System of indicators for the German commercial real estate market Price indicators

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1 Price indicators Prices of commercial real estate in Germany by type of property 1 = 1, log scale Office and retail Office Retail Quarterly data Prices of commercial real estate * in Germany by town category 1 = 1, log scale towns and cities 1 towns and cities Source: vdpresearch AG. * Office and retail (core properties). 1 Berlin, Cologne, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart. Rents for commercial real estate in Germany by type of property 1 = 1, log scale Office and retail Office Retail Rents for commercial real estate * in Germany by town category 1 = 1, log scale towns and cities 1 towns and cities 19 Quarterly data Source: vdpresearch AG. * Office and retail (core properties). 1 Berlin, Cologne, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart. Page: 1

2 Price indicators Net initial yield for commercial real estate * by town category towns and cities 1 towns and cities AG. * Office and retail (core properties). 1 Berlin, Cologne, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart. Yield differential between commercial real estate in 1 towns and cities and 7 major cities * In percentage points Source: Bundesbank calculations based on information provided by bulwiengesa AG. * Office and retail (core properties), net initial yield of commercial real estate in 1 towns and cities minus net initial yield of commercial real estate in 7 major cities (Berlin, Cologne, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart). Page:

3 Financial Indicators Mortgage loans on property for commercial use in Germany * Year-on-year percentage changes, quarter-end data All economic sectors Contributions to growth in percentage points: Services sector 1 Wholesale and retail trade excluding other real estate activities Financial intermediaries Other real estate activities Other economic sectors * Total mortgage loans minus mortgage loans on residential real estate according to the borrowers statistics. 1 Including self-employment. Purchase, sale and management of commercial real estate, facility management enterprises. Mortgage loans on property for commercial use in selected economic sectors * Year-on-year percentage change Yearly averages Services sector 1 excluding other real estate activities Other real estate activities Wholesale and retail trade Quarter-end data * Total mortgage loans minus mortgage loans on residential real estate according to the borrowers statistics. 1 Including self-employment. Purchase, sale and management of commercial real estate, facility management enterprises. Loans entailing commercial property risk in Germany * Year-on-year percentage change, quarter-end data Loans and mortgage loans to the construction sector and the housing and real estate activities sector Contributions to growth in percentage points: Construction sector Housing enterprises Other real estate activities * Approximate implementation of the classification put forward by the European Systemic Risk Board (ESRB) using data from the borrowers statistics. 1 Purchase, sale and management of commercial real estate, facility management enterprises. Growth contributions in 9 distorted by reclassification of property developers loans from housing and real estate activities to the construction sector. Loans entailing commercial property risk in selected economic sectors * Year-on-year percentage change Years averages Loans and mortgage loans + 1 to the economic sectors Construction sector Housing enterprises Other real estate activities Quarter-end data * Approximate implementation of the classification put forward by the European Systemic Risk Board (ESRB) using data from the borrowers statistics. 1 Purchase, sale and management of commercial real estate, facility management enterprises. Rates of change in 9 distorted by reclassification of property developers loans from housing and real estate activities to the construction sector. Page: 3

4 Real economic indicators Building permits for commercial real estate in Germany by type of property * 1 = 1, log scale Office and administrative buildings Building permits for and completions of commercial real estate in Germany * Floor space in millions of square metres, log scale Wholesale and retail buildings and warehouses Permits 15 1 Total Wholesale and retail buildings and warehouses Q1- Q Office and administrative buildings Completions Source: Federal Statistical Office. * Floor space of new buildings and existing buildings undergoing construction work. 1 Average of seasonally adjusted data Source: Federal Statistical Office. * Construction of new buildings and construction work on existing buildings. Commercial building construction in Germany Annual data, at current prices As a percentage of GDP Quarterly data 1 New orders for commercial building construction in the main construction industry in Germany Annual data, at constant prices = 1, log scale Quarterly data Quarterly data Year-on-year change Percentage points Quarterly data, lin scale Year-on-year change Source of the unadjusted figures: Federal Statistical Office. 1 Seasonally adjusted. Only calendar-adjusted Source of the unadjusted figures: Federal Statistical Office. 1 Seasonally adjusted. Only calendar-adjusted. Page: 4

5 Real economic indicators Transaction volumes for commercial real estate in Germany 1 = 1, log scale 5 Germany of which 17 administrative districts of which Vacancy rate for offices in Germany towns and cities of which Source: Extrapolation by vdpresearch GmbH based on purchase price data provided by surveyor committees. Excluding Share-Deals. 1 Berlin, Dusseldorf, Frankfurt am Main, Hamburg, Cologne, Munich and Stuttgart AG. 1 Berlin, Cologne, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart. Page: 5