Facts and Figures Office market Frankfurt am Main 2017
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1 Facts and Figures Office market Frankfurt am Main 217
2 Much as I know, I wish I knew more. Quote from Johann Wolfgang von Goethe If you require any further information, please do not hesitate to contact us. We can put you in touch with our specialists who are always happy to provide you with expert support. We look forward to hearing from you! Dr. Konrad Kanzler Head of Research +49 () konrad.kanzler@nai-apollo.de Radomir Vasilijevic Head of Office & Retail Letting +49 () radomir.vasilijevic@nai-apollo.de Martin Angersbach Head of Business Development Office Germany +49 () martin.angersbach@nai-apollo.de Lenny Lemler Co-Head of Investment +49 () lenny.lemler@nai-apollo.de
3 Market Environment Population development Frankfurt a. M. 76, 74, 72, 7, 68, 66, 64, 62, 6, 3, 25, 2, 15, 1, 5, Jun-17 Purchasing power per capita Germany and Frankfurt a. M. Purchasing power per capita Germany Purchasing power per capita Frankfurt a. M. Purchasing power per capita 217: Germany 22,239 / Frankfurt 25, Unemployment / employees subject to social insur. contribution 6, 5, 4, 3, 2, 1, Dec-17 Consumer price index Germany and Hesse 115 CPI November 217: Germany 19.9 / Hesse Inhabitants June 217: 736,222 Employees Frankfurt a. M. Unemployment rate Germany thereof tertiary sector Unemployment rate Frankfurt a. M. CPI Germany (base year: 21) CPI Hesse (base year: 21) Nov Source: Federal Statistical Office Source: State Statistical Office Hesse, Employment Agency Source: GfK GeoMarkting GmbH, Federal Statistical Office Source: City of Frankfurt a. M. The Frankfurt am Main metropolitan area once again showed consistently positive key economic indicators at the close of 217. For example, the rate of unemployment fell to 5.6 % in December 217 and represents a further year-on-year decline of.6 %-points. At the same time, the number of employees subject to social insurance contributions also increased again. The total number of employees stood at 564,826 as of , a rise of 2.3 % compared to the previous year. Growth was therefore slightly below the state average (Hesse: 2.5 %) but in line with average growth across the country (Germany: 2.3 %). One positive development worth noting was the disproportionate growth in the number of employees subject to social insurance contributions who also have a university degree, with a year-on-year increase of 6. % in this segment. Graduates account for a very high proportion of office space users. The mood remained positive among local businesses according to the most recent survey carried out by the Frankfurt Chamber of Industry and Commerce (IHK) in autumn 217. Companies rated both their current situation as well as their future expectations as favourable. At 18 % of respondents, a record number of companies in the Frankfurt area also plan to recruit more staff. However, office-related companies from the finance, credit and insurance industry have a somewhat bleaker view of their current business situation than previously. This is partly because of the currently low level of interest rates. At the same time, this industry maintains an extremely positive outlook. Around 92 % of all respondents from this sector rate their business expectations as good or satisfactory, which is an improvement compared to the previous survey.
4 Market Data Take-up, vacancy, prime rent, average rent, prolongation 2,5 2, 1,5 1, 5 1,95 sqm sqm 2, 18,4 sqm 18, 9 Deals 16, 14, 12, 1, 8, 6, 4, 2, Vacancy (in thousand) Take-up (in thousand) Prolongation after market screening (in thousand) Average take-up 1 years (in thousand) Prime rent (in /sqm) Average rent (in /sqm) 1,79 sqm sqm 1,59 sqm sqm 1,68 sqm sqm 1,76 sqm 472 sqm 1,96 sqm sqm 1,52 sqm 515 sqm 1,34sqm sqm 1,316 sqm 369 sqm 21 sqm 1,251 sqm Frankfurt office market with second-best annual result The Frankfurt office lettings market including Eschborn and Offenbach-Kaiserlei again outperformed the very positive development of the previous quarters. Space take-up by owners