Investment/OffIce LettIng CommerCial property market … Spokesman for German Property Partners real estate centres. hat way, whatever your commercial t real estate requirements, wherever

LocaL ExpErtisE – across GErmany

www.germanpropertypartners.de

Investment/OffIce LettIng

CommerCial property marketGermany/top 7 2015/Q1-2

Dear Readers,

2015 started very well in the top 7 property markets in germany, so that it seems highly possible that the volume of transactions will hit new record heights by the end of the year.

this market survey provides a review of the first half of 2015 as it played out on germany’s top 7 markets. In ad-dition to drawing comparisons between the top 7 markets, we offer a detailed look at the investment and office letting markets in Hamburg, Berlin, Düsseldorf, cologne, frankfurt/main, stuttgart and munich.

Germany/top 7 ............................................................ 4HamBUrG ...................................................................... 8Berlin ......................................................................... 10düsseldorf ............................................................... 12ColoGne ...................................................................... 14frankfUrt ................................................................. 16stUttGart .................................................................. 18 mUniCH ........................................................................ 20

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 three 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. the third partner is AnteOn, which is active on the Düs-seldorf real estate market.We have founded german Property Partners with the aim of providing our special services in all of germany’s major

the process of preparing and interpreting the data was made possible thanks to a partnership between three 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 lo-cations 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

Björn HolzwarthSpokesman for German Property Partners

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.

LokaLe kompetenz – deutschLandweit


MARKTBERICHT Investment/BürovermIetung 2015/Q1-2

LOcAL exPeRtIse – AcROss geRmAnyGerman property partners

ABOut ustHe partners

Grossmann & BergerA real estate consultant with expe-rience 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 HAsPA-gruppe of companies.

ellwanger & GeigerWith the backing of the private bank, ellwanger & geiger, ellwanger & geiger Real estate, one of the leading real estate experts in Bavaria and Baden-Württemberg, offers advice on the sale and letting of commercial and residential real estate.

anteonfounded in 2008, Anteon is a Düssel-dorf-based real estate service pro-vider which offers 90 years of real estate experience. the firm specializes in advising companies on property management consultancies, and is active in the fields of office letting, in-vestment, valuation and research.

Partners



MARKet SuRvey Investment/OffIce lettIng 2015/Q1-2

2 3

0 % 10 % 20 % 30 % 40 % 50 %

Munich

Stuttgart

Frankfurt2)

Cologne1)

Düsseldorf

Berlin

Hamburg 28.8 % IT/telecommunication

40.4 % IT/telecommunication

19.3 %

37.0 %

29.8 %

11.8 %

Industrial and trading companies

Public administration

Banks

Services to business

39.5 % Industrial companies

0 % 10 % 20 % 30 % 40 % 50 % 60 %

Munich

Stuttgart

Frankfurt2)

Cologne1)

Düsseldorf

Berlin

Hamburg 30.5 % Fund managers

23.8 % REITs

35.4 %

35.0 %

27.7 %

58.5 %

REITs

Developers

Pension funds

Open-end/specialized funds

54.2 % Open-end/specialized funds

faCts & fiGUres

Key figures top 7

Hamburg Berlin Düsseldorf Cologne1) Frankfurt2) Stuttgart Munich top 7

take- up of space [m²] 251,000 299,000 169,000 135,000 177,700 147,000 298,000 1,476,700

year-on-year change 11.6 % 1.7 % 38.5 % 8.0 % 6.4 % 25.6 % -8.3 % 7.4 %

Average rent [net €/m²/mth] 14.60 14.30 13.90 11.90 20.00 13.10 15.50 -

year-on-year change 2.1 % 11.5 % -6.1 % 0.0 % 5.3 % 4.0 % -1.9 % -

Premium rent [net €/m²/mth] 24.00 22.50 26.00 21.25 38.50 21.00 32.90 -

year-on-year change -2.0 % 0.0 % -5.5 % 0.0 % 1.3 % 1.9 % -3.8 % -

Vacant space [m²] 729,200 870,000 785,000 490,000 1,365,171 285,500 1,132,000 5,656,871

year-on-year change -19.1 % -11.2 % -7.5 % -10.1 % -11.9 % -9.4 % -24.5 % -

Vacancy rate [%] 5.5 % 4.6 % 10.3 % 6.4 % 11.8 % 3.8 % 4.9 % 6.3 %

year-on-year change[percentage points (pp)] -1.9 pp -0.6 pp -1.0 pp -0.8 pp -1.7 pp -0.4 pp -1.6 pp -1.2 pp

transaction volume [million €] 1,950 2,900 712 500 2,751 590 2,895 12,298

year-on-year change 34.5 % 133.9 % -39.7 % 88.7 % 101.7 % 7.3 % 66.4 % 57.9 %

Premium yield Office [%] 4.30 4.40 4.50* 4.60 4.60 4.50 3.75 -

share of asset class Office [%] 70.5 43.7 42.1 50.0 83.7 60.2 80.1 66.6

office letting: strongest industry by location investment: strongest buyer group by location

HamBUrG 251,000 m² (+11.6 %)

24.00 €/m² (-2.0 %)

14.60 €/m² (+2.1 %)

5.5 % (-1.9 pp)

€1.95bn (+34.5 %)

4.30 % (-0.2 pp)

ColoGne1)

135,000 m² (+8.0 %)

21.25 €/m² (0.0 %)

11.90 €/m² (0.0 %)

6.4 % (-0.8 pp)

€0.50bn (+88.7 %)

4.60 % (-0.2 pp)

stUttGart 147,000 m² (+25.6 %)

21.00 €/m² (+1.9 %)

13.10 €/m² (+4.0 %)

3.8 % (-0.4 pp)

€0.59bn (+7.3 %)

4.50 % (-0.5 pp)

düsseldorf 169,000 m² (+38.5 %)

26.00 €/m² (-5.5 %)

13.90 €/m² (-6.1 %)

10.3 % (-1.0 pp)

€0.71bn (-39.7 %)

4.50 % (-0.6 pp)

Berlin 299,000 m² (+1.7 %)

22.50 €/m² (0.0 %)

14.30 €/m² (+11.5 %)

4.6 % (-0.6 pp)

€2.90bn (+133.9 %)

4.40 % (-0.45 pp)

frankfUrt2)

177,700 m² (+6.4 %)

38.50 €/m² (+1.3 %)

20.00 €/m² (+5.3 %)

11.8 % (-1.7 pp)

€2.75bn (+101.7 %)

4.60 % (-0.25 pp)

mUniCH 298,000 m² (-8.3 %)

32.90 €/m² (-3.8 %)

15.54 €/m² (-1.6 %)

4.9 % (-1.6 pp)

€2.90bn (+66.4 %)

3.75 % (-0.2 pp)

key fiGUres 2015/q1-2

geRmAny/tOP 7

(share of transaction volume) (share of take-up of space)

1) Data: greif & contzen Immobilien gmbH, 2) Data: colliers International Deutschland

* net initial return

“In the 1st half of 2015 the most remarkable market features of Germany’s top 7 commercial property locations are the all-time low levels of empty offices and the record turnover figures for investment-grade real estate. This leads us to expect great things during the next half year.”

