By the end of the 3rd quarter of 2024 some 420,000 m² of office space in Berlin had been newly let. This translates into growth of 31 %, well above the 320,000 m² seen in the same period a year ago. Driving force behind this strong increase was the public sector, which concluded several leases for large amounts of space. IT firms and consultancies placed second and third. More activity was also observed in the small and mid-sized segments of the market (up to 2,000 m²). Totalling over 190,000 m² of space, this segment accounted for some 45 % of overall take-up. “We are confident that we should be able to close the year with a good take-up result of between 550,000 and 600,000 square metres. Increasingly, companies are returning to their offices and in the medium term it seems that working from home will tend to be only part of a hybrid workplace model. As in the past, central locations that are very easy to reach are in great demand, location and quality remain the determining search criteria,” says Antje Helmer, head of office-letting Berlin at Grossmann & Berger Immobilien, member of German Property Partners (GPP).
For market data and top agreements, please have a look at the word document.
The market survey office-letting in Berlin 2024/Q1-3 is available to download.
