Office Market Germany 2015
Rental and Investor Markets
A positive economic environment is ensuring continuing stable demand for office space in the new building/firsttime lease segment, an investor focus on value-added properties, and a strong wave of expansion e ncompassing
B locations and, in some cases, B cities. A high level of redevelopment pressure and added value should be e xpected
in this segment, along with changes of use from commercial to residential: Mixed-used property structures are
increasingly frequent. In a context of strong international demand, a further decline in yields should be expected in 2015.
Kiel
14,00
14.00
6.7
6,7
Rostock
11,00
11.00
7.1
7,1
Lübeck
12,50
12.50
7.5
7,5
Schwerin
Wilhelmshaven
11,00
11.00
8.1
8,1
8,50
8.50
6.7
6,7
Hamburg
24,00
24.00
4.5
4,5
Oldenburg
12,00
12.00
6.5
6,5
Bremen
12,85
12.85
5.4
5,4
22,50
22.50
4.7
4,7
Berlin
12,00
12.00
7.2
7,2
13,70
13.70
6.0
6,0
11,50
11.50
7.5
7,5
Dusseldorf
Düsseldorf
26,00
26.00
4.7
4,7
Ratingen
14,00
14.00
6.3
6,3
Neuss
8,00
8.00
6.3
6,3
10,80
10.80
7.5
7,5
10,50
10.50
6.8
6,8
8,30
8.30
7.5
7,5
7.5
7,5
Halle/Saale
9,50
9.50
7.0
7,0
6.1
6,1
Bonn
12,00
12.00
6.2
6,2
Magdeburg
10,80
10.80
6.5
6,5
Cottbus
Essen
9.50
9,50
Hagen
Krefeld
7.0
7,0
Ratingen
MönchenWuppertal
gladbach
Solingen
12.00
12,00
13.00
13,00
8.50
8,50
Dusseldorf
Düsseldorf
6.3
6,3
6.8
6,8
9.1
9,1
Neuss
Leverkusen
Cologne
Köln
Siegen
12.00
12,00
Marburg
7.5
7,5
21.50
21,50
Aachen
11.00
11,00
4.9
4,9
14,00
14.00
6.3
6,3
Braunschweig
Paderborn
8,50
8.50
7.1
7,1
Hamm
13.20
Dortmund 13,20
Bochum
Duisburg
Salzgitter
6,50
6.50
6.8
6,8
Bielefeld
Münster
Gütersloh
11,50
11.50
6.4
13,50
13.50
6.3
6,3
14,00
14.00
5.8
5,8
11,00
11.00
6.8
6,8
14,00
14.00
5.9
5,9
Potsdam
Hanover
Hannover
Osnabrück
8,20
8.20
7.8
7,8
Kassel
Leipzig
12,00
12.00
5.5
5,5
Dresden
Weimar
Erfurt
Jena
10,50
10.50
7.0
7,0
7,00
7.00
7.9
7,9
11,00
11.00
7.3
7,3
10,00
10.00
7.2
7,2
12,00
12.00
6.3
6,3
Gera
Chemnitz
7,20
7.20
7.9
7,9
9,00
9.00
8.0
8,0
17,50
17.50
5.3
5,3
10,00
10.00
6.6
6,6
Koblenz
11,00
11.00
7.1
7,1
14,00
14.00
5.8
5,8
38,00
38.00
4.4
4,4
Frankfurt/M.
Offenbach/M.
Aschaffenburg
Darmstadt
Wiesbaden
Mainz
12,50
12.50
6.2
6,2
Trier
12,00
12.00
7.2
7,2
Saarbrücken
13,00
13.00
6.4
6,4
9,50
9.50
6.8
6,8
14,00
14.00
6.1
6,1
10,00
10.00
7.5
7,5
Kaiserslautern
13,00
13.00
6.9
6,9
9,50
9.50
6.8
6,8
Würzburg
9,70
9.70
6.5
6,5
14,00
14.00
6.0
6,0
Karlsruhe
13,00
13.00
6.2
6,2
Erlangen
Nuremberg
Nürnberg
8,80
8.80
7.1
7,1
Heidelberg
12.50
Prime
rent in €/m2
7.5
Prime
yield in %
6-month trend:
rising
stable
falling
13,00
13.00
6.5
6,5
Fürth
Mannheim
9,60
9.60
6.7
6,7
Bamberg
11,50
11.50
7.1
7,1
Ludwigshafen
Prime rents and prime yields
9,00
9.00
6.6
6,6
Schweinfurt
13,5
13.5
5.4
5,4
Heilbronn
Regensburg
11,50
11.50
6.2
6,2
11,00
11.00
6.4
6,4
Stuttgart
13,00
13.00
7.0
7,0
Ingolstadt
20,00
20.00
5.0
5,0
11,00
11.00
6.0
6,0
Ulm
Augsburg
15,00
15.00
5.9
5,9
Munich
München
35,00
35.00
4.4
4,4
Freiburg
13,50
13.50
6.6
6,6
14,80
14.80
6.5
6,5
Konstanz
2015
AverageAverage
prime rent
prime yield
A cities
B cities
C cities
D cities
26.71
13.10
12.08
9.73
€/m2
€/m2
€/m2
€/m2
4.65%
6.03%
6.67%
7,16%
As of 1st quarter 2015
Contact: [email protected]
Source: Catella Research 2015
Yield/Risk Profile for Office Markets in 2015
Prime yield as %
Prime yield as %
8.0%
9.0%
Solingen
Section Overview: B, C, D Cities
Wilhemshaven
Chemnitz
Weimar
Gera
8.0%
Halle
7.0%
Kaiserslautern
Paderborn
Siegen
Lübeck
Krefeld
Marburg
6.0%
Osnabrück
Stuttgart
5.0%
Berlin
Frankfurt
Hamburg
Munich
10
20
30
Bielefeld
40
50
60
70
80
Kiel
Erlangen Ludwigshafen
Bochum
Freiburg
Darmstadt
Duisburg
> 5 million m²
2 million to 5 million m²
< 2 million m² (further differentiation for
C & D in terms of regional significance)
}
Aachen
Dortmund
6.0%
Heilbronn
Mannheim
Essen
Aschaffenburg
Cottbus
Schwerin
Bamberg
Konstanz
Braunschweig
Neuss
Ingolstadt
Ratingen
Hamm
Mainz
Potsdam
Mönchengladbach
Heidelberg
Augsburg
Münster
Erfurt
Schweinfurt
Dresden
Karlsruhe
Office markets have been classified on the basis of their size (existing stock).
Offenbach
Salzgitter
Saarbrücken
Risk factor
Category A =
B =
C =
D =
Wuppertal
Fürth
Koblenz
Regensburg
Hagen
Kassel
Dusseldorf
Jena
Rostock
Gütersloh
7.0%
Magdeburg
Trier
Würzburg
Cologne
4.0%
Leverkusen
Ulm
Hanover
Wiesbaden
Leipzig
Bremen
Nuremberg
Bonn
5.0%
Risk factor
Methodology: Risk model Catella Research 2015, schematic presentation on the basis
of a fully leased property in the new building/first-time lease, A location category
45
50
55
60
65
As of 1st quarter 2015
Source: Catella Research 2015