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Upward trend in Germany office market in Q1 2011

In Q1 2011 the five major Germ an office markets Berlin, Düsseldorf, Frankfurt, Hamburg an d Munich recorded a total take-up of slightly above 600,000sqm (6,4m sq ft), up almost 5% compared with Q1 2010, according to Savills research. 
 
The international property advisor reports that all markets saw a rise in take-up compared to Q1 2010 except Düsseldorf where the letting volume dropped by over 40% primarily due to an exceptional letting of approximately 90,000sqm (968,751 sq ft) of space to Vodafone in Q1 2010.
 
The research shows that the highest increase in take-up was achieved in Fran kfurt (+86% compared to Q1 2010), followed by Hamburg (+16%), Berlin (+13%) and Munich (+12%).  In terms of transaction size the firm reports that the demand in all markets was for smaller office space with just two lettings exceeding 10,000 sq m (107,639 sq ft).  
 
 
Robert Kellershohn, head of office agency at Savills Germany, says: “These results show that the markets have maintained the momentum they picked up in mid 2010.  With the continued strong demand for office space throughout Germany we believe take-up could reach 2.5m sq m nationally by the end of the year.”
 
According to Savills prime rent in all five markets matched or exceeded Q4 2010 levels, which the firm attributes to a declining volume of new office completions combined with strong demand. 
 
In terms of vacancy Savills records a stable average rate of 10.6% nationally at the end of the first quarter.  On a city by city basis the firm’s research reveals that at the end of Q1 2011 the vac an cy rate in Düsseldorf, Frankfurt and Hamburg stands significantly above the level seen in Q1 2010, whereas in Munich the rate has stayed the same an d in Berlin it has decreased.
 
Matthias Pink, researcher at Savills Germany, says: “In general vacancy rates are set to fall in the coming months, albeit only slightly, and this trend combined with a continued strong demand for office space is likely to lead to further rental growth.”
 

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