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Office market

Development in the Ruhr Metropolis

16.78 m m²

Volume of office space

220,000 m²

Volume of new construction

15 euro/m²

Top rent level

Demand situation

The volume of office space in the Ruhr Metropolis at the end of 2017 totalled approximately 16.78 m m² commercial rental space (CRS). With this, it remains the second-largest office market in Germany, after Berlin.

 

The volume of new construction stood at 220,000 m² CRS, significantly above the 5-/10-year mean of 150,000, respectively 147,000 m² CRS. The amount of new space therefore exceeded all A cities, which recorded a mean volume of approx. 94,000 m² CRS.

 

The highest volumes were recorded in Essen, with around 73,000 m² CRS, and Bochum, with around 70,000 m² CRS.

 

In 2018, according to the specific project pipeline for the Ruhr Metropolis a completion volume of just over 200,000 m² CRS is anticipated.

 

The level of vacancy for office space in the Ruhr Metropolis fell compared to the previous year by approximately 115,000 m² CRS to 673,000 m² CRS at the end of 2017. With a vacancy rate of 4.0 %, the region is now just behind the A locations Munich (2.7%), Stuttgart (2.9 %) and Berlin (3.0 %). A further moderate decline in vacancy levels is expected for 2018.

 

Vacancy is typically concentrated on older properties with average equipment levels and correspondingly limited marketability.

 

There is an ongoing shortage of supply for large, contiguous office space with modern equipment levels.

"Investment boom in the Ruhr Metropolis leads to fall in returns."

 

bulwiengesa AG