Björn Holzwarth, spokesman for German Property Partners

1) Data: greif & contzen Immobilien gmbH, 2) Data: colliers International Deutschland

key fiGUres offiCe lettinG/inVestment:

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

premium rent (year-on-year change)

average rent (year-on-year change)

Vacancy rate (year-on-year change)

transaction volume (year-on-year ch.)

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




4 5

The volume of investment transactions involving com-mercial properties in Germany’s top 7 locations totalled some €12.3bn at the end of the 1st half year (excluding residential “buy to let” trades). Following modest growth rates, this represents a surge of more than 50 % com-pared with the same period a year ago. As expected, the volumes involved in individual transactions have risen significantly and the front runners posted results more than twice as high as in the prior quarter.

transaCtion VolUmeIn the 1st half year the two busiest markets were Berlin and munich, which each accounted for just under €3.0bn of the transaction volume. And even though the front-runner Berlin saw the highest growth rate, with a 130 % rise in transaction volumes, the six biggest deals in the 1st half of 2015 all took place in either frankfurt or munich. the third-highest transaction volume was registered in frankfurt, with a total of nearly €2.8bn. this city also saw the biggest single transaction, the sale of the “trianon” office highrise for a price of some €540m (mainzer Landstr. 16) which northstar Realty finance bought from madison Interna-tional Realty. Apart from Düsseldorf and stuttgart, all the locations posted new records. year on year the volumes of transactions in Berlin and frankfurt have more than doubled. As some big-ticket sales had been pending, the record turnover in munich was not unexpected, despite the lack of core products. With a transaction volume of just under €2.0bn, Hamburg also posted a new record, topping the 2007 result. the transaction volume in Düsseldorf was €712m by the end of the half year. While stuttgart’s result (€590m) was only slightly higher than in the same period of the prior year due to an excess of demand over supply,

cologne (€500m) reported an exceptionally large volume of transactions.

inVestors and VendorsIn the 1st half year international players in the market for investments in commercial properties accounted for a trading volume of €6.0bn, almost half of the total. non-german investors were most active in cologne (72 %) and frankfurt (60 %).

retUrnsWithout exception, the premium returns for office prop-erties were below 5.0 %. the scale ranged from 4.6 % in frankfurt and cologne to 4.0 % in munich. the biggest drop in premium returns for office properties was 0.6 percentage points registered in Düsseldorf, whereas Hamburg, cologne and munich reported the lowest de-clines of 0.2 percentage points. If interest rate policies remain as they are now, premium returns will probably shrink even more, although the decline will be slower.

oUtlookBond and stock markets, IPOs and m&As; right now people are very unsure about what is going to happen. During the last quarter the market for investment in commercial properties, by contrast, has developed extremely well in the top 7 locations. financial intermediaries are particu-larly active, because they need to reduce their extremely high cash holdings. It remains to be seen what happens next on the market. the only thing one can say with cer-tainty is that there will be more big-ticket transactions this year.

inVestment offiCe lettinG

and munich the third-highest average rent was posted in Hamburg at €14.60/m²/month. the biggest rise in av-erage rents was seen in Berlin, where they grew by €1.48 to €14.30/m²/month.

aVailaBle spaCe and VaCanCiesWhereas the overall vacancy rate in germany’s top 7 property locations was 7.5 % during the first half of 2014, by the end of the same period of 2015 it had dropped to 6.3 %. With vacancy rates hitting 3.8 % in stuttgart, 4.6 % in Berlin and 4.9 % in munich, it is certainly no exaggeration to speak of all-time lows. shortage of space and a lack of available land for development projects, especially in the most sought-after inner-city locations, will inevitably lead to a further rise in premium rents. the greatest volumes of office space available within a short term were located in frankfurt (1.37m m²) and munich (1.13m m²).

the volume of completions for the entire year will total some 1.10m m², spread over 100 different projects. Berlin is the focus of new building activity with 318,000 m² under development; the new BnD intelligence service building alone accounts for 110,000 m² of this total.

oUtlookmost market factors have not changed since the previous quarter. negative effects might be produced by current wage negotiations, the collapsing market for exports to Russia and the uncertainty about how the greek drama might end. the new record high on the job market, with more people in work than at any time in the past 25 years and several enquiries for properties larger than 50,000 m² are, however, encouraging signs.

Year on year, take-up of office space in Germany’s top 7 property markets rose by some 7 %. Take-up of space to-talled around 1.48m m² in the 1st half of the year. Own-er-occupiers increased their share of the total to some 13 %. The amount of space let totalled some 1.28m m².

take-Up of spaCeApart from munich, which saw a decline of some 8 %, all other locations noted a continuing upwards trend in the take-up of space. Despite a noticeable drop in demand, nearly 300,000 m² of space was newly taken in munich and in absolute terms the city remains, together with Berlin, the biggest property market. In the case of Berlin, this was due to the third-largest lease registered in the country, when Rocket Internet signed for more than 22,000 m² of space (Kochstr, 22, “gsW highrise”) and in munich’s case it was the sixth-biggest property transaction nationwide, namely the construction start of a 15,000 m² office block for Rohde & schwarz (mühldorfstr.) the greatest growth in take-up of space was seen in Düsseldorf (38.5 %), stuttgart (25.6 %) and Hamburg (11.6 %). Düsseldorf benefited in the 2nd quarter from the fifth-largest agreement in germany, when it was reported that L’Oréal had taken 16,700 m² at Ross strasse/Johann strasse. stuttgart profited dispro-portionately from the decision made by Robert Bosch to move into a 30,000 m² It campus in stuttgart-feuerbach as owner-occupier. growth in Hamburg was driven by the city of Hamburg’s 1st quarter purchase of a building in the former Axel-springer complex, offering 32,000 m² of floor space, and the city’s rental agreement for 19,400 m² of of-fices on nordkanal strasse. even though take-up of office space in cologne rose by 8 %, this metropolis on the Rhine registered the lowest figure, 135,000 m², of germany’s top 7 locations.

