid movement
on the investment market. Large amounts of cash, interests rates stuck at low levels and a lack of alternative
investment opportunities will continue to drive investor
activity. Some big-ticket transactions that could not be
completed by the end of 2015 will be agreed in the first
two quarters of 2016, so that trading figures are set to be
similar to those of 2015. Turnover between 5.0bn and
5.5bn is forecast for the year overall.
TAKE-UP OF SPACE
The number of contracts involving over 5,000 m rose to
20, a year on year increase of over 40 %. The proportion
of owner-occupiers was higher than in recent years. For
example, the two biggest agreements, in terms of space,
involved owner-occupiers; the Criminal Justice Centre at
Leonrodplatz (about 39,000 m) and Rohde & Schwarz in
east Munich (about 15,000 m). In the 4th quarter the computer and software manufacturer IBM took an additional
15,000 m in the HighLight Tower in Schwabing Parkstadt. Registering 21 % of the total, the Centre West submarket ranked first, but City North was hard on its heels
with a share of about 20 %. The Centre sub-market was
again a popular location, with a share of about 14 %. Computer and IT firms took up about 137,000 m of space, more
than any other sector of trade or industry.
RENTS
In most new leases the agreed rates were between 15.00
and 20.00/m/month. The weighted average rent thus
rose slightly to 15.00/m/month, a year on year increase
of 3 %. Several agreements were also signed at the top
end of the market too, where rents over 25.00 are paid,
although few exceeded 35.00. In consequence, the
premium rent slipped by nearly 6 % to its current rate of
32.50/m/month.

Year on year the volume of empty space fell from
1,322,000 m to about 917,000 m. The stock of available
space also fell by about 1 % to 22.7m m. This drop was
because some office buildings were converted into apartments and hotels or turned into refugee shelters. Despite
the lower total stock of space, the vacancy rate fell to 4 %.
OUTLOOK
Some large transactions will ensure the Munich market
starts the year well. Shortage of space in central locations
will cause some firms to opt for premises on the periphery
of the city. A growing shortage of available space could
lead to higher rents. With demand remaining at a constant
level, take-up of office space in Munich is expected to be
around 700,000 m in 2016.

DOWNTOWN WEST / 156,000 m / 17.39/m/month
CITY NORTH / 136,000 m / 16.26/m/month
DOWNTOWN / 103,000 m / 23.76/m/month
TOP 3 CONTRACTS
1. STRAFJUSTIZZENTRUM (CRIMINAL JUSTICE CENTRE)
Leonrodplatz / ca. 39,000 m
2. IBM
Mies-van-der-Rohe-Str. 4-8 / ca. 15,000 m
3. RHODE & SCHWARZ
Mhldorfstr. / ca. 15,000 m
Transaction volume Munich
Take-up of space Munich
Rents Munich
(in bn )
(net in /m2/mth)
6.0
1000
5.0

ca. 4.2bn
premium rent
35.00
34.45

ca. 704,840 m2
800
32.00
30.00
32.50
32.50
29.80
4.0
600
25.00
400
20.00
28.00
3.0
average rent
2.0
0.0
15.00
200
1.0
1.7
2.9
3.6
4.2
5.0
5.5
2010
2011
2012
2013
2014
2015
578
860
717
608
584
755
2010
2011
2012
2013
2014
2015
14.00
14.40
14.90
15.10
14.60
15.00
2010
2011
2012
2013
2014
2015
10.00
21
LOKALEEXPERTISE
LOCAL
KOMPETENZ
ACROSS
DEUTSCHLANDWEIT
GERMANY
GLOSSARY
TAKE-UP OF SPACE
Take-up of space is the total of all space let plus that sold
to, or finished by or for an owner-occupier during the period
under review. The operative date for inclusion in the statistic is the date on which the lease or purchase agreement
was signed. Lease renewals are not counted as take-up.
Areas are stated on the basis of the guide for calculating
the rental area in commercial leases (MF/G).
PREMIUM RENT
The premium rent relates to the top 3 % of the market
for new lets (not counting owner-occupiers) during the 12
months just ended and is stated as the average of such
rents.
AVERAGE RENT
The average rent is calculated by taking the individual
rents agreed in all leases signed over the past 12 months,
weighting them by the amount of space rented and computing the mean value. Figures refer to nominal net rents
ex services.
Services
Across Germany
VACANCIES
Vacancies include all office space that is available to new
tenants within three months. Sub-let space is counted as
vacancy.
TRANSACTION VOLUME
The transaction volume is the sum of the purchase prices
of all transactions during the period under review inasmuch as these are known to and recorded by the market.
The closing date of the transaction determines at which
point it is included in the statistics. A property is allocated
to an asset class according to the predominant way space
is used at the time of closing. Commercial transactions
involving investment in residential properties are not included in the transaction volume.
PREMIUM RETURNS
The premium return is the (gross) initial return on excellently appointed top quality properties in the very best locations of the specific property market.
Hamburg
Berlin
Dsseldorf
Cologne
Frankfurt a.M.
Stuttgart
Munich
Real estate investments