and tenants amounted to 279,4 sqm in the last three months of the year, rising 5 % above the third-quarter result. For 217 as a whole, total space take-up reached a very high level of 711,6 sqm. As a result of this excellent performance in 217, the volume is not only 32 % above the very good previous year s figure but is also the second-best annual result ever recorded after 2, when take-up reached around 725, sqm. In addition to the general recovery of the office market and some contracts that have already taken place as a result of Brexit, the Frankfurt office market also benefited from a large number of major deals in 217. This in turn led to a notable decrease in the relevance of rental contract renewals. Owing to the particular importance of large deals in 217, the two segments 5,1-1, sqm and 1,- sqm-plus registered growth rates of 63.4 % and 75.8 % respectively compared to 216. In contrast, contracts for spaces smaller than 1, sqm broadly remained at the previous year s level (+ 3.9 %). Take-up according to location 217 Total: 711,6 sqm 68,9 sqm 23 Deals 55,4 sqm46,3 sqm 45,5 sqm 19 Deals 39,5 sqm 38,2 sqm 32,2 sqm 53 Deals 12 Deals 33,8 sqm 18,9 sqm 6 Deals 44 Deals 27 Deals 29 Deals 8 Deals 1,4 sqm 3,2 sqm 1,4 sqm 22 Deals 9 Deals 6 Deals 394 sqm 97 sqm 1,246 sqm sqm 74 sqm 979 sqm sqm 46 sqm ,5 sqm 183 Deals Bankenlage Messe Westend Bahnhofsviertel Stadtmitte City West Westhafen Nordend Bockenheim OF-Kaiserlei Eschborn Niederrad (Büro)Mertonviertel other locations Source: NAI apollo Source: NAI apollo
5 Market Data Take-up according to unit size 217 Total 711,6 sqm 25, 23,9 sqm 584 Deals 2, 16,7 sqm 15, 1, 116,7 sqm 133,2 sqm 7 Deals 97,1 sqm 19 Deals 76 Deals 26 Deals 5, < 1, sqm 1, - 2,5 sqm 2,51-5, sqm 5,1-1, sqm > 1, sqm Take-up according to rents 217 Total: sqm* 18, 167,8 sqm 22 Deals 144,1 sqm 16, 211 Deals 129,3 sqm 14, 17 Deals 11,2 sqm 11, sqm 12, 85 Deals 55 Deals 1, 8, 6, 4, 26,2 sqm 45 Deals 2, < 1 1 < < 2 2 < < 3 3 *lettings only, no owner occupiers Take-up according to space quality % Total 711,6 sqm superior 3.7 % average ordinary 62.2 % Take-up according to industry 217 Banking, Financial Services & Insurances 24.4 % 33. % Traffic, Transport & Logistics Construction & Real Estate Consulting, Marketing & Research 13.4 % Law Firms, Notaries & Legal Services 7.4 % Others 9.5 % 12.3 % Source: NAI apollo Source: NAI apollo Source: NAI apollo Source: NAI apollo The biggest deals in 217 included the letting of 44,4 sqm to Deutsche Bundesbank in the Frankfurt Büro Center (FBC) (4-46, Mainzer Landstraße) as well as the acquisition of MainPark (29-35, Kaiserleistraße) with approximately 27,5 sqm by Landesbank Hessen- Thüringen (Helaba). In addition, Deutsche Bahn rented a total of 52,6 sqm of office space in The Brick project development (7-76, Europa-Allee) as well as in the planned adjacent building (78, Europa-Allee). As a consequence of the major deals that were signed last year, banks, financial service providers and insurances increased their share of take-up from 22.8 % (216: 123,6 sqm) to 24.4 % (217: 173,6 sqm). The high level of market activity on the part of Deutsche Bahn also secured second place for the traffic, transport and logistics sector with a 13.4 % market share or a take-up volume of 95,6 sqm. The construction and real estate sector was in third place with 12.3 %, largely owing to contracts signed by WeWork, MindSpace, Tribes, Agendis and Design Offices. In terms of geographic distribution, the CBD accounted for the highest percentage of take-up with a share of 65. % (462,8 sqm). In terms of the different sub-markets, the banking district is undisputedly the most sought-after location in the market area, with a 25.4 % (18.4 sqm) share of the total. High-priced rentals in existing buildings as well as project developments caused a further significant increase in rental prices on the Frankfurt office market at the end of the year. The average rent increased by 7.3 % year-on-year to 2.7/sqm. The prime rent rose by 3.3 % to 4.3/sqm, thus exceeding 4-mark for the first time since 28.