the higher proportion of owner-occupier transactions stems from growth rates that reached treble digits in some cases, caused by transactions involving more than 30,000 m² in stuttgart, frankfurt and Hamburg. In frankfurt this refers to the 32,000 m² of offices at Wind-mühlen strasse purchased by financial consultancy Deutsche vermögensberatung in a sale registered in the 1st quarter.

rentsIn terms of both premium and average rents, the highest rates for office space were posted in frankfurt (€38.50 and €20.00/m²/month respectively) and munich (€32.90 and €15.54/m²/month). the premium rent rose further in frankfurt than elsewhere, increasing by 50 cents/m²/month. this was mainly attributable to rental agree-ments in prestigious office properties. After frankfurt

geRmAny/tOP 7

Logistics (2 %)Other (3 %)

9 %

16 % 66 %Retail

Office

Hotel

Undeveloped land (4 %)

0

5

10

15

20

25

2010 2011 2012 2013 2014 2015

11.43 12.39 15.37 17.26 21.64 12.30

5-year average (2010-2014):ca. €15.62bn

transaction volume Germany/top 7 transaction volume by asset classes Germany/top 7

(in bn €)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2010 2011 2012 2013 2014 2015

2.93 3.29 3.06 2.90 2.88 1.48

5-year average (2010-2014):ca. 3.01 million m2

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

take-up of space Germany/top 7

(in %)




6 7

InvestmentHamBUrG

The volume of investment transactions involving com-mercial property in Hamburg came to just under €2.0bn for the 1st half of 2015. With year on year growth of 34 %, investments have reached their highest level since 2007. Some 45 % of the volume of transactions in Hamburg concerned packages of more than one property.

inVestment propertiesAs in the past, investors’ preferred asset class was the office building, sales of which accounted for some 70% of the total transaction volume. three large portfolio sales related to this class of asset. norrporten sold three office blocks, “s-KAI”, “Hamburg-America center” and “coffee Plaza” from its portfolio of Hafencity properties to Pem-broke Real estate in the 1st quarter, and credit suisse sold three Hamburg office blocks held in its Odin portfolio to Orion capital managers for a total price of around €200m. comprising 13% of the total, hotel properties were the second most popular assets. these included the “Height 3” development on the former “spiegel Island” (Willy-Brandt-strasse 23, city) that Hochtief sold to commerz Real.

year on year, the premium returns for office and retail properties softened by a further 0.2 percentage points to 4.3 %. Premium returns for warehousing, logistics and in-dustrial properties slipped from 7.2 to 6.5 %.

inVestors and Vendorsnational investors slightly scaled back their activities on the Hamburg market in the 1st half of 2015 (from 56 % to about 47 %). Investors from the uK, switzerland, the usA and spain figured prominently, spending some €1.04bn to purchase properties in Hamburg. national investors dom-inated the selling side of the market, accounting for 59 %

of the total volume of transactions. In the first half of 2015 the biggest single group of buyers were asset managers, who were involved in 31 % of the total volume. Open-end/specialist funds took the second-highest share with 15 % of the total. When it came to selling properties, the open-end/specialist funds were the vendors in 40 % of the volume sold.

oUtlookIn view of the great demand and some big-ticket transac-tions still in the pipeline, the total volume traded by the end of 2015 will be around €3.0bn.

transaction volume Hamburg

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2010 2011 2012 2013 2014 2015

1.9 2.2 1.9 2.8 3.7 1.9


(in bn €)

2012 2013 2014 201510.00

15.00

20.00

25.00

20112010

23.0023.50 24.00 24.00

24.5024.00

13.00

14.5014.00 14.00

14.50 14.60

0

100

200

300

400

500

600

2010 2011 2012 2013 2014 2015

506 540 430 440 525 251

5-year average (2010-2014):ca. 488,000 m2

The early-year surge in the market for office space in Hamburg continued during the 2nd quarter of 2015. Growth of 12 % compared with the same quarter of the prior year boosted total take-up for the first half of 2015 to 251,000 m².

take-Up of spaCeIn the first half of 2015 six large agreements for more than 5,000 m² of space were concluded, most of them involving owner-occupiers. In the 1st quarter the city of Hamburg bought part of the former Axel-springer complex to provide 32,000 m² of office space for Hamburg mitte Borough council (caffamacherreihe 3, city). In the 2nd quarter the city signed another contract for a large amount of space. some 20,000 m² of space in a new building project in city south (nordkanal strasse 22+24, city south) have been re-served for three district tax offices, Bergedorf, Oberalster and Wandsbek, and the tax office for large enterprises. Returning to their traditional places in the ranking of sub-markets, the central districts of city, Hafencity and city south together accounted for 58 % of take-up of space in the 1st half of the year and some 41 % of all agreements signed. first-placed city was far ahead of the other sub-markets, with 33 % of take-up (82,900 m²) and 33 % of all agreements. city south placed second with a share of 16 % (38,900 m²) and Hafencity was third with 9 % (23,600 m²).

rentsyear on year, the premium rent has fallen by a modest 50 cents to €24.00/m²/month. compared with the prior year the average rent weighted by floor space rose by a modest 30 cents to €14.60/m²/month.

aVailaBle spaCe and VaCanCiesDue to a high rate of take-up and a low level of comple-tions, the vacancy rate fell to 5.5 %. this development re-flects the current state of the market. It is not possible to satisfy demand for efficient office space with the rate of completions seen so far. this year and in the coming year, 2016, office completions will total 419,000 m²; however, contracts with new occupiers already exist for some 57 % of this space. many companies have already secured of-fices for themselves in projects that are still three years from completion.

oUtlookDynamic market activity points to a good result for the year 2015. Based on current activity, take-up of space is set to total more than 500,000 m² by the end of the year.

top 3 sUB-markets (take-up of space / average rent)

City / 82,900 m² / 18.40 €/m²/month City soUtH / 38,900 m² / 11.10 €/m²/month HafenCity / 23,600 m² / 19.40 €/m²/month

top 3 ContraCts

1. CoUnCil offiCe caffamacherreihe 3 / ca. 32,000 m² 2. tax offiCe nordkanalstr. 22+24 / ca. 19,500 m² 3. nxp semiCondUCtors Germany GmBH stresemannallee 101 / ca. 8,000 m²

