Cushman & Wakefield provides 46,953 m² Office and commercial property in the Bavarian capital
Cushman & Wakefield’s leasing team can look back on a successful first six months of 2016. Altogether, the brokerage team, led by Hubert Keyl, leased 46,953 m² of office and commercial property in Munich. This is nearly as much as the total leasing handled by Cushman & Wakefield's Munich branch in an entire year in the past. The largest transaction in terms of square meters for the Bavarian Capital was on the Hofmannstrasse (15,250 m²) as well as for the State capital in the “Midsite” office building (about 15,000 m²).
“The City of Munich has expanded significantly this year, which has led to a big increase in total area turnover,” said Hubert Keyl. “But the growth of two pharmaceutical companies and salesforce.com Germany GmbH has contributed to a strong increase in our brokered are volume."
Market demand holding up
With the best half-year results since 2008, Munich office demand has continued unabated. Total area sales in the first half of 2016 was recorded at 384,000 m² (Including own-use). “This result not only exceeds our results last year (first half of 2015: 332,000 m²) by about 16 percent, but is also 15% of the five-year average,” said Keyl. Altogether, vacancy rates decreased in the Munich office space market. At present, there are 957,600 m² available. The vacancy rate, with a total office space inventory of 20.37 million m² is at 4.7 percent. “We expect total leasing performance of 750,000 m²,” said Keyl.