Office Market Overview - Big 7 | 4th quarter 2018 January 2019 - JLL

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Office Market Overview - Big 7 | 4th quarter 2018 January 2019 - JLL
Office Market Overview
Big 7 | 4th quarter 2018
January 2019
Office Market Overview - Big 7 | 4th quarter 2018 January 2019 - JLL
Space take-up declines in the office property
markets of the Big 7 cities – rents rise further

Business sentiment deteriorated towards the end of 2018.         for the German economy. According to Consensus Forecast
The ifo business climate index fell for the third time in suc-   estimates, the gross domestic product grew by 1.8% in real
cession at the end of November, albeit from a high level.        terms during 2018, which is slightly lower than in the previ-
Companies were more pessimistic both about their current         ous two years. A marginally reduced growth rate of 1.6% is
position and future expectations. Yet leading economic and       also expected for 2019. However, the employment market
financial institutions are still forecasting a sustained up-     continues to send out positive signals in defiance of the
ward trend for 2019. As things stand, not a single institution   sluggish economic situation. In 2018, 44.8 million people
anticipates the onset of a recession this year, even though      were in active employment in Germany, meaning that the
economic growth may not be as strong as before because           number of people with a job reached the record level that
of increasing risk factors and cooling effects.                  was achieved in 1991 following Germany’s reunification.
At the same time, export-oriented companies in particular        According to preliminary figures, this positive development
are following developments closely, and with a certain           is owing to higher employment levels among the domestic
degree of nervousness, on the other side of the Channel in       population as well as the inflow of foreign workers. Compa-
London and across the pond in Washington DC. A no-deal           red to 2017, employee figures increased by 562,000 people
Brexit scenario and an increase in import duties following a     or 1.3%. Overall, the 13-year rise in employment continues
further deterioration in the trade dispute between the USA       unabated, with the service sector proving to be particularly
and China represent the two most dangerous flashpoints           effective at creating new jobs.

Completions and Vacancy Rate Big 7

                                                                                                     vv

                                                                                                  Vacancy
                                                                                         -916,000 sqm
                                                                                      compared to last year

Office Market Overview | 4th quarter 2018                                                                                   2
space. This correlation is also evident from the increased
                                                               net absorption, which last year amounted to 1.2 million
                                                               sqm in aggregate for the Big 7. As well as being 10% higher
                                                               than in the previous year, this figure also represents the
                                                               highest level of the last five years — which is despite the
                                                               more efficient use of space in new lettings with correspon-
                                                               dingly less space per workplace.
                                                               Looking ahead to 2019, a further reduction in office space
                                                               take-up can be expected, again primarily because of the
                                                               short supply of available space. However, an additional fall
Office space-take up decreases, but remains                    in demand may occur over the year as a consequence of a
at a high level                                                further economic slowdown. We can only talk about this in
Demand by companies for office space also remains at a         the conditional tense given the current unstable and uncer-
high level because of the rising employment figures. In        tain economic outlook. However, we are certain that take-
2018 as a whole, office space take-up in the Big 7 reached     up by the end of 2019 will remain at a high level in a histori-
close to 4 million sqm. This puts 2018 in second place be-     cal context. With regard to the individual markets, take-up
hind 2017 in the all-time statistics, although take-up last    fell in six of the seven property strongholds. Düsseldorf was
year fell by only a moderate level of 6.5%. It’s also impor-   the only market to register an increase compared to 2017,
tant to put this into perspective: Given the fact that em-     with take-up rising 6% to 415,000 sqm. However, Munich
ployment levels are rising, the decrease in take-up is not     and Berlin again generated the highest take-up volumes in
to be attributed to flagging expansion efforts or a lack of    2018. The Bavarian capital once again only just failed to
enthusiasm on the part of companies to relocate. It’s more     reach the 1-million-sqm mark in 2018, recording a fairly
the case that some planned relocations were not possible       moderate decline of 2% to 975,000 sqm compared to 2017.
to realise because of the unavailability of suitable office    Berlin registered a somewhat heftier decline, with take-up

Prime Rental Index and Take-up Big 7

                                                                                                        v

                                                                                        Prime Rent Q4 2018
                                                                                        compared to last year

