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Demand for modern offices remains highas decline in retail rents subsides TABLE OF CONTENTS 02Preface 03Office and Retail: Diverging rent trends05Office property13Retail property 23Augsburg26Berlin28Bremen31Cologne33Darmstadt36Dresden39Düsseldorf41Essen44Frankfurt46Hamburg48Hannover51Karlsruhe54Leipzig57Mainz60Mannheim63Munich65Münster68Nuremberg71Stuttgart73Locations at a glance75Glossary76Imprint80DZ HYP addresses PREFACE Dear readers, The situation on German real estate markets remains challenging due to thesluggish economic environment and uncertainty on the geopolitical and domesticfronts. The office and retail segments in Germany are particularly dependent onstrong economic growth. The present study covers the performance of theseasset classes in twelve regional markets: Augsburg, Bremen, Darmstadt, Dresden,Essen, Hanover, Karlsruhe, Leipzig, Mannheim, Mainz, Munster and Nuremberg.The analysis also includes a comparison with seven major German cities. Demand for space is declining in the office segment as a whole. In spite of this,rents remain dynamic and prime rents continue to rise. This is particularly truefor modern buildings that meet the new demand for sustainable, open spacesthat facilitate communication. However, existing properties often fail to meetthese new requirements, resulting in fewer leases being concluded and pushingup vacancy rates. A fundamental structural shift is underway in the retail seg-ment. Vacancies have been rising for years in inner cities owing to store closures.Weaker regional centres in particular have registered an ongoing decrease inprime rents, although this has slowed down. While less attractive inner-citylocations are in need of fresh impetus, retailers in major cities have benefitedfrom population growth and flourishing tourism. As one of the leading real estate banks in Germany, we regularly analyse themarkets we actively cover. “Regional Real Estate Markets 2024” is intendedas a supplement to “The German Real Estate Market”, our series of specialistpublications released every autumn. We also analyse the commercial real estatemarkets in individual German federal states – a report on Baden-Württembergwill be published in May, followed by a report on Hesse, Rhineland-Palatinateand Saarland in November. For more information on our market research, please visit our website athttps://www.dzhyp.de/en/about-us/market-research/. Yours sincerely, DZ HYP March 2024 OFFICE AND RETAIL: DIVERGING RENT TRENDS The sharp rise in interest rates and bond yields is not the only problem facing thecommercial real estate sector. The situation is being aggravated by a phase ofeconomic weakness and, above all, by falling demand for space. The trend forworking from home and shopping online was accelerated by the Covid pandemic.More than 40 per cent of the core range of city centre retail, such as fashion,footwear and electronics, is purchased online. A pattern has become establishedwhereby office workers are present in the office for around three days, and work fromhome for the other two. This has led to a steady decline in demand for office space,and higher vacancy rates for both retail and office properties. Commercial real estate suffersas yields rise and demand forspace falls However, the impact on rents has varied. Sales space in good city centre locationshas expanded despite growth in e-commerce, resulting in overcapacity. Togetherwith a decline in demand for space, this has caused prime high street rents to fallsharply. The situation is different for offices. As a result of employment growth andlow levels of office construction, offices were in short supply before the pandemic.Many office buildings are also outdated, unsuitable for hybrid working concepts, andfall short of the required high sustainability standards. Despite growing vacancyrates, and weak economic growth, prime office rents have therefore risen rapidly. Diverging trends in office andretail rents Higher capital market yields have also driven up initial rental yields for commercialpremises. Compounded by low starting levels after many years of falling yields,higher yields have had a very negative impact on valuations of office and retailproperties. As a consequence of rent growth in the past, valuations of officeproperties have however shown a much more positive trend than those of retailbuildings. While, on average, values of solid office properties in central locationshave fallen to their 2018 levels, retail properties are now in line with 2014. Increasing rental yields depressproperty valuations Higher bond yields and downbeat conditions in the property market have alreadyacted as a significant drag on investor interest, which was high until recently.Compounding factors are uncertainty surrounding the interest rate trend, futureoffice usage and energy-related renovation measures. Transactions in the triple-digit millions, which were commonplace for a long time, are now a rarity. Investors lo