Konstanz
Freiburg
Augsburg
Munich
Ingolstadt
Regensburg
Nuremberg
ErlangenFürth
Bamberg
Würzburg
Darmstadt
Offenbach/M.Aschaffenburg
Frankfurt/M.
Mainz
Wiesbaden
Koblenz
Bonn
Cologne ErfurtJena
Weimar
Magdeburg
Braunschweig
Kassel
Gera Chemnitz
Dresden
Cottbus
Potsdam
Bielefeld
GüterslohPaderborn
Bremen
Hamburg
Lübeck
Kiel
Rostock
Schwerin
Osnabrück
Münster
DortmundHamm
Hagen
Bochum
WuppertalSolingen
SiegenMarburg
DuisburgEssen
Krefeld
Aachen
Mönchen-gladbach
DusseldorfNeuss Leverkusen
Ratingen
Berlin
Leipzig
Halle/Saale
Trier
Heilbronn
Stuttgart
Karlsruhe
Saarbrücken
KaiserslauternHeidelberg
Mannheim
Ludwigshafen
Ulm
Wilhelmshaven
Salzgitter
Hanover
Schweinfurt
Dusseldorf
Ratingen
Neuss
Krefeld
Prime rents and prime gross yields:
Prime rent in €/sq m Prime gross yield in %
14.995.4
6-month trend: rising stable falling
Investment locations Germany 2020 Office – rents and yields
As of 1st quarter 2020Contact: [email protected]: Catella Research 2020
The German office property markets have not yet been affected by the effects of the pandemic in terms of value. Three factors are decisive in this respect: the good economic development that continued until mid-February, the relatively low supply of new construction in the metropolitan regions or CBDs and the delaying effects of a recession on the floor-space markets. At present, we therefore do not see any significant change in our rental and yield forecast up to September, although economic development will leave its mark at the beginning of the third quarter.
2020 Ø prime rent ∆ 2019/2020 Ø prime gross yield ∆ 2019/2020
A-location 33.29€/m2 7.25% 2.88% -18BpB-location 16.02€/m2 3.09% 4.66% -40BpC-location 14.10€/m2 5.62% 5.58% -31BpD-location 11.35€/m2 8.30% 6.20% -50Bp* bp = basis point
Prime rent:Definition according to gif e. V.: The top rent represents the median of the uppermost price segment, with a market share of 3 % of the total letting take-up (excluding owner-occupiers), during the last 12 months.
Prime gross yield:The prime gross initial yield is the simple comparison of the contractual rent with the acquisition price excluding purchaser‘s costs. The prime gross initial yield corresponds to the multiplier normally used in the market.
39.502.6
28.503.0
45.002.8
29.002.9
26.003.1
40.502.6
24.503.0
16.004.8
11.506.0
15.004.9
11.505.2
12.506.0
14.505.1
23.504.3
16.005.9
14.504.5
10.507.0
10.506.5
14.004.8
15.505.0
15.004.9
14.505.4
11.505.0
14.505.8
15.504.2
16.504.8
12.006.0
7.507.0
9.006.5
10.506.8
10.006.5
9.006.2
17.004.5
16.504.9
13.505.4 14.50
5.2
12.506.2
10.506.6
14.505.2
12.005.8
16.005.5
12.506.0
15.506.0
12.506.5
15.504.5
12.504.8
12.506.0
12.506.3
12.506.7
15.504.8
16.805.0
11.507.0
15.504.5
14.505.3
13.503.7
16.503.9
14.506.0
13.006.0
10.006.7
15.505.7
15.005.5
13.505.0
12.506.4
11.506.4
8.006.2
9.006.4
9.006.4
11.507.2
9.507.5
12.006.2
15.805.0
8.507.1
15.504.2
9.507.5
13.006.1
12.506.1
Yield/risk profile for office markets in 2020
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Office markets have been classified according to their size (existing stock).
Category A = > 5 million sq m B = � 2 million to 5 million sq m C = D = < 2 million sq m (further differentiation for
C & D in terms of regional significance)
Methodology: Catella Research 2020 risk model is based on the volatility of office yields and the ratio of the respective office space stock to the total stock, including the vacancy rates of all locations. Schematic representation based on a fully let property in the category core or new construction in a prime location.
As of 1st quarter 2020Source: Catella Research 2020
Prime gross yield in % Prime gross yield in %
Risk factor
9.0%
8.0%
7.0%
6.0%
5.0%
2.0%
3.0%
4.0%
0 10 20 30 40 50 60 70 80 90 100
Section overview: B-, C-, D-locations
Risk factor
8.0%
6.0%
5.0%
4.0%
7.0%
50 60 70 80 90
Berlin
Munich
Hamburg
Frankfurt (Main)
Stuttgart Cologne
Dusseldorf
Weimar –
Wilhelmshaven – Solingen –
– Nuremberg
Hanover – Bremen –
Dortmund –
|MünsterBonn–
Essen –
Kiel –
– Kassel
| Leipzig
– Heidelberg
Dresden
Regensburg
Bamberg
Ulm –
– Potsdam
Hamm
| Aschaffenburg
– Offenbach
– Halle
– Erfurt
– Cottbus
– Fürth
– Trier
– Hagen
– Schweinfurt
– Magdeburg
– Würzburg
Marburg –
Kaiserslautern
Paderborn –
– Siegen
Chemnitz –
Leverkusen –
– Neuss
| Erlangen
Bielefeld – – Osnabrück
Rostock
Gütersloh
Saarbrücken –
Braunschweig –
– Schwerin
Bochum –
– Heilbronn – Ratingen
Darmstadt
– Augsburg
Karlsruhe –
Duisburg – – Mönchengladbach
– Ingolstadt
Mainz
– Aachen
Freiburg
Ludwigshafen
Wuppertal –
Koblenz
Lübeck –
Jena
Krefeld –
Gera –
Salzgitter –
– Wiesbaden
Mannheim