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STUTTGART – A REVITALISED MARKETTHE 2014/2015 STUTTGART OFFICE MARKET REPORT
YearVolume
in sq.m
Representative
prime rents
per sq.m
Average central
business district
rents per sq.m
Vacancies
in sq.m
Vacancies
in %
Total space
in million sq.m
Completion
volume
in sq.m
Pre-let volume
in sq.m
2001 160,000 € 18.41 € 15.34 137,000 2.00 6.516 160,000 130,000
2002 127,000 € 17.89 € 14.80 292,000 4.20 6.828 312,000 220,000
2003 149,000 € 17.50 € 14.50 379,000 5.30 6.973 145,000 80,000
2004 152,000 € 17.00 € 14.50 415,000 5.70 7.102 129,000 93,500
2005 145,000 € 17.00 € 13.50 402,000 5.60 7.170 68,500 51,400
2006 140,000 € 17.50 € 13.60 467,400 6.50 7.222* 52,500 20,500
2007 169,000 € 17.50 € 14.50 466,000 6.40 7.253 32,600 23,400
2008 180,000 € 18.00 € 14.50 460,000 6.20 7.367 117,000 116,000
2009 171,000 € 18.00 € 13.60 453,000 6.12 7.401 40,000 22,000
2010 194,000 € 17.50 € 14.30 480,000 6.46 7.425 42,400 22,400
2011 285,000 € 18.80 € 14.30 424,000 5.70 7.449 45,900 41,200
2012 191,500 € 20.00 € 14.50 399,000 5.40 7.416 37,000 36,300
2013 258,000 € 20.00 € 14.40 365,000 4.87 7.496 81,200 62,700
2014 278,000 € 21.50 € 15.30 325,000 4.30 7.536 72,500 91,500
AN OVERVIEW OF THE STUTTGART OFFICE MARKET
* Data from a survey by BulwienGesa AG + Baasner, Möller & Langwald GmbH Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
CONTENTS.
Foreword 6
Stuttgart is investing in the future 8
Urban flair in the Europaviertel district 9
The Stuttgart office market is experiencing high demand 10
Strong demand from industry, IT and telecommunications 12
Owner-occupiers dominate contract signings 13
Rent levels are increasing 14
The vacancy rate is continuing to fall 16
Stuttgart: Nationwide the best price development 18
Stuttgart central business district / city centre: New attractive locations 20
Northern Stuttgart: Record take-up 21
Eastern Stuttgart: Further new construction sites planned 22
Southern Stuttgart: Experiencing a boom 23
Overview of the Stuttgart office market 25
Continued high demand expected in 2015 26
Your contacts 28
ELLWANGER & GEIGER Real Estate 29
PAULINEPaulinenstr. 21Office (100% take-up) Completed in 2013
BÜLOW CARRÉLautenschlagerstr. 21 Office + retail (95% take-up) Completed in Q1 2014
HOSPITALHOFHospitalplatz/Gymnasiumstr. Office (100%), own use Completed in 2013
CITYGATEKriegsbergstr. 11 Office + retail (40% take-up) Completion in Q1 2015
LAUTENSCHLAGER AREALFriedrichstr.Project, 8,100 sq.mCompletion in Q4 2016
MILANEOOffice (10% take-up) Retail + residentialCompletion Q4 2014 + Q1 2015
PARISER HÖFE100% take-up Completed 2013
IHKJägerstr. 30Office (100%), own use Completed in 2014
CALEIDOTübinger Str. 41–43 Office (95% take-up) Retail + residential Completed in 2013
DAS GERBERMarien-/Tübinger-/Paulinenstr. Office (20% take-up) Retail + residential Completion in Q3 2014 + Q1 2015
DOROTHEEN QUARTIERDorotheenstr./Holzstr. Office (95% take-up) Retail + residential Completion in Q4 2016
© BANKHAUS ELLWANGER & GEIGER KG
City Gate
IHK
LOOK21 Project, 25,000 sq.m Completion in 2018
Milaneo
Construction Area 5 Project, 17,000 sq.m
Construction Area 4 Project, 68,000 sq.m
Sparkassenakademie 100% own use Completion Q1 2015
Europe Plaza Project, 17,000 sq.m Completion n.a.
4
5
FOREWORD.
Stuttgart: An industrial and services city in a green setting.
Fantastic topography combined with the “canny” Swabian character make Stuttgart one of
Germany’s most attractive cities. Although a major German industrial centre it is also one of the
country’s greenest cities. Half of the entire urban area consists of vineyards, woods, parks and
orchards. This coexistence is based on a tradition going back centuries. The will to preserve such
green spaces has always been pronounced. Despite the fact that there have been frequent
struggles with local industry over this, in the final instance everyone has always agreed that
expansion of the city must take environmental-economic factors into consideration. As a result
Stuttgart is today a pioneer in many fields, such as knowledge-based business services or environ-
mental technologies.
A brief survey of the local business landscape shows that the number of knowledge-based business
service providers is increasing steadily. This report underlines this fact – the most recently completed
modern office properties, all DGNB-certified and in some cases with their own mobility concepts, are
all fully let. There is sustained demand for such modern office space, particularly since medium- sized
companies in the service sector are growing quickly.
One of the tasks of municipal politicians is to develop good concepts to promote the transformation
of old commercial areas into innovative industrial sites. Industrial sites need to meet business’
increasing demand for faster data links, and the desire of people working in these districts is to be
in pleasant surroundings. The successful relaunch of the Weilimpark commercial district shows that
the strategy jointly chosen by the municipal council and local companies is the right one.
The goal of municipal politicians and business must be to develop ideas about what, seen from
the environmental-economic perspective, is desirable and to define the corresponding concepts
and strategies.
Fritz KuhnLord Mayor of Stuttgart
Ines AufrechtDirector of Business Development, Stuttgart
Stuttgart is growing beyond its limits.
2014 was a peak year for Stuttgart’s office space market. Not only because the second-best take-up
rate of all time was achieved but also because the increased price level for both prime and average
rents speaks for itself and because the vacancy rate has continued to decrease.
One thing in particular was clear – virtually all of the state capital’s submarkets experienced move-
ment and regeneration, or put succinctly a boom. Both real estate and infrastructure saw many
new projects take shape and existing properties were continuously optimised. And it is already
clear now that the trend will continue during this year.
The stimulus for this new upswing was, once again, the region’s strong automotive industry.
Numerous companies in the sector have carefully evaluated their manufacturing and administrative
sites and have made a clear commitment to Stuttgart as a location. Expansion will also take place
in the city in the future.
The development of city centre areas to the rear of the main train station is ongoing; the lively
heart of the city is expanding northwards. A completely new district is being generated through
infrastructure which has now stabilised.
