Investment locations Germany 2017
Office – rents and yields
The continued strong focus of investors and users on central modern office properties in prime locations will
further intensify competition and lead to a corresponding price dynamic and sustained pressure on property
yields. This development will bring diversification effects to B- and C-category locations, without compromising
on the quality of the properties.
Kiel
14.50
15.10
6.0
6.5
Rostock
11.50
12.00
6.5
7.1
Lübeck
12.00
12.20
7.0
7.5
Schwerin
Wilhelmshaven
11.00
13.00
8.1
8.50
6.7
Hamburg
25.00
26.00
3.5
4.2
Bremen
13.00
13.50
5.0
5.3
23.50
26.50
3.4
4.1
Berlin
12.50
6.8
14.00
14.60
5.0
5.8
13.50
14.00
6.2
6.6
12.00
12.10
7.0
7.5
Dusseldorf
26.00
26.50
3.9
4.4
Ratingen
14.00
5.8
6.2
Neuss
8.50
6.2
6.3
11.00
6.9
7.0
10.50
7.0
6.9
8.50
7.5
7.5
Halle/Saale
10.50
10.60
6.0
6.8
5.8
6.1
Bonn
13.00
13.50
6.2
Magdeburg
11.00
11.50
6.5
Cottbus
Essen
10.00
9.50
Hagen
Krefeld
6.8
Ratingen
MönchenWuppertal
gladbach
Solingen
12.50
12.50
9.50
9.00
Dusseldorf
Düsseldorf
6.2
6.3
6.7
6.8
8.5
8.7
Neuss
Leverkusen
Cologne
Siegen
12.00
Marburg
7.3
7.5
22.50
22.00
Aachen
11.00
3.9
4.5
13.50
14.00
6.4
6.6
Braunschweig
Paderborn
8.50
6.9
7.1
Hamm
14.00
Dortmund 13.50
Bochum
Duisburg
Salzgitter
6.50
7.00
6.5
6.8
Bielefeld
Münster
Gütersloh
11.50
12.00
6.0
6.3
14.50
15.00
4.8
5.7
11.50
11.75
6.5
14.00
14.20
5.6
5.9
Potsdam
Hanover
Osnabrück
8.60
6.5
7.3
Kassel
Leipzig
12.20
13.00
5.5
6.0
Dresden
Weimar
Erfurt
Jena
10.50
6.4
6.7
7.10
7.9
11.00
7.1
7.2
11.10
7.3
12.00
5.7
6.1
Gera
Chemnitz
7.30
7.20
7.5
7.6
9.50
9.75
7.5
18.00
19.30
5.2
5.3
10.50
6.6
Koblenz
38.50
39.00
3.8
4.3
14.00
14.50
5.5
5.8
11.50
12.00
6.5
7.0
Frankfurt/M.
Offenbach/M.
Aschaffenburg
Darmstadt
Wiesbaden
Mainz
13.00
13.20
6.0
6.2
Trier
12.00
6.9
10.00
6.8
13.00
13.50
6.0
6.4
9.50
6.8
10.00
11.00
6.4
6.5
Erlangen
Fürth
Nuremberg
10.50
10.80
7.2
Heidelberg
14.50
16.00
5.6
5.9
12.50
Prime
rent in €/m2
6.2
Prime
gross yield in %
13.50
6.5
Mannheim
10.00
9.50
6.7
Bamberg
11.50
6.9
7.1
Ludwigshafen
Prime rents and prime gross yields:
9.50
6.7
Schweinfurt
Würzburg
15.00
16.40
5.8
6.1
10.50
7.5
Kaiserslautern
Saarbrücken
13.00
6.9
14.00
15.00
5.0
5.4
Heilbronn
Regensburg
12.00
12.50
5.7
5.8
Karlsruhe
13.50
14.00
5.9
13.50
14.00
6.0
Stuttgart
Ingolstadt
22.80
23.00
3.9
4.6
11.00
12.00
5.9
6.0
Ulm
Augsburg
15.00
6.0
6.1
13.00
5.8
6.5
6-month trend:
rising
stable
falling
Prime rent:
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.
Munich
33.30
36.00
3.3
3.8
Freiburg
14.00
14.20
6.5
6.7
15.00
5.0
5.8
Konstanz
2017
A-location
B-location
C-location
D-location
* bp = basis point
Ø ­prime rent
28.50
14.58
12.51
10.25
€/m2
€/m2
€/m2
€/m2
∆ 2016/2017
+4.4
+5.3
+1.3
+2.7
%
%
%
%
Ø prime gross yield
3.67
5.46
6.34
7.02
%
%
%
%
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.
∆ 2016/2017
-53
-36
-19
-14
bp*
bp*
bp*
bp*
As of 1st quarter 2017
Contact: [email protected]
Source: Catella Research 2017
Yield/risk profile for office markets in 2017
Prime gross yield in %
Prime gross yield in %
9.0 %
Section overview: B-, C- D-locations
8.0 %
Solingen
7.0 %
6.0 %
8.0 %
Wilhelmshaven
5.0 %
4.0 %
Weimar
Frankfurt Cologne
Berlin
Munich
3.0 %
Paderborn
Hamburg
Kaiserslautern
Stuttgart
10
20
30
40
Dusseldorf
50
Marburg
60
70
Risk factor
80
7.0 %
Jena
Lübeck
Gütersloh
Osnabrück
> 5 million m²
� 2 million to 5 million m²
< 2 million m² (further differentiation for
C & D in terms of regional significance)
}
Leverkusen
Fürth
Krefeld
Offenbach
Siegen
Gera
Würzburg
Magdeburg
Cottbus
Trier
Aschaffenburg
Hagen
Schweinfurt
Schwerin Bamberg
Neuss
Rostock
Bielefeld
Halle
Konstanz
Erfurt
Aachen
Braunschweig
Salzgitter
Ludwigshafen
Koblenz
Duisburg
Hamm
Potsdam
Mönchengladbach
Ingolstadt
Mainz
Bochum
Darmstadt
Ulm
Karlsruhe
Augsburg
Kiel
Regensburg
Dortmund
Kassel
Ratingen
Dresden
Mannheim
Essen
Heilbronn
Leipzig
Heidelberg
Wuppertal
Saarbrücken
Erlangen
Office markets have been classified according to their size (existing stock).
Category A =
B =
C =
D =
Chemnitz
6.0 %
Wiesbaden
5.0 %
Bonn
Nuremberg
Bremen
Freiburg
Münster
Hanover
Risk factor
Methodology: Risk model Catella Research 2017, schematic presentation on the basis
of a fully leased property in a new building/first-time lease, A-location category
45
50
55
60
65
70
75
As of 1st quarter 2017
Source: Catella Research 2017