                                                                                            +6.4 %

Office Market Overview | 4th quarter 2018                                                                                   3
falling almost 11% year-on-year to almost 842,000 sqm.         the rate in Stuttgart was only marginally higher at 2.2%.
However, Stuttgart recorded the sharpest decrease of           Meanwhile the vacancy rate has fallen below 3% in Munich
almost 16%. It is certainly no coincidence that Stuttgart      and below 4% in Hamburg. The shortage of space in some
and Berlin have the lowest vacancy rates. Thus it must be      sub-markets has for some time acted as a major obstacle
stressed that the decline in take-up is not attributable to    to business development. In six sub-markets in Munich and
sluggish interest by companies in rental opportunities,        three in each of Berlin and Stuttgart, the vacancy rates are
but to the short supply of space.                              now well below 1% in some areas. There have already been
                                                               severe shortages in some instances, and this raises the
Increased market significance of flexible                      question as to whether vacancies can fall any further.
office space providers, but falling vacancies                  Taking into account current completion figures for 2019,
prevent stronger expansion                                     we predict that the rates will decrease slightly again in the
As was already evident in the previous year, providers of      current year, falling to 3.5% on aggregate. However, there
flexible office work spaces have themselves become major       are signs of a change of direction in the medium term, and
consumers of office space, and continued to expand their       we even expect to see a slight increase in vacancies in
presence in 2018. This sector again accounted for a 6%         Stuttgart and Munich.
share of total space take-up, although in prime locations
(CBD) its share was as much as 16%. However, the lack of       Completions increase only moderately and
space in top locations also hampers the expansion plans        planned developments are delayed
of such providers. If the supply of space had been greater,    Office completions in 2018 increased by almost 8% to
take-up would have been much higher.                           927,000 sqm compared to 2017. Munich and Berlin accoun-
Needless to say, the problem of diminishing vacancies          ted for the highest volumes of almost 300,000 sqm and
affected all companies and industries last year and was a      147,000 sqm respectively. The new-building volume should
recurring theme throughout the year. The vacancy rate in       by rights increase significantly again in the next two years,
the Big 7 stood at 3.6% by the end of the year and was 1.1     but latest evaluations show that projects will once more be
percentage points lower than at the end of 2017. In each of    significantly delayed. Thus only 1.68 million sqm of newly
the Big 7 cities, the volume of vacancies fell by a double-    built space is expected for 2019 (instead of the 1.8 million
digit rate in a 12-month comparison, with Berlin and Cologne   sqm that was still being predicted in the autumn), and the
registering the most substantial declines. In Berlin, the      projected volume for 2020 has also fallen by around
vacancy rate was at just 2% by the end of December, while      200,000 sqm to almost 2.1 million sqm.
                                                               Considering the low vacancy rates, this should be the time
                                                               for project developers to act. But the high capacity utilisation
                                                               of the construction industry and the relentless increase in
                                                               development and construction costs prevent planned pro-
                                                               jects from being realised. And when new spaces are com-
                                                               pleted, it is often the case that they have already been
                                                               snapped up by future tenants.

Office Market Overview | 4th quarter 2018                                                                                    4
For example, of the 1.68 million sqm expected to be com-         And by the end of the year, it could be that Munich will have
pleted this year, only 481,000 sqm (29%) is still available.     replaced Frankfurt as the most expensive office market in
For 2020, around 60% is currently still available to potential   terms of rents.
tenants. Should the strong demand continue in the coming         Rental rises in secondary locations even outpaced growth
weeks and months, it is nevertheless likely that this propor-    in the more central areas of the cities, where prime rents
tion of available space will be quickly reduced.                 are traditionally generated. In the last five years, much
                                                                 stronger growth of 23% and 26% was generated in secon-
Rental prices have risen sharply, and are                        dary and tertiary locations respectively compared to the
expected to grow further                                         prime locations, although this was from a much lower star-
The long-standing imbalance between demand and the               ting point. Nonetheless, this analysis shows that sub-mar-
supply of space, whereby demand considerably outweighs           kets outside the prime sites provide attractive alternatives
supply, has been driving up rental prices in the Big 7 since     for office users.
2010. In 2018 alone, the increase in the aggregated rent
across the Big 7 cities amounted to 6.4%, and all seven
German property strongholds experienced rental growth.
In a 12-month comparison, the strongest increases took
place in Berlin (+13.3%) and Cologne (+6.8%). Rents will
continue to grow in 2019, albeit at a slower rate (3.5%).

