Varied tenant base shores up Munich’s Q3 office market, finds CBRE research
Against a background of growing economic uncertainty, the strength of Munich’s economy is providing some protection to its office market, new research by CB Richard Ellis has found.
Other findings include:
- Take-up for the first three quarters of 2008 totals nearly 600,000 sq m, which is in line with the corresponding period last year and and close to the average full-year total for the last five years.
- With only moderate levels of new development completions, the market's vacancy rate has fallen below 7%.
- The city's diverse occupier base is reflected in the fact that legal advisors, accountants, publishing, media, banks and construction firms all took significant volumes of office space in the first nine months of the year.
- Prime rents have remained stable so far this year, slightly ahead of their position twelve months ago
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