The only bad news is that the floor space available in the city is already limited; large contiguous
areas will be in short supply in future, particularly in the central business district. In addition to
ongoing city centre development projects there will, as a consequence, also be demand for
properties requiring refurbishment.
The following pages present detailed facts and figures on developments in Stuttgart’s office market.
We hope that you will find the report informative and will be glad to respond to any questions you
may have, to provide more detailed explanations or simply to hear your feedback.
Mario Caroli Björn Holzwarth
6
7
INDUSTRIAL AND TECHNOLOGY COMPANIES ARE
FULLY COMMITTED TO STUTTGART AS A LOCATION
Industry – and in particular the automotive sector – is
currently subjecting its manufacturing sites to careful
evaluation with regard to their future viability. Many
companies have made a clear commitment to Stuttgart
as a location. Robert Bosch GmbH has been investing in
the state capital and the surrounding area for many years.
In addition to this, the technology and services company
is currently building a new research and development
centre in Renningen. Daimler AG is expanding its sites in
Untertürkheim and Sindelfingen. And in the last three
years Porsche AG has almost doubled the size of its site in
Zuffenhausen – thus keeping the option of building a new
assembly line open now that the new paint line has been
completed.
EXPANSION OF THE TRANSPORTATION INFRA-
STRUCTURE
One of the key issues with regard to equipping the city
for the future is the handling of an increasing volume of
traffic. An approximately 20 per cent reduction in traffic
is planned for the Stuttgart Basin area. Rapid transit railway
links, the region’s backbone, will be further improved to
facilitate this goal. The objective is to introduce longer
trains travelling more frequently. In addition to this, so-
called tangential lines making it possible to bypass the
city centre and shorten journey times are planned in order
to make public transport more attractive. Stuttgart also
wishes to expand car-sharing offerings, which have already
been successfully established. The introduction of express
buses is also being considered to improve links between
the state capital and the surrounding region. The new
Rosenstein Tunnel is a further factor which will contribute
to improving traffic flows. Overall, the idea of a cross-trans-
portation mode, the integrated traffic guidance system,
so-called intermodality, will become increasingly important
in the future. Such considerations should not, however,
overlook the fact that commercial traffic must continue to
be allowed, as it ensures the delivery of supplies to the
city. Initial corresponding strategies in the form of the
development of a truck guidance network are already
being implemented to ensure that the flow of commercial
traffic can be improved in the future.
DEVELOPMENT OF AFFORDABLE HOUSING
The preservation and further expansion of Stuttgart’s
attractiveness is dependent on the availability of affordable
housing for young families. An initial programme has
been developed to provide an increased number of
modern residential units in line with demand over the
coming years.
All of these measures are intended to enable Stuttgart
and the region to continue to take advantage of their
good preconditions in the future. An unemployment rate
of four per cent and a per capita BIP of 36,000 euros are
figures which are significantly over the German average,
demonstrating the achievement potential of the city and
the region.
Stuttgart is actively engaged in various fields to ensure the city remains an attractive location in the future and to retain highly skilled workers. Approaches include the expansion of cutting-edge technologies, the further development of the transportation infrastructure and the creation of affordable housing.
STUTTGART IS INVESTING IN THE FUTURE.
HIGH FREQUENCY THANKS TO MILANEO
The new Europaviertel district first truly became invigorated
when the library opened its doors in October 2011. The
opening of the Milaneo building in October 2014 has
resulted in a sharp rise in the district’s frequency rates.
At the end of last autumn the area was thus already able
to present itself as a lively urban quarter. The 450 apart-
ments incorporated into Milaneo and the Cloud 7 hotel
and apartment high-rise are scheduled for completion in
2015 and in early 2016, respectively. The district’s develop-
ment will be rounded off by the opening of a 4-star Aloft
hotel and an A&O hostel in the former Südmilch head
office building in the Rosenstein district, scheduled for
the second half of 2015. The Sparkassenakademie training
centre opened its new building in 2014, offering course
participants a total of 12,600 square metres of space and
148 apartments. Further urban flair in the Rosensteinstrasse
area will be created by the building of new student
accommodation, scheduled for completion in 2017.
MORE PROJECTS SET TO BE REALISED SOON
A further centrally located office space project is planned
in the heart of the Europaviertel district – the Europe Plaza,
sited directly adjacent to the library. It has already been
granted planning permission and, as the project located
closest to the central business district, could get underway
directly following signing of a letting contract. The Look21
development project, located on the former Türlenstrasse
site, is being driven forward. Realisation looks set to begin
in 2015. The Südwestmetall (Baden-Württemberg’s metal
industry association) is having a total of some 10,000
square metres of office space built on the site. The space
is primarily required for the association’s own use. A
further 25,000 square metres are planned in a second
building located along Heilbronner Strasse and will be
placed on the open office space market. Approximately
100 apartments will be built at the rear of the site in a
prime residential location. Completion of the overall
project cannot be expected until 2018 at the earliest.
In addition to the existing Stadtbibliothek underground
station, work is currently under way to connect the Europa-
viertel district to the U12 light rail transit system. This will
allow the entire district to be accessed via an additional
centrally located underground station from 2016. With
the exception of Construction Areas 4, 5 and 15, the
entire area within the Europaviertel district has thus been
converted to new use since building work commenced
in 2010. Construction Areas 4 and 5 still offer reserves
totalling some 85,000 square metres of office space in
an extremely central location.
The Europaviertel district is gaining an urban character. The opening of the Milaneo building underlines that the district has been invigorated. Achievement of the next milestone is already imminent.
URBAN FLAIR IN THEEUROPAVIERTEL DISTRICT.
Source: GfK GeoMarketing, current as of: January 2015
29,085
25,763
24,939
24,297
23,664
23,380
19,649
Munich
Düsseldorf
Frankfurt
Stuttgart
Hamburg
Cologne
Berlin
PER CAPITA PURCHASING POWER IN 2014, IN €: LARGE CITIES OF 500,000 OR MORE RESIDENTS
8
9
As of 31 December 2014 take-up on Stuttgart’s office market was some 278,000 square metres. Owner-occupiers accounted for 84,000 square metres of this floor space. Not only was the extremely high demand from the previous year continued, but the office market also achieved the second-best results of all time.
EASTERN STUTTGART AND CENTRAL BUSINESS
DISTRICT ACHIEVE TOP FIGURES
Thanks to a car manufacturer’s plans to construct some
40,000 square metres of new real estate on its production
site in Untertürkheim, Stuttgart’s eastern submarket Bad
Cannstatt/Hedelfingen/Wangen was able to record the
highest take-up rate of some 54,900 square metres in total.