Commercial letting
Corporate real estate management
Research
Banking and financial services
Equity financing for development projects
Fund and asset management
Real estate management
We draw your attention to the fact that all statements made here are non-binding. Most of the information is based on third-party reports. The sole intention of this
market survey is to provide general information for our clients.
Grossmann & Berger GmbH Immobiliendienstleister Bleichenbrcke 9 (Bleichenhof) D-20354 Hamburg
Tel.: +49 (0)40 / 350 80 2 - 0 Fax: +49 (0)40 / 350 80 2 - 36 info@grossmann-berger.de www.grossmann-berger.de
Managing directors: Holger Michaelis, Andreas Rehberg, Lars Seidel, Axel Steinbrinker
Chairman of the Supervisory Board: Dr. Jrg Wildgruber Entered in the commercial register: Hamburg B 25866
Supervisory authority: Borough Council Hamburg-Mitte, Department of Consumer Protection, Commerce and the Environment, Klosterwall 2, 20095 Hamburg
SERVICES
VAT identification number pursuant to Section 27a German Turnover Tax law: DE 118 556 939
ELLWANGER & GEIGER Real Estate GmbH Brsenplatz 1 D-70174 Stuttgart
Tel.: +49 (0)711 / 2148-300 Fax +49 (0)711 / 2148-290 gewerbeimmobilien@ellwanger-geiger.de www.ellwanger-geiger.de
Managing directors: Mario Caroli, Bjrn Holzwarth
Competent supervisory authority: Amt fr ffentliche Ordnung, Gewerbe- und Gaststttenbehrde, Eberhardstrae 37, 70173 Stuttgart
Naturally enough, when doing real estate business in

Germany, you would like to work with a partner who can
provide you with expert professional support in all issues
relating to commercial property.
Our spectrum of services covers both real estate investments and commercial letting. We are conversant with all
risk classes and types of property. For investors we offer
a Germany-wide service extending to the purchase and
sale of office, hotel, warehousing, logistics and retail real
estate, as well as apartment buildings, both as individual
properties or in portfolios. We are also ready to support
you with preparation for development projects.
Due to the banking background of our founding partners,

we are familiar with the workings of the financial industry. We are also well placed to assist you in your search
for office, retail, industrial, warehousing and logistics
premises, as well as special uses, in the process bringing
to bear our in-depth local knowledge and outstanding regional contacts.
In addition, we offer you corporate real estate management
(CREM), as well as research tailored to your specific
project. Further services in the fields of finance, fund management, asset management and administration mean
that you can obtain everything needed from us to secure
the effective long-term advancement of your project.
Commercial register and no. of entry: Registered in Stuttgart (Amtsgericht) HRB 733293
Responsible under Section 55 par. 2 of the Interstate Broadcasting Agreement (RStV): Bjrn Holzwarth, managing director
ANTEON Immobilien GmbH & Co. KG Ernst-Schneider-Platz 1 D-40212 Dsseldorf
Tel.: +49 (0)211 / 58 58 89 - 0 Fax: +49 (0)211 / 58 58 89 - 88 immobilien@anteon.de
Managing partners: Guido Nabben, Heiko Piekarski, Jens Reich, Dirk Schfer, Marius Varro
Trading licence: a licence pursuant to Section 34 c of the German Industrial Code/GewO was granted with no restrictions by the Municipal Government of the State
Capital Dsseldorf, Department 32, Tel.: +49 (0)211 / 89 - 23 223. ANTEON Immobilien GmbH & Co. KG Registered office in Dsseldorf, entered in the Commercial Register of Dsseldorf under HRA 19934 General Partner ANTEON Verwaltungsgesellschaft mbH, registered office in Dsseldorf, entered in the Commercial
Register of Dsseldorf under HRB 58418
Greif & Contzen Immobilien GmbH Pferdmengesstrae 42 D-50968 Kln
Tel.: +49 (0)221 / 93 77 93 - 0 Fax: +49 (0)221 / 93 77 93 - 77 gpp@greif-contzen.de
Managing directors: Mr Theodor J. Greif, Rainer Krau
Amtsgericht (lower court) Registered in: Cologne, Company Register no. 11414
Supervisory authority: City of Cologne, Ordnungsamt, P.O. Box 103564, 50475 Kln
22
23
Contact
Grossmann & Berger
GmbH
German Property Partners
Locations:
Hamburg, Berlin
Contact:
Andreas Rehberg
Bleichenbrcke 9
D-20354 Hamburg
ELLWANGER & GEIGER

