Wait-and-see attitude among market participants and a decline in mega deals cause drop in transaction volume
Below average sales in fourth quarter of €2.9bn
Project developments maintain high market share and account for 42.6 % of transactions
“Open-Ended Funds / Special Funds”remain most active buyers
German investors continue to dominate the market despite a noticeable decline
Forecasting for 2023 remains difficult, especially because the gap between seller expectations and buyer budgets is still too wide; ESG compliance is of mounting importance; new buildings remain in demand, but are associated with high building and financing costs, whereby attention is shifting to properties with development potential
Space take-up of 381,600 sqm in 2022 is well below comparative medium- and long-term average results
Banks, financial service providers and insurers account for a quarter of take-up and play dominant role
Banking district accounts for highest share of market activity
Vacancy rate broadly stable at 7.5 %
Rents are on an upward trend: Prime rent stable at €46.00/sqm while average rent increases to €23.90/sqm
2023: Outlook is moderately optimistic owing to the recent improvement in economic forecasts; ecological sustainability is of growing importance; decreasing space requirements owing to hybrid working models
