Corporate real estate

Corporate real estate benefits from high usage reversibility in uncertain times

1.9 Mio. qm NF

Floor space in 2021

53.000 qm NF

Space take-up 1/2021

7,00 -11 ,00 €/m²

Peak rent 2021

Market potential

In the commercial real estate market of the Metropole Ruhr, the property type corporate real estate has now become firmly established and benefits, particularly in uncertain times, from its high usage reversibility and associated third-party use as well as multi-tenant capabilities. Corporate real estate is generally defined as mixed-use commercial properties with a typically medium-sized tenant structure. Mixed use includes office, warehouse, manufacturing, research, service and/or wholesale space.

Against the backdrop of an increasing shortage of commercial land and the very inadequate designation of potential sites (e.g. as GE areas), corporate real estate represents an attractive alternative. With an extensive range of conversion sites and old industrial stock including administrative and production areas, numerous submarkets in the Metropole Ruhr offer excellent conditions for the further development of this property class.

In Germany, the Initiative Unternehmensimmobilien, a cooperation of the largest players in this segment, is committed to transparency in this asset class. Through regular exchange, the most important real estate indicators are collected, updated and continuously updated. Deviations from the data from previous years are possible and are due to the improved data situation and expansion of real estate research.

Available space

At the end of 2020, the stock of space[1] of properties categorised as corporate real estate in the Metropole Ruhr at the time of the survey amounted to approx. 1.9 million m². The stock has therefore increased by approx. 30 % or approx. 440,000 m² since the start of the surveys in the Metrople Ruhr.

The highest stocks were identified in Mülheim an der Ruhr (374,000 m²), Essen (210,000 m²), Bochum (190,000 m²) and Duisburg (165,000 m²) as well as in Dortmund and Oberhausen (140,000 m² each).

Relevant volumes can also be located in the Ennepe-Ruhr district and the districts of Recklinghausen, Unna and Wesel, where the stock exceeds the 100,000 m² mark in each case.

44.5 % of the total stock of corporate real estate, or approx. 853,000 m², can be allocated to the production property type. Distribution properties (< 10,000 m²) account for about 372,000 m² or 19.4 % of the portfolio, transformation properties for 355,000 m² or 18.5 % and industrial parks for 330,000 m² or 17.2 % of the portfolio. The share of production warehouses amounts to 9,000 m² or 0.5 %.

[1] Distribution properties (< 10,000 m²), production warehouses (< 10,000 m²), industrial parks, transformation and production properties are counted as part of the corporate property type.

Take-up of space

In 2020, the Corona pandemic had no impact on demand for corporate real estate. With just under 158,000 m² of space transacted, the very good result of the previous year was exceeded by a further 9.0 %. Here, the broad demand base and the flexibility of the asset class proved to be a decisive advantage over other segments.

The highest demand was in the city of Dortmund, which contributed 31,000 m² or approx. 32 % to the turnover, followed by Gelsenkirchen and the district of Unna, each with approx. 22,000 m² or approx. 14.0 %.

In the first half of 2021, an average take-up result of around 53,000 m² was achieved. In addition to the availability of suitable space, this is also due to the far-reaching restrictions to curb the third wave. The first half of the year was still partly characterised by uncertainties relating to the vaccination campaign and a rapid economic recovery.

When looking at turnover by submarket, Gelsenkirchen came out on top with around 17,400 m² or a 33 % share of turnover, followed by the Recklinghausen district with 12,000 m² (23 %) and the Ennepe-Ruhr district with 4,600 m² (7 %).

The robustness of the diversified tenant base will also prove to be a stabilising factor for the corporate real estate asset class in the future. 2020 has already shown that this property type exhibits increased resilience in times of crisis. Thus, despite all the uncertainties, a good demand situation for corporate real estate in the Metropole Ruhr can also be assumed in the future.

"Demand for corporate real estate continues unabated"


bulwiengesa AG


In the market for corporate real estate in the Metropole Ruhr, the market rents for the individual space categories show a broad spectrum depending on the quality of the fittings, size, flexibility and user-specific requirements.

The highest rents are achieved in the office and social space and flex space categories. The marked spread between top and average rents for flex spaces remains considerable. This is due to the different qualities of space that are grouped under this category. These include, for example, state-of-the-art service spaces that are suitable for a wide range of uses.