OffIce LettIngHamBUrG

take-up of space Hamburg rents Hamburg

(in 000s m2, incl. owner-occupiers) (net in €/m2/mth) premium rent

average rent




8 9

InvestmentBerlin

The volume of investment transactions in Berlin had reached some €2.9bn by the end of the first half of 2015. Year on year, investments rose by some 130 %. The total is thus already about three quarters of last year’s final result of some €4.0bn.

inVestment propertiesOffice properties are still the preferred asset in Berlin, accounting for 44 % of the total (€1.27bn). the biggest transactions involving offices were global Asset cap-ital’s sale of the “stettiner carré” office complex to Al-lianz Real estate germany gmbH for some €210m in the mitte sub-market and the sale of the “viktoria Loft” in Berlin-Lichtenberg, for which I-ReIt global paid Wealth cap some €144m. the transaction volume for retail prop-erties - whose share of the overall market comprised some 36 % (€1.01bn) - was considerably higher than in the prior year, above all due to the biggest transaction seen in the 1st quarter, which was the sale of the “Boulevard Berlin” shopping centre on steglitzer schloss-strasse, bought by the french operator Klépierre from a Dutch competitor, corio, for around €370m. the premium return on office properties slid by 0.35 percentage points to 4.4 %, while the premium return for retail property assets dipped by 0.5 percentage points to 3.7 %.

inVestors and VendorsIn the 1st half of 2015 slightly more overseas than domestic players were active on the investment market in Berlin. Although international investors were the purchasers of some 55 % of the volume traded, they sold slightly more, namely around 58 % of the total. the biggest interna-tional investors were ReIts, largely thanks to the sale of the massive Odin portfolio. When it came to international

vendors, the project developers and specialist or open-end funds figured more prominently than others. oUtlookthe market is expected to make good progress during the rest of the year and close on a total of €6.0bn of properties traded. the Berlin investment market is thus inching to-wards the record result of €6.4bn seen in 2007, although the ongoing lack of suitable properties will continue to be a limiting factor.

transaction volume Berlin

0

1.0

2.0

3.0

4.0

5.0

6.0

2010 2011 2012 2013 2014 2015

3.1 2.2 3.9 3.4 4.0 2.9


(in bn €)

2012 2013 2014 201510

15

20

25

20112010

20.50

21.50 22.00 22.00 22.50 22.50

12.30 12.5013.20

12.3013.20

14.30

0

100

200

300

400

500

600

700

800

2010 2011 2012 2013 2014 2015

541 568 630 521 630 299

5-year average (2010-2014):ca. 578,000 m2

In the 1st half of 2015 a total of 300,000 m² of office space was taken up in Berlin. This good result is 1.7 % higher than in the prior year and lays the foundation for a very good overall result for 2015.

take-Up of spaCeIn the 1st half of 2015 the rising take-up in Berlin resulted from a combination of numerous small lets and several agreements for large areas. the two contracts involving the greatest amount of space were the rental agreement for some 22,000 m² signed by Rocket Internet (Koch strasse 22, “gsW highrise”, Berlin mitte) and the lease taken by mercedes Benz for some 18,000 m² (Postbahnhof district, Berlin-friedrichshain). moreover, the 1st half of 2015 re-vealed that firms requiring large properties are increas-ingly prepared to move into B locations due to the scarcity of contiguous office space in the central city.

rentsgrowing demand on the market is having an effect on office rents too. the average rent is rising steadily and has increased by 11.5 % year on year to €14.30/m²/month. the premium rent remained stable at €22.50/m²/month be-cause, despite the growing shortage, a sufficient choice of new-build properties is still available in the area around Berlin main station.

aVailaBle spaCe and VaCanCies Because the economy is still vibrant and very few buildings are being completed, the amount of property standing empty declined further. year on year, vacancies fell from 980,000 m² to 870,000 m² at the end of the first half of 2015. With the total stock of office space standing at 18.77m m², the vacancy rate at the end of the half year was 4.6 %.

oUtlookWith Berlin’s economy growing well, the take-up of office space will likewise continue to rise in the second half of the year. Ongoing expansion in the It sector - in smaller as well as mid-sized enterprises - has now placed the in-dustry ahead of public services as the biggest single group of potential new tenants. By the end of 2015 the take-up of office space is set to be high, and similar to the 630,000 m² recorded for 2014.


mitte / 41,000 m² / 16.50 €/m²/month tierGarten / 25,000 m² / 14.70 €/m²/month CHarlottenBUrG / 23,000 m² / 14.40 €/m²/month

top 3 ContraCts

1. roCket internet “gsW highrise”, Kochstr. 22 / ca. 22,000 m² 2. merCedes Benz “Postbahnhof” development / ca. 18,000 m² 3. zalando mühlenstr. 42 / ca. 13,000 m²

OffIce LettIngBerlin

take-up of space Berlin rents Berlin


average rent




10 11

Investmentdüsseldorf

By the end of the 1st half of 2015 the volume of investment transactions in commercial properties in Düsseldorf to-talled €712m. Despite the sale of a large portfolio at a price in the treble-digit millions, the total volume was some 40 % lower than in the same period the year before. Whereas transactions worth only €174m were noted in the 1st quarter of 2015, the figure for the 2nd quarter was €538m. Following a quiet period caused by the increase in the land acquisition tax rate at the beginning of the year, the hoped-for “catch-up” phase in the 2nd quarter did not materialize.

inVestment propertiesOnce again, office properties were investors’ preferred asset class. these contributed 42 % to the total volume of investment property transactions in Düsseldorf. Retail properties came next, with a share of about 32 % of the market. the largest transactions in the 1st half of 2015 were the sale of the Kaufhof retail property portfolio (3 of the buildings are located in Düsseldorf) for about €225m, the “Living Office” building for around €51m and the “K-LAn” office block for about €45m. year on year the premium return on office properties fell from 5.1 % to 4.5 % in the 1st half of 2015. Returns on office buildings in Düsseldorf, state capital of north Rhine-Westphalia, are being squeezed due to an ongoing shortage of trophy and core properties in the city.

inVestors and Vendorsthe biggest groups of buyers and sellers may be deduced from the portfolio transaction already mentioned. On the buying side of the equation, the ReIts lead with a share of more than 35 % of the total volume of transactions. On the selling side, therefore, one finds owner-occupiers and

non-property companies with a share of around 50 %. Ac-counting for around 60 % of the market, overseas investors continued to be keen buyers of real estate.