Office Space Take-up incl. Owner Occupier (sqm)
                                             2017                        2018                       Trend prognosis 8
Berlin 1                                     944,800                    841,700                             
Düsseldorf 2                                 390,600                    415,000                             
Frankfurt/M     3
                                             711,300                    633,300                             è
Hamburg 4                                    640,000                    580,000                             è
Cologne 5                                    306,900                    305,200                             è
Munich Region 6                              995,000                    975,000                             è
Stuttgart   7
                                             254,700                    215,300                             â
Total                                       4,243,300                  3,965,500

Office Market Overview | 4th quarter 2018                                                                                   5
Vacancy incl. Space for subletting
                                                      Q4 2017                                                Q4 2018
                                                                                                                                                          Trend prognosis 8
                                            sqm                      Rate (%)                      sqm                       Rate (%)
Berlin 1                                  701,300                       3.5                      402,400                       2.0                                    â
Düsseldorf 2                              720,200                       7.9                      630,500                       6.9                                     è
Frankfurt/M            3
                                          886,600                       7.6                      727,200                       6.3                                     è
Hamburg 4                                 712,800                       4.8                      580,400                       3.9                                     è
Cologne 5                                 315,000                       4.1                      251,000                       3.3                                     è
Munich Region 6                           731,300                       3.6                      599,600                       2.9                                     
Stuttgart     7
                                          236,300                       2.7                      196,100                       2.2                                     

Prime Office Rents (€/sqm/month)
                                                                   Q4 2017                                       Q4 2018                                   Trend prognosis 8
Berlin 1                                                              30.00                                          34.00                                             
Düsseldorf         2
                                                                      27.00                                          28.00                                             
Frankfurt/M 3                                                         38.00                                          40.00                                             
Hamburg        4
                                                                      26.50                                          28.00                                             
Cologne 5                                                             22.00                                          23.50                                             â
Munich Region 6                                                       37.00                                          39.00                                             
Stuttgart 7                                                           22.50                                          23.50                                             

Completions (in sqm)
                                                                     2017                                           2018                                   Trend prognosis 8
Berlin 1                                                            109,000                                        146,900                                             
Düsseldorf 2                                                        112,000                                         91,800                                             
Frankfurt/M            3
                                                                     89,800                                         88,200                                             
Hamburg 4                                                            181,600                                       145,000                                             
Cologne 5                                                            68,700                                         89,800                                             
Munich Region 6                                                     195,200                                        290,500                                             
Stuttgart 7                                                         103,400                                         75,200                                             

Office Space Stock (in Mill. sqm)
                                                                   Q4 2017                                       Q4 2018
Berlin    1
                                                                      20.23                                          20.26
Düsseldorf         2
                                                                       9.13                                          9.18
Frankfurt/M 3                                                         11.70                                          11.58
Hamburg 4                                                             14.90                                          14.99
Cologne 5                                                              7.69                                          7.71
Munich Region              6
                                                                      20.24                                          20.39
Stuttgart 7                                                            8.65                                          8.72
1
    City Area; 2 City Area incl. Ratingen, Neuss, Erkrath and Hilden; 3 City Area incl. Eschborn and Kaiserlei; 4 City Area; 5 City Area; 6 City Area incl. surrounding areas;
7
    City Area incl. Leinfelden-Echterdingen; ⁸ 2019 compared to prior year

Office Market Overview | 4th quarter 2018                                                                                                                                        6
Berlin
                                                                                                                                                                                      Development of Main Indicators