6 Office L ocations Frankfurt a.m. Q4 217 We have divided the office market Frankfurt i nto the most important main locations and have colored them separately. In addition, every location is divided into the particular borough and identified with the corresponding apellation of site. Main Location Vacancy* F-CBD 395,3 sqm F-WEST 47,7 sqm F-SOUTH 91,6 sqm F-NORTH 51,6 sqm F-EAST 43,1 sqm OFFICE CENTRES 35, sqm Total 979, sqm data as of * inclusive subletting spaces edition: January 28 / Stadtvermessungsamt Frankfurt a. M., 28 Frankfurt am Main Airport Office stock Take up Average rent Prime rent 371,2 sqm 29,1 sqm 2./sqm 27./sqm Source: NAI apollo
7 Office Locations Submarkets Office Stock (sqm) Vacancy (sqm) in % Ø-Rent ( ) Prime Rent ( ) Rentable Objects 1. Höchst 189, 5, Eschborn-West 168,1 4, Eschborn-Süd 387,7 74, Eschborn-Ost 123,9 8, Sossenheim 87,3 9, Nied Rödelheim 115,5 2, Griesheim 16, City West 517,1 68, Gallus 58,3 12, Niederrad (Büro) 69,7 77, Niederrad (Stadt) 12, Gutleutviertel 138, Westhafen 88,1 11, Bahnhofsviertel 399,3 36, Messe/Europaviertel 313,4 26, Bockenheim 311,2 24, Westend 656,6 89, Bankenlage 1,122,3 74, Stadtmitte 584,3 51, Nordend 126,7 12, City Ostend 226,3 2, Sachsenhausen 443,4 53, Oberrad 4, OF-Kaiserlei 239,8 3, Ostend-Ost 37,4 24, Bornheim 36, Riederwald/Fechenheim 226,4 9, Bergen-Enkheim 5,6 6, Seckbach 15, Eckenheim 13, Eschersheim 33, Nieder-Eschbach 138, 36, Mertonviertel 284,5 118, Heddernheim 1, Praunheim/Hausen 18, 12, Total (inclusive other locations) 11,391, 979, Source: NAI apollo
8 Market Data Geographical localisation of large-scale lettings 217 accor. to size categories (> 1, sqm) Lettings according to size > 1, sqm - 2,5 sqm > 2,5 sqm - 5, sqm > 5, sqm - 1, sqm >1, sqm Geographical localisation of office spaces completions 217 accor. to size categories (> 1, sqm) Office space completion according to size > 1, sqm - 5, sqm > 5, sqm - 1, sqm > 1, sqm - 2, sqm > 2, sqm
9 Market Data Vacancy according to vacancy size Q , 5, 4, 3, 2, 1, Total: 979, sqm (419 sub-properties), occupied within three months 86,3 sqm 214 (sub-)properties 151, sqm 94 (sub-)properties 211,6 sqm 6 (sub-)properties 233,5 sqm 35 (sub-)properties 296,9 sqm 16 (sub-)properties < 1, sqm 1, - 2,5 sqm 2,51-5, sqm 5,1-1, sqm > 1, sqm Vacancy according to asking rent Q , 4, 35, 3, 25, 2, 15, 1, 5, Total: 979, sqm (419 sub-properties), occupied within three months* Vacancy Take-up , sqm 16 (sub-)properties 147, sqm 69 (sub-)properties 163,3 sqm 92 (sub-)properties 9,1 sqm 87,3 sqm 37 (sub-)properties 37 (sub-)properties 65,6 sqm 24 (sub-)properties 26,2 sqm 167,8 sqm 144,1 sqm 11,2 sqm 129,3 sqm 11, sqm < 1 1 < < 2 2 < < 3 3 Vacancy according to quality of space Q4 217 Total: 979, sqm (419 subproperties), occupied within three months superior average ordinary Completions 35, 3, 25, 2, 15, 1, 5, Vacancy Take-up ,4 sqm 23,9 sqm 116,7 sqm 97,1 sqm 133,2 sqm 16,7 sqm Completions 17,7 sqm 3,5 sqm 49,9 sqm 11,5 sqm 35,5 sqm 126,2 sqm 27.7 % thereof rentable (before completion) 32,6 sqm 21.3 % ,6 sqm 5, sqm 124,9 sqm 27,7 sqm 51. % 176,4 sqm 17, sqm Source: NAI apollo Source: NAI apollo Source: NAI apollo Source: NAI apollo The completions volume in the fourth quarter of 217 amounted to a total of 15,1 sqm of office space. Owing to building delays, only 77,6 sqm was completed in 217 as a whole. Taking into account space removals, the total office stock stood at m sqm at the end of 217. As things stand, a