2024-08-29-莱坊-Munich_Office_Spotlight_Q2_2024_4页_426kb

报告摘要

Munich Office Market Summary - Q2 2024

Core Content Overview

This report provides an analysis of the Munich office market, focusing on supply, demand, and pricing dynamics over the past, present, and future. The key indicators include take-up, vacancy rates, and prime rents, with insights into submarket performance and future projections.

Market Performance

Take-up: In Q2 2024, the total take-up in the Munich office market reached 294,000 sqm, placing Munich at the top of the seven most important office markets.
Vacancy Rate: The vacancy rate at the end of Q2 2024 was 6.5%, with a total of 1.5 million sqm vacant. This represents a +15% increase compared to Q2 2023.
Prime Rent: Prime rents reached an all-time high of €52.00/sqm/month, while the average rent remained at €25.00/sqm/month.

Submarket Analysis

Submarket	Rental Range [€/sqm/month]	Vacant Space [sqm]	Vacancy Rate [%]	Completions [sqm]	Under Construction [sqm]
Old Town	34.00 - 52.00	15,000	1.8	30,800	12,500
City Center	19.50 - 44.00	302,500	4.0	26,900	317,100
City Area	12.50 - 24.50	594,000	6.6	85,300	294,000
Periphery	10.00 - 20.00	566,800	11.1	-	88,000

Old Town shows the lowest vacancy rate at 1.8%, with a high rental range, indicating strong demand for premium space.
City Center has a 4.0% vacancy rate, with significant completions and under construction activity.
City Area and Periphery have higher vacancy rates (6.6% and 11.1%, respectively), reflecting weaker demand and a greater supply of older properties.

Main Trends and Insights

Positive Market Dynamics: The Munich office market has maintained a strong performance in Q2 2024, with take-up figures exceeding those of the previous year by 23%.
Premium Space Demand: High demand for premium office space in prime locations continues to drive prime rents to new all-time highs.
Supply Constraints: Limited supply of available premium space and minimal new construction activity (only 712,000 sqm under construction for 2024-2026) contribute to rental pressure.
Vacancy Trends: While vacancy rates are currently at 6.5%, the report predicts a further increase in the coming quarters, especially in decentralized submarkets with older properties.

Outlook

Take-up Projection: Assuming the same pace as the first half of the year, the total take-up for the year is expected to be between 550,000 and 600,000 sqm.
Rent Trends: With high demand and limited supply, prime rents are likely to continue rising.
Vacancy Rate: The vacancy rate is expected to increase, with older properties in peripheral areas being most affected.

Key Players and Major Deals

Bayerische Versorgungskammer signed a 28,000 sqm owner-occupier transaction at the "Tridea".
Fortbildungszentrum der Bayerischen Wirtschaft leased 5,000 sqm at the "Alphahaus".
Kraftanlagen Energies & Services secured a 4,800 sqm lease at the ADAC headquarters.

Contact Information

Knight Frank GmbH & Co. KG
Prinzregentenstraße 22
80538 Munich, Germany
Sarah Cervinka
Managing Partner
Branch Manager Office Munich
Phone: +4989839312133
Mobile: +491708000782
Matthias Hausch
Managing Partner
Head of Agency
Phone: +4989839312222
Mobile: +49 151 18830940
Christian Steilen
Senior Consultant
Research
Phone: +4989839312190
Mobile: +49 170 9601040
Research Reports: Available at knightfrank.com/research