Real Estate GmbH
Locations:
Stuttgart, Munich
Contact:
Bjrn Holzwarth
Brsenplatz 1
D-70174 Stuttgart
ANTEON Immobilien
GmbH & Co. KG
Location:
Dsseldorf
Contact:
Guido Nabben
Ernst-Schneider-Platz 1
D-40212 Dsseldorf
GREIF & CONTZEN

Immobilien GmbH
Location:
Cologne
Contact:
Theodor J. Greif
Pferdmengesstrae 42
D-50968 Kln
Tel.: +49 (0)40 / 350 80 2 - 0

Fax: +49 (0)40 / 350 80 2 - 36
Mail: gpp@grossmannberger.de
Tel.: +49 (0)711 / 21 48 - 300

Tel.: +49 (0)89 / 17 95 94 - 0
Mail: gpp@ellwangergeiger.de
Tel.: +49 (0)211 / 58 58 89 - 0

Fax: +49 (0)211 / 58 58 89 - 88
Mail: gpp@anteon.de
Tel.: +49 (0) 221 / 93 77 93 - 0

Fax: +49 (0)221 / 93 77 93 - 77
Mail: gpp@greif-contzen.de

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LOCAL EXPERTISE ACROSS GERMANY

COMMERCIAL PROPERTY MARKET

LOCAL EXPERTISE ACROSS GERMANY

Each of us is a leading commercial real estate

We have founded German Property Partners with the aim

ELLWANGER & GEIGER

A real estate consultant with

ELLWANGER & GEIGER Real

ANTEON is an owner-managed real estate

GREIF & CONTZEN

The process of preparing and interpreting the data was

MARKET SURVEY INVESTMENT/OFFICE LETTING 2015/Q1-4

LOCAL EXPERTISE ACROSS GERMANY

KEY FIGURES 2015/Q1-4

Investment: strongest buyer groups by location

Office letting: strongest industries by location

(share of take-up of space)

(share of transaction volume)

Key figures top 7

KEY FIGURES OFFICE LETTING/INVESTMENT:

Take-up of space (year-on-year change)

Vacancy rate (year-on-year change)

Premium rent (year-on-year change)

Transaction volume (year-on-year ch.)

Average rent (year-on-year change)

Premium return office (year-on-year ch.)

Data: Colliers International Deutschland

Data: Colliers International Deutschland

MARKET SURVEY INVESTMENT/OFFICE LETTING 2015/Q1-4

LOCAL EXPERTISE ACROSS GERMANY

2015 saw a greater volume of transactions in Germanys

INVESTORS AND VENDORS

Transaction volume Germany/top 7

Transaction volume by asset classes Germany/top 7

5-year average (2011-2015):

AVAILABLE SPACE AND VACANCIES

Take-up of space Germany/top 7

5-year average (2011-2015):

Take-up of office space in Germanys top 7 locations

As far as premium rents are concerned, Frankfurt heads

MARKET SURVEY INVESTMENT/OFFICE LETTING 2015/Q1-4

LOCAL EXPERTISE ACROSS GERMANY

commercial real estate in Hamburg for around 1.3bn, and

let already. In all likelihood the volume of completions in

TOP 3 SUB-MARKETS (take-up of space / average rent)

CITY / 155,800 m / 18.30/m/month

AVAILABLE SPACE AND VACANCIES

Transaction volume Hamburg

Take-up of space Hamburg

(in 000s m2, incl. owner-occupiers)

5-year average (2011-2015):

5-year average (2011-2015):

MARKET SURVEY INVESTMENT/OFFICE LETTING 2015/Q1-4

LOCAL EXPERTISE ACROSS GERMANY

Berlin came from outside Germany. Although international

AVAILABLE SPACE AND VACANCIES

TOP 3 SUB-MARKETS (take-up of space / average rent)

Transaction volume Berlin

Take-up of space Berlin

(in 000s m2, incl. owner-occupiers)

5-year average (2011-2015):

5-year average (2011-2015):

MARKET SURVEY INVESTMENT/OFFICE LETTING 2015/Q1-4