Rental take-up in Stuttgart’s central business district
totalled 53,100 square metres, representing an increase in
excess of 53 per cent over the previous year. The largest
letting contract, for some 5,800 square metres, was con-
cluded with the City of Stuttgart for premises at the
Zeppelin Carré. Approximately 5,000 square metres at
the Caleido office and commercial building, completed
in 2013, were let to Elo Digital Office GmbH. Demand in
both the small and large-area sectors was excellent in
the central business district, whereby new premises were
in particular demand.
Rental take-up in Stuttgart’s city centre was some 44,200
square metres, below the level for 2013. The main reason
was a lack of major transactions. Sixty-eight letting contracts
were however concluded in the segment up to 500 square
metres. The new building project for a foundation in
eastern Stuttgart achieved the largest take-up, at around
4,500 square metres.
The northern submarkets benefited from several large
owner-occupier lettings such as the decision to build the
new Porsche training centre in Zuffenhausen – some
7,500 square metres – and the expansion of IT company
Vector Informatik’s site in Weilimdorf – approximately
21,000 square metres – which was the second largest
take-up on the Stuttgart market. The largest letting
contract, for around 10,000 square metres, was concluded
by Mercedes-Benz Bank AG in Pragsattel.
TAKE-UP LEVELS IN THE SOUTHERN AREAS AVERAGE
Southern Stuttgart proved itself to still be a popular area.
In comparison to the previous year, however, significantly
fewer large contracts were concluded, meaning that take-
up reverted back to an average level. Construction of the
Baden-Württemberg Centre for Solar Energy and Hydrogen
Research (ZSW) commenced at Stuttgart Engineering Park.
The owner-occupier contract, covering around 10,000
square metres, was the largest transaction concluded in
Vaihingen. In addition to this, almost 100% letting of
the STEP 7.2 office building, still under construction, was
achieved.
THE STUTTGART OFFICE MARKET IS EXPERIENCING HIGH DEMAND.
Bild in der Höhe 20 mm gekürzt
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
RENTAL TAKE-UP OF OFFICE SPACE IN STUTTGART 2002–2014 IN SQ.M
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
127,
00
0
149,
00
0
152
,00
0
145,
00
0
140,
00
0
169,
00
0
180,
00
0
171,
00
0
194
,00
0
191,
500
285
,00
0
25
8,0
00
278
,00
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Central business district 55,100 33,300 43,000 61,500 44,400 38,200 32,800 63,000 61,500 34,600 53,100
City centre 21,700 43,200 31,300 46,600 41,700 83,800 66,600 97,500 58,400 51,000 44,200
Vaihingen/Möhringen 30,800 10,400 32,600 13,700 18,500 20,200 26,200 56,300 18,200 62,200 34,700
Fasanenhof 4,000 3,700 3,500 2,300 10,600 2,700 5,300 12,500 7,400 5,700 9,100
Feuerbach/Zuffenhausen 20,600 9,800 2,000 6,800 12,300 3,300 28,500 24,800 18,700 27,200 34,700
Degerloch 6,000 3,400 4,500 7,200 9,200 4,900 2,100 4,000 4,800 1,900 1,500
Weilimdorf 3,000 6,600 6,000 5,100 12,800 5,900 11,400 5,500 5,300 7,700 30,900
Bad Cannstatt/Wangen 7,700 24,600 13,500 15,400 12,500 8,100 8,300 13,400 12,000 19,800 54,900
Leinfelden-Echterdingen 3,100 10,000 3,600 10,400 18,000 3,900 12,800 8,000 5,200 47,900 14,900
Total 152,000 145,000 140,000 169,000 180,000 171,000 194,000 285,000 191,500 258,000 278,000
RENTAL TAKE-UP IN STUTTGART AND SUBMARKETS IN SQ.M
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
10
11
AUTOMOTIVE INDUSTRY DRIVES DEMAND
The highest demand in 2014 came from “industry”,
accounting for a total of some 78,000 square metres of
take-up. The automotive industry alone accounted for
approximately 69,000 square metres of this take-up, with
Daimler AG’s new building at its production site in
Untertürkheim the largest transaction. The significant
increase in demand from the “IT/telecommunications”
sector must be seen in relation to the boom in the
automotive industry and the resulting new technological
developments. At 60,300 square metres rental take-up in
this sector almost trebled in comparison with the previous
year. The “consultants” sector in comparison accounted
for only eight per cent of the total volume, or 23,500
square metres, since transactions in this sector were
primarily in the up to 500 square metres category. Only
five letting contracts with consultants were for areas in
excess of 1,000 and 2,000 square metres. Demand in
the “education / health care” segment in 2014 amounted
to some 17,000 square metres. Stuttgart experienced
particular growth and relocations of training companies in
the “vocational training” sector as well as an expansion of
areas by institutions offering academic degree courses and
by the Duale Hochschule Baden-Württemberg university,
already located in the city. Following above- average
demand from the public sector in the previous year,
demand in 2014 was for only 16,500 square metres,
representing just under six per cent of office space take-up.
INCREASED DEMAND FROM FINANCIAL SERVICES
Demand from the “financial services” sector increased
over 2013. Although their share of total take-up was only
some 17,000 square metres, or 6.12 per cent, this was still
up on the previous year’s new lettings of just 7,100 square
metres. Central to the increase in 2014 was the letting
contract concluded by Mercedes Benz Bank AG for
10,000 square metres in the new Skyline office building.
Companies in the “media/communication” segment re-
quired some 5,500 square metres. Letting contracts by
“other office users”, which includes various service pro-
viders such as architects, engineers and trading companies,
accounted for a total of 59,200 square metres of space.
The greatest demand for office space came from the “industry” and “IT/telecommunications” sectors, making a decisive contribution to the strong rental take-up in 2014. A total of 353 contracts were concluded, whereby the largest letting contracts were with owner-occupiers.
STRONG DEMAND FROM INDUSTRY AND IT/ TELECOMMU-NICATIONS.
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
TAKE-UP BY SECTOR IN %
Media/communication
IT/ telecommunications
Other
Public sector
Industry
Consultants
Education/ health care
Financial services
28.06%
21.69%
21.2
9%
8.45%
6.47%
6.12%
5.94%
1.98%
In 2014, the contracts with the largest volumes were
concluded with owner-occupiers. Daimler AG’s new
building project at its production site in Untertürkheim,
for some 40,000 square metres of space, thus represented
the largest take-up on the Stuttgart office market. The
expansion of IT company Vector Informatik’s head office
in Weilimdorf – approximately 21,000 square metres –
was the second largest letting contract concluded by an
owner- occupier.
TAKE-UP BY SIZE
Overall 353 contracts were concluded last year. In the
segment up to 500 square metres there were 261 trans-
actions with a total rental volume of some 64,800 square
metres. This represented 64 contracts more than in the
previous year and a plus of some 9,280 square metres.