oUtlookIt is most unlikely that investment activity in Düsseldorf will make a repeat of the excellent result of 2014 possible in 2015. spectacular transactions in 2014 have set the bar extremely high. Although plenty of potential buyers are looking at Düsseldorf properties, there is simply a lack of big-ticket items selling for over €100m. the forecast for the whole of 2015 has now been revised to €1.5bn. this would be in line with the 10-year average of about €1.5bn, which is still a respectable figure.

transaction volume düsseldorf

0.0

0.5

1.0

1.5

2.0

2010 2011 2012 2013 2014 2015

1.4 1.1 1.0 1.8 1.9 0.7


(in bn €)

2012 2013 2014 201510

15

20

25

30

20112010

23.50 23.00

26.00

27.50

26.00 26.00

14.4013.40

14.10 14.9013.80 13.90

0

50

100

150

200

250

300

350

2010 2011 2012 2013 2014 2015

334 304 308 347 238 169

5-year average (2010-2014):ca. 306,000 m2

Following a slow start in the 1st quarter, the market for offices in Düsseldorf (figures do not include the sur-rounding communities of Hilden, Ratingen, Neuss and Erkrath) made a noticeable recovery in the 2nd quarter of 2015. Whereas only about 64,000 m² of office space was let in the 1st quarter of 2015, the figure for the 2nd quarter rebounded to some 105,000 m². Thus the result of 169,000 m² at the end of the first half year has already placed the overall figure of 238,000 m² for 2014 within sight.

take-Up of spaCesome 220 rental agreements were registered in the 2nd quarter of 2015. these included the anticipated agree-ments for large amounts of space in the city that were still in the pipeline in the 1st quarter. However, most lets were properties measuring between 1,000 and 2,500 m². In this size category alone, the total area let came to over 51,000 m². As in the prior year, industrial and trading firms comprised the largest group of tenants. they accounted for some 32,600 m² of new take-up.

rentscompared with the same period a year ago, the premium rent has fallen by €1.50 and now stands at €26.00/m²/month. year on year the average rent had fallen 90 cents to €13.90/m²/month by the close of the first half of 2015, a figure that was, however, €1.00 higher than the prior quar-ter’s. Whereas in 2014 a large amount of expensive space was let, for example in the “Dreischeibenhaus” and “Kö-Bogen”, there were no such developments on offer in the 1st half of 2015.

aVailaBle spaCe and VaCanCiesBy the end of the first half of 2015 vacancies had fallen to 785,000 m². that meant an additional 64,000 m² of available office space compared with the same period last year. With a total stock of office space of 7.63m m² at the end of the first half of 2015, the corresponding va-cancy rate is 10.3 %. the volume of office building comple-tions in 2015 will again add only a modest amount of about 65,000 m². scheduled completions in 2016 total around 79,000 m².

oUtlookActivity on Düsseldorf’s office-letting market in the 1st half of 2015 posted a clear message. It is barely conceivable that this year’s total will dip beneath the low level of letting seen in 2014. It is expected that take-up of space will total some 300,000 m² by the end of 2015.


kennedydamm/derendorf / 32,700 m² / 16.90 €/m²/m. West rHine/seestern / 31,900 m² / 12.10 €/m²/month airport City/nortH / 30,300 m² / 13.60 €/m²/month top 3 ContraCts

1. l’oréal Roßstr./Johannstr. / ca. 16,700 m² 2. rHeinBaHn immoBilien Lierenfelder str. 40 / ca. 11,000 m² 3. t-systems Heerdter Lohweg 35 / ca. 5,600 m²

OffIce LettIngdüsseldorf

take-up of space düsseldorf rents düsseldorf


average rent




12 13

InvestmentColoGne

In the 1st half of 2015 investment transactions in com-mercial properties in Cologne totalled some €500m - a high level when compared with long-term figures for this city. Two especially large transactions, each involving a price in the treble-digit millions, made a significant con-tribution to this total. The high demand for properties re-mains unabated and sales were made in all segments.

inVestment propertiesthe largest transaction concerned the “Barthonia forum” (venloer strasse 253, ehrenfeld), sold by an Israeli investor to a joint venture comprised of tristan capital Partners (in-vestment managers) and the fReO group (private equity company/fund managers). the purchase price was around €110m. this 70,000 m² piece of real estate, formerly the site of the mühlens perfume factory, comprises 12 buildings which form an urban neighbourhood of offices, shops and apartments. the second-biggest transaction in the 1st half year was the sale to Art-Invest Real estate of the “co-logne Keys” office complex on Kaiser-Wilhlem-Ring. this developer bought the property from an international in-vestment manager and is planning to re-develop parts of the site.

since the beginning of the year premium returns have con-tinued to slide down. In the first half of 2015 the premium return on office blocks was 4.6 %, on retail properties 3.9 % and on logistics building 6.3 %.

inVestors and VendorsIn the first half of the year deep-pocketed overseas in-vestors figured both as buyers and sellers of investment properties. their share of the transaction volume, rel-ative to all investor groups, was around 72 %. the entire

spectrum of investors plays an active part on the cologne real estate markets. thanks to recent big-ticket pur-chases, project developers figured especially prominently as buyers of real estate, accounting for 35 % of the total volume of transactions.

oUtlookDue to great demand for properties and easy borrowing terms, 2015 is expected to return a final total for com-mercial property investments that is very similar to or higher than the prior year’s figure (about €1.2bn). It is pos-sible that premium returns will fall.

transaction volume Cologne

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2010 2011 2012 2013 2014 2015

1.1 0.8 0.8 0.8 1.2 0.5


(in bn €)

2012 2013 2014 201510

15

20

25

20112010

21,00 21,00 21,00 21,25 21,25 21,25

10,80 11,20 11,40 11,90 11,90 11,90

0

50

100

150

200

250

300

350

2010 2011 2012 2013 2014 2015

230 330 270 280 260 135

5-Jahres-Mittel (2010-2014):ca. 279,000 m2

In the first half of 2015 some 135,000 m² of office space was taken up in Cologne. Year-on-year, this represents a rise of 8 %.

take-Up of spaCethe largest amount of space relates to the new building under construction in Longerich for the HR department of the Bundeswehr (german army). the building will have a total floor area of 11,000 m². next on the list is an 8,000 m² property in the financial district let to the Information Pro-cessing Office of cologne city. compared with prior years, the financial district was an especially vibrant sub-market in the first half of 2015, posting take-up of some 17,000 m².

rentsRents did not change in the 1st half year, with premium rates remaining at €21.25/m²/month and average rents at €11.90/m²/month. there is little new building activity in the core locations and it is thus less likely that leases for ex-pensive properties will be brokered. However, some devel-opers and owners of existing buildings are now stepping up their efforts to put top quality properties onto the letting market.

aVailaBle spaCe and VaCanCiessome 67,000 m² of space in 13 projects will be completed in cologne in 2015. About half of this amount will be occupied by the owners and is thus not available on the open market. some especially versatile projects are being developed in the ehrenfeld sub-market. Only a few of the construction projects are in the inner city. In 2016 around 100,000 m² of office space will be completed.

