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In Q1 2023 the German residential portfolio transaction market falls to its lowest level since 2014

  • Transaction volume reaches only €2bn in the first quarter of 2023 owing to subdued market activity and an absence of mega-deals
  • Trading in project developments weakens after previous record results
  • Asset Managers & Funds Managers are now the strongest buyers as well as the second most active sellers after Project Developers & Contractors
  • German investors remain dominant on the buy-side despite a decline of over 50 %
  • Outlook for 2023: Uncertain market environment and cautious attitude among investors makes it more difficult to provide forecasts; the price negotiation phase is still ongoing, and the expected transaction volume will be lower than in previous years as a result

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Frankfurt office lettings market makes weak start to 2023

  • Space take-up of 82,800 sqm in Q1 2023 is around 13 % below comparable medium- and long-term figures
  • Banks, financial service providers and insurance companies generate highest share of take-up
  • Banking district is most popular sub-market
  • Vacancy rate increases to 7.9 %
  • Rental prices remain on an upward trend: prime rent at €46.00/sqm, average rent increases to €24.70/sqm
  • 2023: challenging economic outlook, yet searches for large offices and the need for sustainable space will determine the next few quarters

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Residential portfolio market in Germany: Annual transaction volume falls to lowest level since 2015 with €13.2bn in 2022

  • 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

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Weak fourth quarter results in below-average take-up on Frankfurt office lettings market

  • 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

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