Of these, 145 contacts were in the central business district
and city centre alone, for a total area of approximately
36,600 square metres. For premises in the range from
501 to 1,000 square metres there were 51 transactions.
Trans actions in the segment from 1,001 to 2,000 square
metres totalled 23 contracts for 34,297 square metres.
While the number of contracts concluded for the segment
2,001 to 5,000 square metres declined from 14 in the
previous year to nine, the number of transactions achieved
in the segment above 5,000 square metres increased from
four to nine, with the total area let increasing to a total of
112,489 square metres. The largest share of transactions,
40.5 per cent, was thus achieved in the segment above
5,000 square metres. This figure was achieved with just
four lettings for premises from 10,000 to 40,000 square
metres.
COMPARISON OF NEW CONTRACTS BY SIZE
54,
25
8 65,7
54
34,1
57
34,2
98
31,3
02
37,1
83
24,7
33
< 500 m² 501 – 1,000 m² 1,001 – 2,000 m² 2,001 – 5,000 m² > 5,000 m²
Total space 2013: 258,000 sq.m
Total space 2014: 278,000 sq.m
22
,141
119,
685
112
,48
9
OWNER- OCCUPIERS DOMINATE CONTRACT SIGNINGS.
Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
8 9
22
9
COMPARISON OF NEW CONTRACTS BY NUMBER
261
53 51
618 23
9
< 500 m² 501 – 1,000 m² 1,001 – 2,000 m² 2,001 – 5,000 m² > 5,000 m²
Total number 2013: 314
Total number 2014: 353
12
13
Numerous lettings in newly built and refurbished properties in 2014 resulted in an increase in prime rents. As of 31 December 2014 the prime rent was 21.50 euros per square metre. The average rent has also increased over the previous year – by 0.50 euros per square metre to 12.50 euros per square metre.
TAKE-UP BY PRICE SEGMENTS
In 2014 a total of 128 contracts were signed in the price
segment up to 10.00 euros per square metre in the
Stuttgart urban area (including Leinfelden-Echterdingen).
In the range from 10.01 to 13.00 euros per square metre
122 contracts were concluded. This segment thus accounted
for 32.2 per cent of office space take-up, making it the
largest segment. Fourty-four contracts were signed in the
13.01 to 15.00 euros per square metre segment. There
was a significant increase over the previous year in the
segment 15.01 to 17.00 euros per square metre – while
in 2013 only 16 contracts were signed, in 2014 this figure
almost doubled to 30. In the over 17.00 euros per square
metre segment 20 letting contracts were concluded, all
for premises located in Stuttgart’s central business district
and, in most cases, in new-build properties.
PRIME RENTS IN THE CBD AND CITY CENTRE
After prime rents in the last two years remained at the
20.00 euros per square metre mark, in 2014 this figure
increased by 1.50 euros to 21.50 euros per square metre.
The average rent in Stuttgart’s central business district
also increased significantly due to the fact that around
half of the contracts concluded were in the segment
above 15.00 euros per square metre. At 15.30 euros per
square metre the average rent achieved the highest figure
for 13 years. At 12.10 euros per square metre the average
rent for Stuttgart’s city centre increased only slightly over
the previous year. Due to a number of lettings in new
buildings the prime rent for this area, however, increased
to 18.50 euros per square metre.
RENT LEVELS ARE INCREASING.
EXCEPTIONAL PERFORMANCE IN THE OUTLYING
DISTRICTS TO THE NORTH
In the northern outlying districts of Feuerbach/Zuffen-
hausen/Weilimdorf the prime rent was 14.40 euros per
square metre, significantly higher than the figure for the
previous year. This was largely on account of two large
transactions for new-build projects in the Feuerbach
district, making 2014 an exceptional year. As a result the
average rent also increased to the unusually high level of
12.80 euros per square metre.
In the eastern submarkets, the figure of 12.90 euros per
square metre was also significantly higher than for the
previous year. In contrast, the average rent decreased
from 10.60 euros per square metre in 2013 to 9.70 euros.
This can be attributed to the fact that the majority of
contracts were concluded for premises in the under
10.00 euros per square metre segment.
The prime rent for the southern fringe areas was 13.50
euros per square metre. It was thus lower than the
previous year’s figure of 15.00 euros per square metre.
Since, however, a large transaction had a key influence on
the prime rent for 2013, the current figure is more in line
with the market and at a level which can be sustained in
future. A large number of contracts concluded in 2014
led to an average rent of 10.10 euros per square metre,
also below the previous year’s figure of 10.60 euros per
square metre.
PRIME AND AVERAGE RENTS IN 2014 IN €/SQ.M
15.3
0
21.5
0
12.1
0
18.5
0
12.8
014.4
0
9.70
12.9
0
10.1
0
13.5
0
Average rentsPrime rents
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
Central City centre Outlying districts Outlying districts Outlying districts business district to the north to the east to the south
Prime rents
Average rents
CENTRAL BUSINESS DISTRICT PRIME AND AVERAGE RENTS, 2002–2014 IN €/SQ.M
14.8
0
• 17
.89
14.5
0
• 17
.50
14.5
0
• 17
.00
13.5
0
• 17
.00
13.6
0
• 17
.50
14.5
0
• 17
.50
14.5
0
• 18
.00
13.6
0
• 18
.00
14.3
0
• 17
.50
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
14.3
0
• 18
.80
14.5
0
• 2
0.0
0
14.4
0
15.3
0
• 2
0.0
0 • 21
.50
14
15
COMPLETION VOLUME IN SQ.M
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
81,2
00
62,7
00
72,5
00
33,6
00
312
,00
0
22
0,0
00
145,
00
0
80,
00
0
143,
500
131,
500
68
,50
0
51,4
00
49,
00
0
28
,50
0
32,6
00
23,
40
0
115,
60
0
104
,90
0
40,
00
0
22
,00
0
42,4
00
23,
20
0
45,9
00
41,2
00
37,0
00
36,3
00
Pre-letCompletion of building
119,
00
0
91,5
00
In Stuttgart’s city centre the vacant space available was
approximately 9,100 square metres less than in the
previous year. Despite the completion of a number of
new construction projects such as City Gate, Gerber or
Milaneo, the amount of office space available in the
central business district decreased by 3,200 square metres.
High demand for premium office space in these areas
means that vacant premises should not remain unlet for
any significant period of time. There will only be a small
number of new construction projects in the central
business district in the next two years. Genuine shortages
in the medium-price segment and the small-area segment
are already apparent today.
A number of large unit lettings in the first half of the year
resulted in a significant decrease in the vacancy rate in
Weilimdorf, which has been above average for some
years. The northern submarkets of Feuerbach and Zuffen-
hausen have, in contrast, remained stable since a large
percentage of new premises had already been pre-let.