At the end of the first half of 2015 the total stock of office space in cologne was 7.7m m², of which 490,000 m² was available for let. this translates into a vacancy rate for the 1st half of 2015 of 6.4 %. compared with the prior year, va-cancies had fallen by 10 % of the available space.

oUtlookAt present the general condition of the market for co-logne offices is encouraging for firms looking for new of-fices or pondering which location is right. Overall, a total letting volume of 280,000 m² is expected for the year. that is around 20,000 m² more than in 2014. If the insurance company Zürich versicherung makes a final decision about its plans to rent up to 60,000 m² of space before the end of 2015, this mark could be exceeded quite considerably. It is likely that more of the empty space will be let, leading to a vacancy rate of some 6 % by the end of 2015.


doWntoWn nortH / 24.000 m² / 14,00 €/m²/monat finanCial distriCt / 17.000 m² / 13,40 €/m²/monat nortH / 12.000 m² / 9,80 €/m²/monat

top 3 ContraCts

1. Hr department of tHe BUndesWeHr militärringstr. 1000 / ca. 11.000 m² 2. information proCessinG offiCe of ColoGne City enggasse 2 / ca. 8.000 m² 3. JoBCenter köln Oskar-Jäger-str. 50 / ca. 7.600 m²

OffIce LettIngColoGne

take-up of space Cologne rents Cologne


average rent

Data: greif & contzen Immobilien gmbH Data: greif & contzen Immobilien gmbH




14 15

InvestmentfrankfUrt

Following 2014’s record result on the Frankfurt market for investment in commercial properties, the volume of transactions in the first half of 2015 was some €2.75bn and thus more than twice as much as in the same period of 2014.

inVestment propertiesthe exceptional half-year result is mainly due to three huge transactions that together total more then €1.2bn. 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 the first half year demand for real estate investments was concentrated on properties within the cBD, with the exception of some properties in other sub-markets (e.g. the “main triangel” in frankfurt south, sold by the Aareal Bank to Wcm, or the “main Airport center” (mAc) sold by the Royal Bank of scotland to an investment fund from the usA). considerable activity was registered in niederrad, mostly due to developers buying office properties with the intention of converting them into apartment blocks.

year on year the premium return on office properties sof-tened by 0.25 percentage points to 4.6 %. Retail properties in High street locations attained returns of 4.05 %.

inVestors and VendorsInternational investors were very active in frankfurt; they were the buyers in 60 % of total transactions and vendors in 72 % of the volume traded. the three largest prop-erties were all sold by international investors and two of the three were bought by international investors. Only the “eurotower” was bought by a domestic investor, a german pension fund.

oUtlookthe business-friendly market environment suggests that in 2015 it will be possible to repeat the record result of 2014, which closed at €5.0bn.

transaction volume frankfurt

0

1

2

3

4

5

6

2010 2011 2012 2013 2014 2015

1.8 2.8 2.9 3.4 5.0 2.7


(in bn €)

2012 2013 2014 201515

20

25

30

35

40

20112010

38.00

35.00 35.00

38.00 38.00 38.50

20.00

17.50 17.5018.50 19.50 20.00

0

100

200

300

400

500

600

2010 2011 2012 2013 2014 2015

472 444 515 448 368 178

5-year average (2010-2014):ca. 449,000 m2

By the end of the first half of 2015, 177,700 m² of office space had been let in Frankfurt (including Eschborn and Offenbach Kaiserlei). This translates into 6.4 % higher take-up than in the same period the year before. Most of the newly occupied space was in the mid-size range (2,001 to 5,000 m²).

take-Up of spaCethe largest agreement concluded in the first half year was the purchase of a 32,000 m² office block in the main station/Westhafen sub-market; the new owner of the building, formerly the head office of Dresdner Bank, is fi-nancial consultancy Deutsche vermögensberatung. the cBD (financial district, Westend, city) accounted for far less of the take-up of space than it did a year ago, because the larger agreements involved properties in the sub-markets further from the centre. these included the sec-ond-biggest contract, a lease for 5,700 m² of office space at Düsseldorfer strasse 38 (eschborn), signed in the 2nd quarter by a company called management circle. A dis-proportionately large number of tenants decided to rent space in new building developments or in properties still under construction due to the shortage of available space in older buildings. examples of this practice include the rental agreement signed by law firm milbank in the “ma ro” (opera district) or the contract signed by grifols, a biotech company, for space in colmarer strasse (niederrad). this growing trend is encouraging more property owners to build on speculation.

rentsthe rental agreements signed for space in prestigious buildings such as the “taunusturm” and the “Opernturm”

caused an increase in both the premium and average rents for offices in frankfurt. year on year the premium office rent climbed 50 cents to €38.50/m²/month. Within the space of a year the average rent rose too, increasing by €1.00 to €20.00/m²/month.

aVailaBle spaCe and VaCanCiesBrisk demand reduced vacancies by 1.7 % by the end of the first half of 2015, bringing the rate to a record low of 11.8 %. A very low volume of completions is expected in 2015 - 110,000 m² in 17 projects. the projected volume for 2016 is slightly higher at some 142,000 m² (15 projects).

oUtlookunwavering demand for offices in frankfurt indicates that by the end of the year 2015 take-up of space will reach a total of 400,000 m².


main station / WestHafen / 46,800 m² / 14.50 €/m²/m. City / 31,600 m² / 20.60 €/m²/month finanCial distriCt / 29,700 m² / 31.50 €/m²/month

top 3 ContraCts

1. deUtsCHe VermöGensBeratUnG (dVaG) Windmühlstr. 14 / ca. 32,000 m² 2. manaGement CirCle Düsseldorfer str. 38, eschborn / ca. 5,700 m² 3. tax offiCe stephanstr. 15 / ca. 5,000 m²

OffIce LettIngfrankfUrt

take-up of space frankfurt rents frankfurt


average rent

Data: colliers International Deutschland Data: colliers International Deutschland




16 17

InvestmentstUttGart

Some €590m were invested in Stuttgart real estate during the 1st half of 2015. This figure was €40m higher than in the 1st half of 2014. As forecast in the 1st quarter of 2015, a large proportion of the transactions in the 2nd quarter were in the tens of millions.

inVestment propertiesAltogether, 35 transactions were completed in the first half of 2015, about half of which were priced in the single-digit millions. the largest transaction involved the “Zep-pelin carré” (Kronenstr. 20) sold by goldman sachs to an open-end Deka fund at a price in the treble-digit millions. the focus of investment activity - partly as a result of the sale of the “Zeppelin carré” - lay on office properties, which accounted for around 60 % of the total volume of transac-tions. Retail properties were the second most traded class of asset, taking a 26 % share of the total.

