Office properties
551,000 qm MFG
Sales of office premises 2022
278 Tsd. qm MFG
New construction completions
12.50 und 19.00 €/sqm MFG
Prime rent
Sales of office premises
Office take-up in the Metropole Ruhr totaled around 550,000 sqm MFG in 2022, well above the 10-year average of 504,000 sqm MFG. This level was not expected after the weak first half of the year, when only around 193,000 sqm of MFG was taken up. As in the past, the main drivers were Essen and Dortmund, which each registered take-up of over 100,000 sqm MFG. Bochum was also able to contribute an above-average value to the turnover result of the Metropole Ruhr with 86,000 sqm MFG. The four major office markets thus accounted for a total of 396,000 sqm MFG, or around 72% of total take-up.
The vacancy volume has again risen slightly compared with the previous year and is now just under 5% for the entire Metropole Ruhr. Despite increased vacancy rates, prime rents have so far shown stable to slightly rising trends and are between €16.50 and €19.00/sqm MFG in the core cities. For new construction space in prime locations, the 20.00 euro mark can already be exceeded. The Metropole Ruhr thus follows the trend in the seven A-cities, where rental and vacancy trends have also decoupled. In addition to rising construction costs, the decisive factors for this development are also the higher demands on the quality, equipment and sustainability of the buildings. The "flight to quality" - the trend toward modern, intelligent and green buildings has also arrived in the Metropole Ruhr.
New construction completions
At just under 278 thousand sqm MFG, new construction completions reached their highest level since 2010. No notable construction delays or construction stops were recorded. Notwithstanding this, some plans are being pushed back more significantly without relevant pre-letting. In Germany's A-cities, too, project developments without relevant pre-letting are being scrutinized and financing examined more closely until they are finally initiated. If there is a green light from the capital side for projects in the Ruhr or elsewhere, then it will be for companies that lease ESG-compliant and sustainable office space under governance aspects, and gladly continue to do so in city center locations. Overall, however, the pipeline is expected to thin out in the coming years.
Against the backdrop of higher financing costs, which hit the market in the second quarter and initially led to a significant decline in transactions, the Metropole Ruhr can look back on a respectable result for the year. A total of around €911 million was invested in office properties, which was above the 10-year average of €860 million, but did not approach the high levels of 2017 to 2020. However, the yield premiums of up to 30 basis points were more moderate in the Metropole Ruhr than in the significantly more expensive A-cities with up to 45 to 60 basis points.
