2024-11-20-莱坊-Munich_Office_Spotlight_Q3_2024_4页_1mb

Munich Office Market Q3 2024 Summary

• Market Overview:

  • Office take-up in Q3 2024 reached approximately 152,000 sqm, with total year-to-date take-up of 446,000 sqm, surpassing 2023 levels by 37%.
  • Strong demand from industrial (18%), ICT (14%), and public administration (12%) sectors, driven by large lease agreements and increased leasing activity.
  • Small to medium-sized businesses accounted for about half the volume (up to 1,500 sqm).

• Performance Metrics:

  • Prime rents hit a new record of €53.00/sqm/month (+15% year-on-year).
  • Overall vacancy rate rose slightly to around 1.5% at the end of Q3, with significant submarket variations.

• Submarket Analysis:

  • High-demand core areas like the Old Town and City Center have low vacancy (1.7% and 4.1% respectively), contrasting with higher vacancy in peripheral regions (up to 11.4%).
  • Rental ranges vary widely by location, from €25–53 in the Old Town to €10–20 in the Periphery.

• Outlook:

  • Leasing momentum is expected to continue into 2024, with prime rents likely to increase further due to high demand for premium spaces.
  • Vacancy may rise in decentralized submarkets, particularly those with older stock and excess supply.