A combination of short supply of properties and continuing strong demand for investment products has appreciably depressed the premium return on office properties in stuttgart from 5.0 to 4.5 %.

inVestors and VendorsIn the 1st half of the year open-end funds and specialist funds were the most active buyers on the stuttgart market with a 54 % share of the volume of transactions, followed by investment-hungry private investors and family offices with about 11 % of the market.

Opportunity and equity funds dominated the selling side of the market, accounting for about 36 % of the trans-action volume, followed by open-end and specialist funds with 20 % and project developers and builders with around

15 %. foreign investors were involved in slightly less than a third of the commercial property investments traded in stuttgart in the 1st half year.

oUtlookthe excellent 2nd quarter of 2015 more than compen-sated for a fairly weak 1st quarter. It may be assumed that by the end of 2015 the volume of properties traded on the stuttgart investment market will total more than €1.0bn.

transaction volume stuttgart

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2010 2011 2012 2013 2014 2015

0.5 0.4 1.2 0.9 1.0 0.6


(in bn €)

2012 2013 2014 201510

15

20

25

20112010

17.50

18.8020.00 20.00

21.5021.00

11.0011.60

12.4012.00

12.5013.10

0

50

100

150

200

250

300

2010 2011 2012 2013 2014 2015

194 285 192 258 278 147

5-year average (2010-2014):ca. 242,000 m2

Take-up of office space in Stuttgart was some 147,000 m² by the end of the 1st half of 2015 and thus 25.6 % higher than in the same period a year ago. Owner-occupiers fea-tured prominently in the take-up figures for the 1st half of 2015, accounting for some 45,500 m² of office space.

take-Up of spaCeconstruction work to create an It campus for Robert Bosch gmbH in the northern sub-market feuerbach added some 30,000 m² to the total. this contract was the biggest own-er-occupier project in the 1st half of the year. the largest rental agreement was that signed by celesio Ag for 10,500 m² of space in the “europe Plaza”, a new building project in stuttgart city centre. 160 rental agreements were concluded, slightly below the figure for the 1st half of 2014. Overall, around 50 % of the take-up of space (73,500 m²) was attributable to six contracts for premises larger than 5,000 m². In the size category of 500 m² or less, total lettings came to 28,000 m². stuttgart city proved to be the most popular sub-market, where 43,300 m² of space was taken up, followed by feuerbach on the northern outskirts of stuttgart, where take-up totalled 36,400 m². Demand for office space was strongest among industrial firms, who collectively accounted for some 58,000 m² of take-up.

rentsthe premium rent remained stable at €21.00/m²/month. the average rent rose to €13.10/m²/month, thanks to nu-merous lets in new-build properties.

aVailaBle spaCe and VaCanCiesyear on year the vacancy rate fell by 0.4 percentage points to its current level of 3.8 %. there is now a shorter supply

of available office space, particularly in stuttgart city and Inner city. the volume of completions for 2015 is around 119,000 m², of which some 80 % is pre-let. In 2016 some 129,000 m² of offices will be completed, but 90 % of the space has already been taken.

oUtlookthe upwards trend in demand seen last year has con-tinued into this year. In view of an above-average result for the first half year and unabated demand, total take-up of office space for the year will probably be between 230,000 and 250,000 m².


City / 43,300 m² / 15.50 €/m²/month feUerBaCH / 36,400 m² / 11.80 €/m²/month VaiHinGen/möHrinGen / 25,100 m² / 10.00 €/m²/month top 3 ContraCts 1. roBert BosCH GmBH “Bosch It campus”, stuttgart feuerbach / ca. 30,000 m² 2. Celesio aG “europe Plaza”, A 1 Areal s-city / ca. 10,500 m² 3. Hansa stuttgart möhringen / ca. 9,500 m²

OffIce LettIngstUttGart

take-up of space stuttgart rents stuttgart


average rent




18 19

InvestmentmUniCH

Some big-ticket transactions are partly responsible for the Munich market’s very high volume of investment trades in commercial real estate during the first six months of 2015. Six transactions were well within the tri-ple-digit millions range and contributed about €1.15bn to the total volume traded. The result for the half year was around €2.9bn, a year on year increase of 67 %.

inVestment propertiesOffice properties were the most-traded assets on the munich investment market, where they made up 80 % of the total volume. two of the six biggest real estate trans-actions each involved more than €220m. One property was the “elisenhof” commercial centre (elisenstr. 3) sold by tishman speyer to AxA Real estate; the other was the “north88” office block that the project developer Hammer and the investor competo capital Partners sold to the open-end OPcI funds managed by french investment firm Amundi. Over the course of the 1st half year the premium return on office properties softened by a further 0.25 percentage points to 3.75 %. growing demand for value add opportunities - driven by the lack of core products available - has already resulted in declining returns in this sector too.

inVestors and Vendorsnational and international investors accounted for almost equal shares of the volume of commercial properties traded in the half year. most of the non-german players in the first two quarters came from france, largely due to the transaction involving Amundi, followed by American investors. the largest single group of buyers, accounting for some 60 % of the total transaction volume, were the open-end/specialist/pension funds.

oUtlookAlthough the munich investment market for commercial properties returned a brilliant result in 1st half of 2015, big transactions still in the pipeline will lead to brisk trading in the 2nd half year too. therefore, the forecast total volume of transactions for the year is €5.5bn, which would be a further 10 % higher than the figure for 2014.

transaction volume munich

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2010 2011 2012 2013 2014 2015

1.7 2.9 3.6 4.2 5.0 2.9


(in bn €)

