(openPR) - The Düsseldorf office market was able to continue an unbroken run of success up to the end of the first half of 2008. In these first six months around 196,000 m² of office space were let in the city, which thus sets a new half-year record. In addition around 30% (+ ca. 45,000 m²) more space found new tenants than in the same period last year. In the second quarter alone, besides six lettings of between 2,000 m² and 3,000 m², tow leases for large units were signed.
Compared with the first half of the previous year the top rent in the Düsseldorf city area rose by 2.00 € to 24.00 €/m²/month. This was achieved in the Harbour Area. Next to the figure of 25.60 €/m²/month in 2001 this is the second-highest figure ever. The weighted average rent rose by 0.30 € to 13.30 €/m²/month. Compared with the first half of 2007 vacancy dropped by 17 % or ca. 126,000 m² to ca. 614,000 m². The calculation of vacancy included both current vacant space and also space which will be ready for occupation in the next three months. The vacancy rate sank by 1.9 percentage points to 8.5% and thus reached the lowest figure since 2002.
That the Düsseldorf office market was able to continue its run of success, in the view of Colliers Trombello Kölbel, is due above all particularly to a series of enquiries from last year which were now able to reach conclusion in the first half of the current year. Besides the mega-deals by the State Office for Wages and Salaries and ITERGO, leases for units of 3,000 m² and more contributed particularly to the result in the first quarter, and mainly leases between 1,000 m² and 2,000 m² between April and June. New enquiries for space in the whole of the first half year added up to ca. 200,000 m². But some prospective tenants from last year are still without a lease. At present there are six major enquiries for units over 10,000 m² in the market. If these can be brought to a satisfactory conclusion by the end of the year Colliers Trombello Kölbel predicts a take-up of office space around 350,000 m² for the year 2008 in Düsseldorf.
Rents will not increase any more in the second half of this year except for top properties in top locations. The price was driven in the first half of the year by larger lettings in high-quality new buildings. The considerable drop in vacant space is a result of the excellent letting situation in the last 12 months. By the end of this year only around another 22,000 m² of office space will be completed. Of this 80% are already pre-let or earmarked for owner-occupation. Of the space of ca. 180,000 m² coming onto the market in 2009 only 46% are still without tenants. With extensive lettings in projects under construction however, in the opinion of Colliers Trombello Kölbel, vacancy can no longer be absorbed at this tempo in the near future.
About Colliers Trombello Kölbel:
Colliers Trombello Kölbel Immobilienconsulting GmbH is a real estate consultancy operating on a national and international level. The company offers the following services: Leasing of office and commercial space, acquisition and disposition of commercial property, strategic and conceptional advisory service regarding real estate, transaction advice and extensive market research. Joining the property association Colliers PropertyPartners Trombello Kölbel is a legal entity and member of Colliers International. This global affiliation of legally independent property services companies is represented with over 11,000 employees in around 290 offices in more than 60 countries.
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