completions volume amounting to 124,9 sqm is expected for of which only almost a fifth is currently still available. The very positive take-up development combined with a small increase in stock was also reflected in the vacancy figures in the final quarter of the year. Active market vacancies on the Frankfurt office market - that is, office spaces that can be occupied within three months of signing the lease contract - decreased by a further 91, sqm to 979, sqm within the fourth quarter. This results in a vacancy rate of 8.6 %, which is 2.2 %- points lower compared to the previous year. Although the lettings pipeline is now wellfilled, it will probably be difficult to repeat the 217 result in 218, in part owing to the fact that a few large contracts have dominated the market recently. However, space take-up in the coming year can be expected to exceed the 1-year average, which has now risen to around 474, sqm. In this respect, vacancies will also continue to fall and rental prices will continue to rise in the months ahead. Outlook next 12 months Office Stock Vacancy Take-up Prime rent Average rent $ $ $ $ $
10 Surroundings Market Data Surroundings of Frankfurt Average and Prime Rents Kelkheim 8.2 / 12.4 /sqm Hofheim 6.6 / 13. /sqm Oberursel 8.4 / 13. /sqm Kronberg 1.9 / 14.9 /sqm Steinbach 6.8 / 1. /sqm Bad Soden 9.7 / 13.2 /sqm Schwalbach 1.7 / 13. /sqm Sulzbach 9.3 / 13.7 /sqm Liederbach 7. / 9.8 /sqm Kriftel 7.3 / 1.3 /sqm Kelsterbach 8.7 / 13. /sqm Hattersheim 9.4 / 13. /sqm Airport 2. / 27. /sqm Mörfelden-Walldorf 7.5 / 1.8 /sqm Friedrichsdorf 7.2 / 11.5 /sqm Bad Homburg 1.1 / 15.3 /sqm Neu-Isenburg 9.2 / 13.1 /sqm Dreieich 6.9 / 12.1 /sqm Langen 7.7 / 11.7 /sqm Bad Vilbel 9. / 12.7 /sqm Offenbach 9.5 / 14.6 /sqm Dietzenbach 6.3 / 1.7 /sqm Maintal 5.3 / 9.9 /sqm Hanau 6.9 / 12.1 /sqm Source: NAI apollo Map Basis: RegioGraph GfK GeoMarketing GmbH On the basis of 5,251 offers (11/216-1/217) empirica-systeme Marktdatenbank
11 Top 5 Key Facts Cities Office space, take-up, vacancy, prime rent, average rent Q4 217 Office Space (in m. sqm) Take-Up (sqm) Vacancy (in %) Prime rent ( /sqm) Average rent ( /sqm) Berlin , Dusseldorf , Frankfurt a. M , Hamburg , Munich , Prime yields Q4 217 Frankfurt a. M. Top take-up 217 Top investments 217 Prime office yields Prime retail yields Prime logistics yields Berlin 2.9 % 3.5 % 4.45 % Dusseldorf 3.6 % 3.3 % 4.45 % Frankfurt a. M. 3.2 % 3.2 % 4.45 % Hamburg 3.5 % 3.1 % 4.45 % Munich 3.5 % 2.9 % 4.4 % Total Ø = 3.15 % Ø = 3.1 % Ø = 4.45 % Property + Location The Brick + neighb. build., Europa-Allee 7 etc. / Messe / Europaviertel Frankfurter Büro Center, Mainzer Landstr / Bankenlage MainPark, Kaiserleistraße / Offenbach-Kaiserlei Tenant / Owner Occupier Deutsche Bundesbank Leased area in sqm 52,6 44,4 Helaba 27,5 Mainzer Landstraße / Gallus City of Frankfurt 14,4 Junghof Plaza, Junghofstraße / Bankenlage Clifford Chance 11,8 Property + Location Deutsche Bahn Purchaser Purchase Price Tower 185, Friedrich-Ebert-Anlage Deka Immobilien approx. 775,, Grand Central, Adam-Riese-Straße Amundi Real Estate approx. 31,, Japan Center, Taunustor 2 GEG German Estate Group approx. 28,, Main Airport Center (MAC), Unterschweinstiege 2-14 CapitaLand / Lum Chang Holdings approx. 245,, Eschborn Plaza, Mergenthalerallee 3-5 Aurec / Migdal Insurance Group etc. approx. 236,, Source: NAI apollo Source: NAI apollo Source: NAI apollo Source: NAI apollo
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