2012 2013 2014 201510

15

20

25

30

35

20112010

28.0029.80

32.00 32.5034.45

32.90

14.00 14.40 14.90 15.10 14.60 15.50

0

200

400

600

800

1000

2010 2011 2012 2013 2014 2015

578 860 717 608 584 298

5-year average (2010-2014):ca. 670,000 m2

In the 1st half of 2015 take-up of office space in Munich totalled 298,000 m². Year on year, the take-up fell by 8 %. The 2nd quarter was slightly weaker than the first, but it is nevertheless expected that, with steady demand for space, the final result for the year will be average.

take-Up of spaCeWith only three agreements for more than 10,000 m² of space, this year’s target has not yet been met. further leases for more than 10,000 m² are expected to be signed by the end of the year. the size category between 1,001 and 3,000 m² was as popular as ever, contributing 29 % to the total take-up figures (about 86,000 m²). the biggest agreement in the 1st half year was the construction start of the new “technology centre II” for the electronics group Rohde & schwarz, to provide 15,000 m² near Ostbahnhof railway station. the second-biggest agreement was con-cluded with steelcase, a manufacturer of office furniture, which has rented 11,400 m² of space in the “Brienner forum” (Brienner strasse). third among the largest con-tracts was that signed by munich government to extend its offices by 10,000 m² on Landsberger strasse. In the first half year centre West was the busiest sub-market, ac-counting for 19 % of the total take-up of space, followed by city north with 16 % and centre, likewise with 16 %.

consultancies and lawyers led the ranks of businesses seeking office space, accounting for 12 % of take-up. the It sector was hard on their heels, with a share of just under 12 %, followed by the media and publishing industry with 11 %.

rentsIn the 1st half year, because there was only one let in the 5,000 m² plus size category at the top end of the market, the premium rent fell to €32.90/m²/month, about 4 % below the prior year’s rate. the average rent was also lower, falling by 1.9 % to €15.50/m²/month during the half year.

aVailaBle spaCe and VaCanCiesthe volume of empty space has fallen by 24.5 % to about 1,132,000 m². With the total stock of office space standing at 22.9m m², the vacancy rate was 4.9 % or 1.6 percentage points lower than a year ago.

oUtlooksteady demand is likely to produce an overall take-up result for 2015 of 600,000 m² of office space. vacancies will continue to fall.


doWntoWn West / 56,700 m² / 15.88 €/m²/month City nortH / 48,400 m² / 15.30 €/m²/month doWntoWn / 46,400 m² / 25.84 €/m²/month

top 3 ContraCts

1. rHode & sCHWarz mühldorfstr. / ca. 15,000 m² 2. steelCase Germany “Brienner forum”, Brienner str. / ca. 11,400 m² 3. mUniCH GoVernment Landsberger str. / ca. 10,000 m²

OffIce LettIngmUniCH

take-up of space munich rents munich


average rent




20 21

LokaLe kompetenz – deutschLandweit

VaCanCiesvacancies include all office space that is available to new tenants within three months. sub-let space is counted as vacancy.

transaCtion VolUmethe transaction volume is the sum of the purchase prices of all transactions during the period under review in-asmuch 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 in-cluded in the transaction volume.

premiUm retUrnsthe premium return is the (gross) initial return on excel-lently appointed top quality properties in the very best lo-cations of the specific property market.

take-Up of spaCetake-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 sta-tistic 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 rentthe 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 rentthe 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 com-puting the mean value. figures refer to nominal net rents ex services.

gLOssARyGerman property partners


seRvIcesGerman property partners

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 com-mercial 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 prepa-ration for development projects. Due to the banking back-ground 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.

across Germany» Hamburg» Berlin» Düsseldorf» cologne» frankfurt a.m.» stuttgart» munich

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 man-agement, asset management and administration mean that you can obtain everything needed from us to secure the effective long-term advancement of your project.

services» 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 • Bleichenbrücke 9 (Bleichenhof) • D-20354 Hamburg

Tel.: +49 (0)40 / 350 80 2 - 0 • Fax: +49 (0)40 / 350 80 2 - 36 • [email protected] • www.grossmann-berger.de

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competent supervisory authority: Bafin, federal Regulator for the financial services sector, graurheindorfer strasse 108, 53117 Bonn

Commercial register and no. of entry: Amtsgericht Stuttgart, HRA 738 • Licensing authority: Licence pursuant to Section 34c, par.1 of the German Industrial Code/

GewO (general brokers) is included in the licence pursuant to Section 32 par. 1 of the German Banking Act (KWG), Section 34c par. 5 no. 2 GewO • Responsible pur-

suant to Section 55 par. 2 Interstate Broadcasting Agreement RStV: Mario Caroli, personally liable partner • Dr. Volker Gerstenmaier, personally liable partner

vAt identification number pursuant to section 27a german turnover tax law: De 14750772

anteon immobilien GmbH & Co. kG • Ernst-Schneider-Platz 1 • D-40212 Düsseldorf

Tel.: +49 (0)211 / 58 58 89 - 0 • Fax: +49 (0)211 / 58 58 89 - 88 • [email protected]

VAT identification number pursuant to article 27a German Turnover Tax law: DE259465200 •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 Düsseldorf, Department 32, tel.: +49 (0)211 / 89 - 23

223. • ANTEON Immobilien GmbH & Co. KG • Registered office in Düsseldorf, entered in the Commercial Register of Düsseldorf under HRA 19934 • General Partner

AnteOn verwaltungsgesellschaft mbH, registered office in Düsseldorf, entered in the commercial Register of Düsseldorf under HRB 58418

managing partners: guido nabben, Heiko Piekarski, Jens Reich, Dirk schäfer, marius varro




22 23



Grossmann & Berger GmbH German property partnerslocations: Hamburg, Berlincontact: Andreas Rehberg Bleichenbrücke 9 (Bleichenhof)D-20354 Hamburg

tel.: +49 (0)40 / 350 80 2 - 0fax: +49 (0)40 / 350 80 2 - 36Mail: [email protected]

BankHaUs ellWanGer & GeiGer kG German property partnerslocations: stuttgart, munichcontact: Björn Holzwarth Börsenplatz 1 D-70174 stuttgart

tel.: +49 (0)711 / 21 48 - 192tel.: +49 (0)89 / 17 95 94 - 10Mail: [email protected]

anteon immobilien GmbH & Co. kG German property partners locations: düsseldorfcontact: guido nabben ernst-schneider-Platz 1 D-40212 Düsseldorf

tel.: +49 (0)211 / 58 58 89 - 0fax: +49 (0)211 / 58 58 89 - 88Mail: [email protected]

contact

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