The supply of vacant office space for the Stuttgart market is continuing to decline. On 31 December 2014 it totalled only around 325,000 square metres, approximately 12.3 per cent less than in the previous year. This equates to a vacancy rate of 4.3 per cent. Only around 5,200 square metres of this space are available for sub-letting.
THE VACANCY RATE IS CONTINUING TO FALL.
VACANT OFFICE SPACE AS OF 31 DECEMBER 2014 AND PERCENTAGE CHANGE OVER 2013
Stuttgart City 67,000 sq.m
Stuttgart central business district 61,900 sq.m
Bad Cannstatt, Wangen etc. 24,400 sq.m
Vaihingen 29,500 sq.m
Fasanenhof 16,500 sq.m
Feuerbach, Zuffenhausen 13,500 sq.m
Degerloch 10,600 sq.m
Leinfelden-Echterdingen 46,000 sq.m
5.17%
-45.65%
25.53%
-5.2
6%
Weilimdorf 25,000 sq.m
-8.91%
Möhringen 30,600 sq.m
-12.82%
-31.25%
3.92%
-4.26%
-4.5
6%
Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
Two contradictory developments took place in southern
Stuttgart: while the high vacancy rate in Leinfelden-
Echterdingen decreased by ten per cent, the supply of
vacant office space in Vaihingen increased, primarily due
to the release of a number of large units in older existing
buildings.
The submarkets of Möhringen and Fasanenhof saw the
space available decline overall in comparison to the
previous year. The letting of large units in Fasanenhof’s
commercial district, for example, reduced the amount of
vacant space by 31 per cent over 2013.
The supply of office space in the eastern submarkets of
Bad Cannstatt/Wangen/Hedelfingen remained by and
large the same as in the previous year. Although this
market produced a surprise in 2014 with an unusually
high level of take-up, this was primarily due to a project
being constructed for an owner-occupier; the space was
not placed on the open market.
AT A GLANCE: The most recent developments in Stuttgart’s office market
16
17
STUTTGART:NATIONWIDE THE BEST PRICE DEVELOPMENT.
At the close of 2014 office space take-up in Germany’s Top 7 locations (Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart) totalled some 2.88 million square metres and, with a slight decrease of approximately 0.7 per cent, had remained almost at the previous year’s level. After deducting the owner-occupier share of 10.4 per cent the “Big Seven” had a take-up of some 2.58 million square metres.
After experiencing a downturn in 2013, Berlin recorded
the highest growth in 2014 – some 21 per cent. Hamburg
and Stuttgart experienced significant gains in take-up of
approximately 19 per cent and eight per cent, respectively.
The percentage of owner-occupiers was, however, high –
the two largest contracts in Stuttgart and the second-largest
contract in Hamburg were signed by owner-occupiers.
Düsseldorf experienced above-average losses of 31.4 per
cent, as did Frankfurt at 18 per cent. The lack of large
transactions meant that Düsseldorf was some 60,000
square metres under the five-year mean average; in
Frankfurt this figure was approximately 82,000 square
metres. Munich also experienced a slight decline in take-
up of four per cent. Cologne recorded the second-lowest
performance in a comparison of the Top 7 locations.
The prime rent of 38.00 euros per square metre in Frank-
furt remained the highest nationwide. The second-highest
figure of 34.40 euros per square metre was again recorded
in Munich. With an increase of 1.50 euros per square metre
Stuttgart achieved the highest growth in prime rent to
21.50 euros per square metre. The prime rent in Düssel-
dorf stabilised at 26.00 euros per square metre, the same
level as in 2012. The highest growth in average rents
was in Frankfurt and Berlin, which experienced growth
of 1.00 euro over the previous year.
Vacancy rates in all Top 7 locations decreased. This was
particularly noticeable in Hamburg and Stuttgart, at
around 14.3 per cent and 11 per cent, respectively. The
highest volume of vacant space available at short notice
was in Frankfurt and Munich, namely 1.5 million and
1.3 million square metres. In 2014 construction of a total
of some 1.01 million square metres of office space was
completed. Of this, 295,000 square metres was in Frank-
furt and 220,000 square metres in Munich.
Frankfurt Düsseldorf Cologne Munich Berlin Hamburg Stuttgart
COMPARISON OF VACANCY RATES IN GERMANY IN %
7.0
6.06
.7 7.5
9.8
8.1
7.4
4.9
4.3
6.2
6.1 6.5
5.7
5.4
11.5
11.8
11.6
9.8 10
.3 10.9
10.9
Source*: GPP German Property Partners, current as of: 31.12.2014
13.8
12.513
.9
14.3 15
.114
.4
13.9
2008
2009
2010
2011
2012
2013
2014
7.4
9.6
8.3 8
.98
.27.
6
6.9
6.3
9.1 9.
78
.37.
76.
8
5.8
5.3
8.2 8.4 8.9
8.4
5.9
4.8
BIG SEVEN TAKE-UP 2003–2014 IN SQ.M
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source*: GPP German Property Partners, current as of: 31.12.2014
Munich
Frankfurt
Hamburg
Berlin
DüsseldorfCologneStuttgart
149,
00
0
5
10,0
00
152
,00
0
4
80,
00
0
145,
00
0
5
80,
00
0
140,
00
0
6
20,
00
0
169,
00
0
8
20,
00
0
180,
00
0
7
65,0
00
171,
00
0
5
40,
00
0
194
,00
0
5
90,
00
0
191,
500
7
16,7
00
285
,00
0
8
53,0
00
25
8,0
00
6
08
,20
0
238
,00
0
6
30,0
00
Source*: GPP German Property Partners, current as of: 31.12.2014
STUTTGART COMPARED TO OTHER GERMAN CITIES
Take-up in sq.m Prime rent in € Average rent in the CBD in € Vacancy rate in %
2013 2014 2013 2014 2013 2014 2013 2014
Berlin 521,000 630,000 22.00 22.50 12.20 13.20 5.3 4.8
Düsseldorf 347,000 238,000 27.50 26.00 14.95 13.80 10.9 10.9
Frankfurt 449,500 367,500 38.00 38.00 18.50 19.50 13.7 12.5
Hamburg 440,000 525,000 24.00 24.50 14.00 14.50 7.0 6.0
Cologne 280,000 260,000 21.25 21.25 11.90 11.90 7.4 6.9
Munich 608,000 583,950 32.50 34.40 15.10 14.60 6.3 5.8
Stuttgart 258,000 278,000 20.00 21.50 12.00 12.50 4.9 4.3
Note: Source for Cologne figures: Greif & Contzen, Source for Frankfurt figures: Colliers International
18
19
Demand for new, efficient office space in the central
business district and city centre remained as strong as ever.
