2015-12-31-莱坊-Market_Report_Munich_Q3_2016_4页_640kb

报告摘要

MUNICH OFFICE MARKET OUTLOOK Q3 2016 Summary

Core Content Overview

The Munich office market in the first three quarters of 2016 demonstrated strong demand and limited supply, leading to a favorable environment for landlords. Key findings highlight increased office take-up, declining vacancy rates, and rising rents. The investment market also showed activity, with offices being the most popular asset type, though transaction volumes were down compared to 2015.

Key Market Trends

Office Take-Up

Total office take-up for Q1-Q3 2016: 552,000 sq m, the highest since 2008.
Excluding owner-occupiers: 514,000 sq m.
Large deals (>5,000 sq m): Accounted for 24% of total take-up.
Most active sectors: Consulting, IT, and manufacturing.
Public sector activity: Notable with the Institute for Federal Real Estate leasing 15,200 sq m in Sendling and the City of Munich leasing 15,100 sq m in Ramersdorf.

Rents

Prime rents: Increased to €34.00 per sq m, up 2% since the end of 2015.
Average rents: Reached €16.30 per sq m in Q3 2016.
Municipal area: Average rents at €17.40 per sq m.
City outskirts: Average rents at €11.00 per sq m.
Landlords' strategy: Reduced incentives for tenants due to strong demand.

Vacancy Rates

Overall vacancy rate: Fell to 3.2% in Q3 2016.
Inner city vacancy: Decreased to 2.1%.
City outskirts vacancy: Remained at 6.5%.
New supply: Minimal in 2016, with only 176,400 sq m planned for 2017.
Development potential: The Werksviertel district shows promise, with WERK 3 completed and HighriseOne and ATLAS under construction.

Outlook

Supply constraints: Expected to continue, favoring landlords.
Full-year take-up forecast: 700,000 sq m for 2016, with strong demand anticipated in the final quarter.

Investment Market Overview

Transaction Volumes

Total investment in commercial property (Q1-Q3 2016): €3.3 billion, a 13% decrease compared to the same period in 2015.
Prime office yields: 3.3%.
Mixed-use CBD yields: 2.9%.

Investment Types

Offices: Dominated the market, accounting for 66% of total commercial transaction volume (€2.2 billion).
Logistics & industrial, retail: Each represented 7.4% of the total volume.
Land sites, mixed-use assets: Each accounted for 8% of the total.

Buyers and Sellers

Most active buyers: Open-ended and special funds (€780 million, 22% of total), followed by project developers (€710 million), and insurance companies (€400 million).
Most active sellers: Project developers (€1.0 billion), followed by private investors (€450 million) and asset managers (€350 million).
Opportunistic investors: Took only 5% of the market due to high prices and low vacancy rates.

Outlook

Full-year investment forecast: Around €5 billion for 2016.
Investor demand: Expected to remain strong, with continued competition for prime assets leading to further yield compression.

Key Contacts

Agency: Daniel Czibulas
Email: daniel.czibulas@knightfrank.com
Phone: +4989839312-0
Capital Markets: Helmut Schüchl
Email: helmut.schuechl@knightfrank.com
Phone: +4989839312-0

Knight Frank Munich GmbH & Co. KG

Address: Prinzregentenstraße 22, 80538 Munich
Phone: T+4989839312-0
Fax: F +49 89 8393 12-199

Disclaimer

This report is for general information only and not to be relied upon.
Knight Frank LLP does not accept any responsibility or liability for losses or damages resulting from reliance on this report.
Reproduction of this report is not allowed without prior written approval.