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Two million square meters transacted in the top five office markets

In 2009 approximately 2.0 million sqm of office space was leased in the five major German office markets of Berlin, Düsseldorf, Frankfurt, Hamburg and Munich. This corresponds to a reduction of 29% when compared to 2008. The year-end deadline that has acted as an incentive to drive further deals in Q4 previous years did not have an impact in Q409. However, take-up stabilised but the cyclical downturn which had started almost a year prior did not see a significant upswing. In balance, 2009 was one of weakest years of the decade in terms of take-up of office space, only 2003 had recorded a comparably low result.In consequence the reduction in take-up is reflected in the rental levels of the researched markets. In all markets both prime rents...[…]