  High level of take-up in the final quarter –
  vacancy rate now at 2%
  The full-year take-up of 841,700 sqm in the Berlin office
  letting market was in excess of the 5-year average, despite
  the acute scarcity of available space in the German capital.
  The fourth quarter contributed almost 30% of the total
  transaction volume. This performance is due in part to
  the letting of almost 13,000 sqm in Grand Central in the
  Europacity submarket to Immobilien Scout and almost
  10,000 sqm in the Brighter Hub in the Mediaspree submar-
  ket to the co-working provider WeWork. In total, there were                                                                                                                         end of 2018, the prime office rent is likely to reach €36.00/
  seven large-scale lettings of areas in excess of 10,000 sqm,                                                                                                                        sqm/month by the end of 2019. Some hope is provided by
  equating to a share of 13%. This is a remarkable result                                                                                                                             the increasing number of new-build completions up to
  given the increasing scarcity, as the vacancy rate in the top                                                                                                                       2022. There is currently almost 1.2 million sqm space under
  submarkets is below 1% and therefore practically non-exis-                                                                                                                          construction, although most of this is already prelet. This
  tent in some locations. Office tenants are increasingly focu-                                                                                                                       new space coming onto the market will give prospective
  sing on the submarkets outside the city centre. As a result,                                                                                                                        tenants a greater degree of latitude in future.
  after the remarkable 4.6% rise to €34.00/sqm/month at the

  Berlin: Office Space Market Areas with Rental Bands (€/sqm/month)
Berlin: Office Space Market Areas with Rental Bands (€/sqm/month)                                                                                                                                                                                                                                       JLL Research 2018/Q4

                                                                                                                                                                                                                                                         Wedding          Wedding               Gesundbrunnen
                                                                                                                                                                                                                                                         Klar aho eh
                                                                    Tiergarten                                                                                                                  A114
                                                                                                                                                                                                                                                              Area Main Station-Europacity
                                                                                                                                                                                                                                                                                                                          Prenzlauer
                                                                                                                                                                                                                                                                     € 22.00 - 34.00                                          A10
                                                                                                                                                                                                                                                                                                                             Berg

                                                                    Kon rad sh                                                                                                                                       Malcho w(H oh en sch                                Moabit
                                                                                       Tegeler See
                        Charlottenburg                                                           Reinickendorf          A111                  Northern Suburb
                                                                                                                                               € 8.50 - 18.00
               Charlottenburg 1A                                                                                                                                                              Pankow                                                                                                      Mitte
                 € 20.00 - 34.00                                       Schöneberg                                                  A105
                                                                                                                                                                                                                                                      Hansaviertel
                                                                                                                                                                                                                                                                                                       Mitte 1A
                                                                                                                                                                                                                                                                                                    € 22.00 - 34.00
Falken see                                                                                                        Berlin-Tegel

                             Wilmersdorf
                                                                                                                                                                                                                                                                                  Tiergarten
                                                                                                                                                                                                                                       Lichtenberg
                                                                                                                                                                                                                                                                     Area Potsdamer-Leipziger Platz
                                                                                                                                                                       Mitte                                                                                                 € 24.00 - 34.00
                                                                                                                                                                  € 20.00 - 30.00           Prenzlauer                                                                                                        Kreuzberg
                                                                                                                                                       Mitte
                                                                                                                                                                                        Berg-Friedrichshain                                          Schöneberg
                                      Spandau                                                                                                                                             € 16.00 - 26.00                                                                         Marzahn-Hellersdorf

                                                                                                                          Charlottenburg-Tiergarten
                                  Western Suburb                                                                                                                                                 Friedrichshain-Kreuzberg
                                                                                                                                € 14.00 - 25.00
                                   € 10.00 - 17.00
                                                                                                                 A100                                                                                    Mediaspree                                            Eastern Suburb
                                                                                    Charlottenburg-Wilmersdorf                                                                                          € 22.00 - 33.00                                         € 10.00 - 16.00
                                                                                                                                                                                             Ber lin
                                                     Altglienicke
                                                                                                                                 Wilmersdorf-Schöneberg
   Groß                                  Havel
                                                                                                                                     € 14.00 - 28.00
 Glienicke
 Großziethen                                                                                                                                                                   Kreuzberg-Tempelhof
                                                                           Bohnsdorf
                            Schönefeld
                                                                                                                                                                                  € 15.00 - 28.00
                          Berlin-Schönefeld
                                                   Kienberg
                                Gatow
                                                    Berlin-Schönefeld
         Waßmannsdorf