Despite all doubts, the majority of space in the new projects
completed in 2014 was let. Both large contiguous areas as
well as small areas of differing qualities have become very
scarce. The only spaces available are at City Gate, Rosen-
berghöfe, Milaneo and the almost completed Gerber.
Strong demand has, for example, seen the amount of
office space available at Gerber decline to only approxi-
mately 5,600 square metres.
The opening of the Gerber shopping centre at the end
of September and the relocation of outdoor specialist
Globetrotter’s flagship store to the Tübinger Carré has
seen the area around Tübinger Strasse / Obere Marien-
strasse transformed into a lively, popular city centre
location. There is very little prospect of further possible
sites for projects since most of the properties requiring
refurbishment have already been demolished to make
way for a development or have been fully renovated.
The LöwenTor-Center project, which will bring approxi-
mately 6,000 square metres of office space, some 2,600
square metres of residential apartments and a childcare
centre covering around 1,000 square metres onto the
market in 2016, is currently being speculatively developed
at Heilbronner Strasse in the vicinity of the Bülowturm
high-rise. The opening of the Milaneo building and the
resulting improvement in local facilities at this location
will see Heilbronner Strasse developing into an extension
of the city centre once and for all.
Thirty-three per cent of take-up in the central business
district was in the segment under 500 square metres and
17 per cent in the range from 501 to 1,000 square metres.
A surprising 30 per cent was in the segment from 1,001 to
3,000 square metres. Two contracts were concluded for
premises over 4,000 square metres in size. The majority of
letting contracts in 2014 were signed by companies in the
services sector. Twenty-six per cent of the premises were
let for prices between 12.01 and 14.00 euros per square
metre. A further 42 per cent went for between 14.01 and
17.00 euros. Twenty per cent of premises achieved prices
over 17.01 euros per square metre.
In the city centre four premises with a total of 6,500 square
metres were occupied by owner-occupiers. Premises in
the segment under 500 square metres – 71 contracts and
50 per cent of total take-up – were in particular demand.
Thirty-four per cent was in the range from 501 to 2,000
square metres. Contracts for premises between 2,001 and
3,000 square metres played only a minor role, accounting
for only 16 per cent of total take-up. Some 29 per cent of
premises achieved prices between 9.01 and 11.00 euros,
while a further 42 per cent was let for between 12.01 and
14.00 euros per square metre.
The price level in the central business district and city
centre increased overall due to lettings in new premises
or refurbished properties.
STUTTGART CENTRAL BUSINESS DISTRICT / CITY CENTRE: NEW ATTRACTIVELOCATIONS.
FEUERBACH/ZUFFENHAUSEN
Demand in the Feuerbach/Zuffenhausen district in 2014
was healthy, with over 15 contracts concluded. Thanks
to take-up of 34,700 square metres it was possible to top
the previous year’s figures by 27 per cent. Successful
lettings were thus significantly above the ten-year average
at approximately 15,400 square metres.
In addition to Mercedes-Benz Bank AG, which rented
premises in the new Skyline building, this good rate of
take-up was again due to the automotive suppliers, who
play a key role in the area. Robert Bosch GmbH alone
rented a further 13,000 square metres of office space at
three locations in Feuerbach. Porsche AG will be moving
into its new training centre at Porscheplatz – some 7,500
square metres – in 2015. Full occupation of the Oasis II
project at Heilbronner Strasse upon completion in the
first quarter of 2015 is guaranteed. The main tenants will
also be companies in the automotive industry.
There is currently almost no modern office space ready
for occupation; only small areas of a basic quality are
available. A project including 25,000 square metres of
space is being planned at Borsigstrasse and realisation
will begin as soon as 40 per cent of this space has been
pre-let.
Only ten contracts or 11 per cent of the space let was in
the under 500 square metres segment. One contract was
concluded for premises in the range 1,001 to 2,000
square metres.
The segment over 5,000 square metres accounted for
three contracts or 80 per cent of the total volume. Some
31 per cent of the rented space was let for rents between
10.01 and 11.00 euros per square metre. Rents between
13.01 and 15.00 euros per square metre were achieved
for 60 per cent of the rented space. The majority of these
contracts were concluded for new buildings.
WEILIMDORF
First visual changes and improvements in local facilities
are now raising the profile of the WEILIMPARK initiative,
launched in 2012. Work to find alternatives to existing
building heating systems is continuing. The goal is to
install a communal combined heat and power plant for
Weilimdorf and the office buildings located there. A further
focus is on the improvement of the transportation infra-
structure and the availability of parking.
In 2014 the district also benefited from the development
of the company Vector Informatik, which constructed a
further 21,000 square metres of office space for its own
use. Total take-up including the owner-occupier was some
30,900 square metres, thus significantly higher than the
ten-year average of 7,400 square metres. The range of
space available is good; from 2016 large contiguous areas
will become available again. In contrast to other districts
this space will also be available in the mid-price segment.
Fifteen per cent of the rented premises were under 1,000
square metres. Thirteen per cent was in the range between
3,001 and 4,000 square metres. Rents for 88 per cent of all
space were between 9.00 and 11.00 euros per square metre.
NORTHERN STUTTGART: RECORD TAKE-UP.
20
21
A key factor in the overall development of eastern Stutt-
gart is the Neckarpark. The project will, for the first time,
include the realisation of the concept of “Working and
Living” in one and the same place.
Following further development of the land-use plan the
first results were presented in 2014. Building permits have
thus now been granted for two office building projects
with a total area of 15,000 square metres at Daimlerstrasse
which were not previously included in the main land-use
planning procedure. Assuming the corresponding pre-
letting these projects could be realised from 2015 onwards.
A large residential development project by SWSG, in-
cluding 65 subsidised apartments, has already begun.
The construction of adjacent office buildings will serve
to deflect noise coming from the corresponding main
traffic arteries. Completion is scheduled for 2018/2019.
The development of high-quality, large, contiguous office
spaces is highly relevant to the development of Stuttgart’s
easterly districts since reserves of vacant space are almost
completely exhausted. Simple, small areas of office space
are, however, still available on existing premises in Bad
Cannstatt and Wangen/Hedelfingen.
The Bad Cannstatt/Wangen/Hedelfingen market is tra-
ditionally characterised by the automotive industry and
Daimler AG is currently constructing a new office building
with a total area of 40,000 square metres at its production
site. Due to the fact that these premises will be used by
the owner this space will not, however, be taken into
consideration when discussing the market in this location.
