2023-04-27-莱坊-Munich_Office_Spotlight_Q1_2023_4页_3mb

Munich Office Market Q1 2023 Overview

1. Key Results

• Absorption: 120,200 sqm recorded, the third lowest quarter in the last 10 years.
• Prime Rent: Increased to €44.50/sqm/month, a €2.50 rise (6%) over the past year.
• Vacancy Rate: Ended Q1 at 5.4%, continuing its upward trend.

2. Supply & Construction

• Available Space: Increases moderately.
• New Supply: Completions of 120,200 sqm in Q1.
• Under Construction: Approximately 782,200 sqm planned.

3. Submarket Analysis

• Old Town Center: Prime rent averages €36.00-44.50/sqm/month.
• City Area: Price range €12.50-18.50/sqm/month.
• Vacancy: Higher in peripheral areas (e.g., Neuperlach: 9.2% vacancy).

4. Outlook

• Demand: Expected to remain subdued; absorption likely below pre-pandemic levels.
• Influence: Uncertainty about economic and financial situations.
• Rents: Prime rents are projected to continue rising.