Price indicators Prices of commercial real estate in Germany by type of property 1 = 1, log scale 15 145 14 135 13 15 1 115 11 15 1 95 9 Office and retail Office Retail Quarterly data Prices of commercial real estate * in Germany by town category 1 = 1, log scale 18 16 14 13 1 11 1 9 8 7 6 17 towns and cities 1 towns and cities 85 4 5 6 7 8 9 1 11 1 13 14 15 16 17 Source: vdpresearch. 1995 5 1 15 17 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 118 115 11 Office and retail Office Retail Rents for commercial real estate * in Germany by town category 1 = 1, log scale 13 1 11 17 towns and cities 1 towns and cities 19 Quarterly data 1 16 9 13 1 8 97 4 5 6 7 8 9 1 11 1 13 14 15 16 17 Source: vdpresearch. 7 1995 5 1 15 17 AG. * Office and retail (core properties). 1 Berlin, Cologne, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart. Page: 1
Price indicators Net initial yield for commercial real estate * by town category 7. 6.5 6. 5.5 5. 4.5 4. 3.5 3. 17 towns and cities 1 towns and cities 1995 5 1 15 17 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.4.. 1.8 1.6 1.4 1. 1..8 1995 5 1 15 17 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:
Financial Indicators Mortgage loans on property for commercial use in Germany * Year-on-year percentage changes, quarter-end data + 5 + 4 + + 1 1 4 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 1 3 4 5 6 7 8 9 1 11 1 13 14 15 16 17 * 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 + 1 1 Yearly averages Services sector 1 excluding other real estate activities Other real estate activities Wholesale and retail trade 5 1 15 17 Quarter-end data + 1 15 16 17 1 * 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 + 7 + 5 + 4 + + 1 1 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 1 1 3 4 5 6 7 8 9 1 11 1 13 14 15 16 17 * 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 1 5 1 15 17 Quarter-end data 15 16 17 + 1 * 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
Real economic indicators Building permits for commercial real estate in Germany by type of property * 1 = 1, log scale 35 3 5 Office and administrative buildings Building permits for and completions of commercial real estate in Germany * Floor space in millions of square metres, log scale 18 16 14 1 1 Wholesale and retail buildings and warehouses Permits 15 1 Total Wholesale and retail buildings and warehouses Q1- Q3 1 8 6 4 3 Office and administrative buildings Completions 8 1995 5 1 17 Source: Federal Statistical Office. * Floor space of new buildings and existing buildings undergoing construction work. 1 Average of seasonally adjusted data. 1995 5 1 16 Source: Federal Statistical Office. * Construction of new buildings and construction work on existing buildings. Commercial building construction in Germany Annual data, at current prices 3.5 3..5. 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 5 15 1 = 1, log scale Quarterly data 1 1.5 Quarterly data Year-on-year change Percentage points +.4 +...4 1 Quarterly data, lin scale Year-on-year change + + 1 1 1995 5 1 15 17 Source of the unadjusted figures: Federal Statistical Office. 1 Seasonally adjusted. Only calendar-adjusted. 1995 5 1 15 17 Source of the unadjusted figures: Federal Statistical Office. 1 Seasonally adjusted. Only calendar-adjusted. Page: 4
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 1 1 17 towns and cities of which 15 8 6 1 8 4 6 7 8 9 1 11 1 13 14 15 16 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. 1995 5 1 15 17 AG. 1 Berlin, Cologne, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart. Page: 5