Forty-nine per cent and thus almost half of all contracts
concluded for the Bad Cannstatt/Wangen/Hedelfingen
market were for premises in the segment under 500 square
metres. Some 12.75 per cent of transactions were for
spaces ranging from 501 to 1,000 square metres. New
leases for premises between 2,000 and 4,000 square
metres were taken out by companies in the automotive
supplier sector in particular, accounting for 26 per cent
of take-up.
Rents for three quarters of the space let were in the
segment 8.00 to 10.00 euros per square metre. Small
modern spaces in the Cannstatter Carré building achieved
prices in excess of 11 euros per square metre.
EASTERN STUTTGART:FURTHER NEW CONSTRUCTION SITES PLANNED.
DEGERLOCH
Degerloch’s advantageous location between the city
centre and the airport on the edge of the Stuttgart Basin
in southern Stuttgart as well as the comprehensive infra-
structure around Albplatz make the area an attractive
location. Unfortunately, there continues to be a lack of
new, modern office space. There is currently no demand
for the existing premises with open-plan structures.
This is also reflected in the rate of take-up for 2014, which
amounted to around 1,500 square metres. This figure is
significantly under the ten-year mean average of 4,800
square metres. All the contracts concluded were in the
segment below 500 square metres. The premises rented
were in the “Tränke” area and in the vicinity of Albplatz.
Ninety-five per cent of the rented space went for prices
between 9.01 and 11.00 euros per square metre.
LEINFELDEN-ECHTERDINGEN / AIRPORT CITY
The Airport City area of the Leinfelden-Echterdingen district
has been growing continuously since 2013. The location
clearly benefits from its proximity to the motorway and
the airport, while the long-distance coach terminal and
planned ICE train station further increase its attractiveness.
Following completion of the Stuttgart 21 construction
project, travel time to Stuttgart Main Train Station will be
just ten minutes. Additional development work to expand
the exhibition centre and establish it as a conference
venue are also contributing to the Airport City’s increased
attractiveness.
The office space under construction for Ernst & Young is
scheduled for completion by 2016, as is completion of a
further approximately 8,000 square metres of space in
the same building complex, which will then be available
on the market. The volume of space available at this
location will certainly increase in the coming years, since
additional projects are already at the planning stage.
Following an exceptionally good performance in 2013,
2014 was also a good year, with 14,900 square metres of
office space rented – 21 per cent more than the ten-year
average of 12,290 square metres.
Twenty-two per cent of the premises rented were in the
segment below 500 square metres. One contract was
concluded for office space in the range 1,001 to 2,000
square metres. The segment over 5,001 square metres
saw one transaction with a company in the construction
industry, representing a proportion of 43 per cent of the
total volume. Fifty-six per cent of contracts concluded
were for rents between 8.00 and 9.10 euros per square
metre, a and a further 25 per cent were in the price range
from 11.01 to 13 euros per square metre.
In common with other districts, it was only possible to
let older office premises with correspondingly outdated
standards and facilities by offering extremely high discounts
on the rent, and marketing times to take-up were very
long.
SOUTHERN STUTTGART:EXPERIENCING A BOOM.
22
23
FASANENHOF
The Fasanenhof market is becoming increasingly dynamic.
In addition to a significant increase in take-up last year,
the sale of several properties which will most probably
be refurbished is the most obvious indication of this. The
Alphahaus, an office building which has been vacant for
years, is also scheduled for total refurbishment. High-
quality modern office space will be available to let from
January 2016. Over and above this, one owner is planning
an office project with a total area of 15,000 square metres
which will be realised as soon as corresponding pre-letting
has been achieved. The area’s proximity to the airport
and access in both directions to the B27 main road are
now already clear advantages. The planned extension of
the rapid transit system from Fasanenhof to Stuttgart
Airport by 2018 and the construction of the ICE long-
distance train station at Stuttgart Airport by 2021 will
see the area connected to all forms of public transport.
In 2014 take-up increased by 60 per cent to 9,100 square
metres and over 20 contracts were concluded in total.
With the exception of 2011, this was the district’s best
year since 2008. Forty-two per cent of total take-up was
in the segment below 500 square metres. Fifty-seven per
cent of the rented space was in the segment from 501 to
2,000 square metres. Two contracts were signed for
premises over 1,000 square metres. The market’s small-
area segment in particular appears to be in great demand
with the IT and software industry. Forty-four per cent of
the premises let achieved rents of between 8.01 and 9.00
euros per square metre; a further 48 per cent went for
between 9.01 and 10.00 euros per square metre. Only
four per cent of rented space was able to achieve a rent
between 10.01 and 12.00 euros per square metre. The
average rent was approximately 9.10 euros per square
metre.
VAIHINGEN/MÖHRINGEN AND STEP
Although take-up in 2014 declined by 44 per cent over
the previous year to 34,700 square metres, this was still
significantly above the ten-year average of 28,900 square
metres. This figure includes office space for owner-
occupier Baden-Württemberg Centre for Solar Energy
and Hydrogen Research (ZSW), which is currently
constructing a building with some 10,000 square metres
for research labs, workshops and offices at Stuttgart
Engineering Park (STEP). This contract was not taken into
consideration when calculating rents.
STEP office buildings 7.1 and 7.2, with a total area of some
11,900 square metres, were completed in 2014. Both
properties are almost fully let. Demand for premises at
STEP is generally high, a reflection of the overall concept
which has, for many years, met users’ requirements for
modern office premises. The take-up volume for office
premises in 2014 was thus some 7,300 square metres.
Including owner-occupier ZSW total take-up was approxi-
mately 17,300 square metres.
Autumn 2014 saw work to demolish the former KNV site
in Vaihingen’s industrial park begin. The new construction
project for the site, which covers 80,000 square metres,
will result in a major change in the industrial park’s
appearance. The planned office buildings are a continuation
of the development of a modern office district around
Vaihingen’s rapid transit system station. The site will be
redeveloped in several phases of construction, beginning
at Ruppmannstrasse. Completion of the first buildings is
scheduled for mid-2016. Within the scope of this develop-
ment it can be expected that the improvements required
at the Synergiepark, as defined by a survey in 2012, such
as more pleasant public areas, will be carried out. The
location already has good local facilities. The extension of
the U12 underground line to Dürrlewang will make the
area around Am Wall more attractive. The new line includes
two additional stops in the district. In addition to an
optimised public transport network the functionality of
private transport must, of course, also be ensured. This is
the precondition for user acceptance of an industrial park.
Thirty-one contracts for 31 per cent of the total area were
concluded in the segment below 500 square metres. Half
the space was let in the range 501 to 1,000 square metres.
Three transactions, or 19 per cent of take-up, were for
premises from 1,001 to 2,000 square metres. Thirty-four
per cent of leases were in the segment 8.01 to 10.00 euros
per square metre. Fifty-seven per cent of rents were bet-
ween 11.00 and 13.00 euros per square metre. The
number of contracts varied only slightly from the figure
for the previous year.
OVERVIEW OF THE STUTTGART OFFICE MARKET.
Office space take-up in 2014
© BANKHAUS ELLWANGER & GEIGER KG
< 10,000 m2
10,000 – 20,000 m2
20,000 – 30,000 m2
30,000 – 40,000 m2
above 40,000 m2
Industrial parks / Office locations
A 81
Bad CannstattFeuerbach
Möhringen
Zuffenhausen
Vaihingen
Weilimdorf
A 8 towardsKarlsruhe
Stuttgart motorway intersection
A 81towards Singen
A 8 towards Munich
A 81towards Heilbronn
NorthernStuttgart
EasternStuttgart
CentralStuttgart
SouthernStuttgart
WesternStuttgart
< 10,000 m2
10,000 – 20,000 m2
20,000 – 30,000 m2
30,000 – 40,000 m2
above 40,000 m2
Industrial parks / Office locations
A 81
Bad CannstattFeuerbach
Möhringen
Zuffenhausen
Vaihingen
Weilimdorf
A 8 towardsKarlsruhe
Stuttgart motorway intersection
A 81towards Singen
A 8 towards Munich
A 81towards Heilbronn
NorthernStuttgart
EasternStuttgart
CentralStuttgart
SouthernStuttgart
WesternStuttgart
24
25
In 2014 the Stuttgart office market achieved the second-
best results since the recording of statistics began. As in
the previous year, the automotive industry made a key
contribution to this success, acting as a driver of growth.
This trend looks set to continue in 2015. The positive
development of this industrial sector will also have a
highly beneficial influence on the demand for office space
in Stuttgart and the region in the coming year. This is
true not only for industrial companies themselves but also
for their service providers in the engineering and IT sectors.
In the future, the office market in Stuttgart will be faced
with major challenges in terms of provision of premises.
Although a number of new projects fulfilling the increasing
demands of modern companies with regard to the sustain-
ability, certification and cost-effectiveness of the operation
of buildings have been completed in the central business
After the Stuttgart office market had a fantastic year in 2014, all the signs for the coming year 2015 indicate that there will be further growth. This is due, not least, to the strong economic climate in the region’s automotive industry. Provision of the required space will, however, be a challenge, particularly in the central business district.
CONTINUED HIGH DEMAND EXPECTED IN 2015.
district in the last two years, there is already a noticeable
scarcity of modern, new premises.
It goes without saying that a healthy market must, how-
ever, also be able to offer basic premises in the lower and
medium-price segments. In addition to large contiguous
spaces, small areas in the segment below 500 square
metres are of particular importance in Stuttgart.
Due to Stuttgart’s topography – i.e. its location in a basin
– the options for expanding the central business district
are limited. Very few sites are available for further new
projects; the Europaviertel district is one of the few. For
this reason the refurbishment of buildings and the develop-
ment of both adjacent city centre districts and also out-
lying districts will become increasingly important. One
good example of this trend is the development of a new
complex on the former KNV site in Vaihingen.
We forecast that take-up in 2015 will total 220,000 to
230,000 square metres.
26
27
YOUR CONTACTS.
ELLWANGER & GEIGER Real Estate is your competent partner for the marketing of your office space. Thanks to our many years of experience and our unique range of services we are in a position to move the market and recognise trends early. For us, a sixth sense is not a supernatural talent but part of the service we offer our clients. Our team in Stuttgart would be happy to receive your call or visit. You can contact us on: Phone +49 (0)711 2148 300 or Fax +49 (0)711 2148 290. On the Internet: www.ellwanger-geiger.de · www.bueroflaeche-stuttgart.de
Sebastian Degen
Office Letting Consultant
Phone +49 (0)711 2148 166
Laura-Teresa Seiler
Commercial Property Assistant
Phone +49 (0)711 2148 297
Jessica Naschke
Office Letting Consultant
Phone +49 (0)711 2148 296
Ulrich Nestel
Head of Office Letting and Retail Stuttgart
Phone +49 (0)711 2148 291
Matthias Hägele
Office Letting Consultant
Phone +49 (0)711 2148 292
Helga Schöner
Research and Office Letting Consultant
Phone +49 (0)711 2148 269
DISCLAIMER:The compilation of this study was conducted with the greatest of care. We cannot accept any liability for the
correctness of the estimates. Your understanding in this matter is appreciated.
28
29
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strategies aimed at capitalising on po-
tentials for earnings and efficiencies.
In addition to comprehensive leasing
services, our core expertise includes
project consulting and transaction
business. We adopt a holistic approach
in consulting on real estate: we partner
you all the way – from the develop-
ment of marketing strategies to the
preparation of data on properties and
the implementation of marketing
processes.
OUR SERVICES
Research
Investment analysis and consulting
Transactions, renting and leasing of
office, retail, industrial and logistics
space
FUNDS & ASSET MANAGEMENT
We develop, plan and manage custom-
ised real estate investment products
and special funds for institutional
and professional private investors.
We select different investment
vehicles depending on the needs
and product preferences of each
investor:
❚ Domestic special AIFs pursuant to
the German Investment Code
❚ Closed-ended public AIFs
pursuant to the German Invest-
ment Code
❚ Luxembourg security funds and
special funds (SICAV, SIF)
❚ Individual schemes for offshore
investors
We select investment volumes that
permit niche investments and indi-
vid ual mandates. We also limit the
number of investors so that we can
provide individualised support
throughout the investment period.
Our service naturally includes trans-
parent reporting with detailed reports
on funds, monthly financial reports
and status reports on real estate
investments.
OUR OFFICES
Stuttgart Head Office
Börsenplatz 1
70174 Stuttgart
Phone +49 (0)711 2148 300
Fax +49 (0)711 2148 290
www.ellwanger-geiger.de/gw/stuttgart
Munich Branch Office
Herzog-Rudolf-Strasse 1
80539 München
Phone +49 (0)89 1795 940
Fax +49 (0)89 1795 9455
www.ellwanger-geiger.de/gw/muenchen
STARTING IMMEDIATELY: REPRESENTED THROUG HOUT GERMANY WITH GERMAN PROPERTY PARTNERS.German Property Partners is the
new national real estate network of
ELLWANGER & GEIGER,
Grossmann & Berger and ANTEON.
As a member of GPP, we guarantee
professional support for real estate
customers throughout Germany.
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BANKHAUS ELLWANGER & GEIGER KG
Real Estate
Börsenplatz 1, 70174 Stuttgart
Phone +49 (0)711 2148 300, Fax +49 (0)711 2148 290
www.ellwanger-geiger.de
Stuttgart District Court, HRA 738, Personally liable shareholders: Dr Volker Gerstenmaier, Mario Caroli