                                                                      Waltersdorf                                                                              Tempelhof-Schöneberg
                                                                                                                                                A103
                Selchow
                                                               A113                                                                                                                                    Neukölln
                                                                        A115
                                                                     Kiekebusch                                                                                                                                                                                             Treptow-Köpenick
   Glasow                                        Rotberg

                      Area Airport Berlin-                                                                                                Southern Suburb
   Klad ow
Blankenfelde
                   Brandenburg € 8.50 - 18.50                                            Steglitz-Zehlendorf                               € 10.00 - 18.00                                                                                                                                                                     Großer
                                                                                                                                                                                                                                    A113
         Groß Kienitz                                                       A10                                                                                                                                                                     Adlershof                                                                 Müggelsee
                              Die
     Dahlewitz               Breite                                  E55                                                                                                                                                                         € 10.00 - 16.50
                                                 Brusendorf
                             Klein Kienitz                           A13

   Office Market Overview | 4th quarter 2018                                                                                                                                                                                                                                                               Berlin
Düsseldorf
                                                                                                                                                                                Development of Main Indicators

   Prime rent climbs to all-time high
   The total take-up in the Düsseldorf office letting market in
   2018 was 415,000 sqm, of which around 355,000 sqm was
   in the Düsseldorf city area. This equates to an increase of
   6% compared to the previous year and is 9% above the
   10-year average. The fourth quarter was comparatively
   weak with take-up of around 85,000 sqm, but this is be-
   cause several large-scale enquiries in the >10,000 sqm size
   category have been delayed until 2019. We expect a full-
   year take-up of around 450,000 sqm in 2019. The largest let-
   ting of 2018, of around 35,500 sqm in the North submarket,                                                                                                                   tings of 21,000 sqm to flexible office space providers. The
   was concluded with Deloitte GmbH in the second quarter.                                                                                                                      vacancy rate has fallen continually over the course of the
   The most popular submarket was again the City Centre,                                                                                                                        year, from 8.0% in the first quarter to its current level of
   where one in every five new leases was concluded. The                                                                                                                        6.9%, and this is expected to continue to fall in 2019. The
   largest letting here was to NRW.Bank, which signed a new                                                                                                                     vacancy rate in the city area is just 5.9%. The prime rent is
   lease for 7,700 sqm in the Herzogterrassen. The most active                                                                                                                  achieved in the CBD and the level of €28.00/sqm/month
   sector in terms of take-up was business services providers,                                                                                                                  at year-end 2018 is a new all-time high.
   which accounted for a share of almost 35%, including let-

   Düsseldorf: Office Space Market Areas with Rental Bands (€/sqm/month)
Düsseldorf: Office Space Market Areas with Rental Bands (€/sqm/month)                                                                                                                                                                                                                                                 JLL Research 2018/Q4

                                   Lank-L atu m                  Lang stkierst
Fischeln                                                                                                                                                Kalkum                                                                                                                                                                    Pempelfort
                                                                                                                    Kalkum
                                                                                                                                                                                                                                                                                                                                         Roh den hau s
                                                                                          Kaiserswerth
                                                                                                                                                                                               Ratin gen
                                                    Ilverich                                                                                                                                                                                                                        Altstadt
                                                                                                                                                                                                                                                                 Oberkassel
                       Stru em p                                                                                    Airport
                                                                                                                                                                                                                                  Ratingen
                                                                                                                € 11.00 - 16.50                                                                                                                                                                           CBD Düsseldorf
                                                           A44                                                                              Lichtenbroich                                                                       € 8.00 - 15.50
                                                                                                                                                                                                                                                                           Carlstadt                      € 16.00 - 28.00 Nied erschwar zbach
                                                                                                         Lohausen
                                                                                                                  Düsseldorf
                                                                                                                                                                                                                                                                  Rhein

                                                                                                                                                                                                                                                                                                                              City € 9.00
                                                                                                                               Unterrath                                                                                                                                                                                        - 26.00
                                                                                                                                                                                                                                                                                                                                                Stadtmitte
                                                                                                                                                                                        Rath                                                               Hafen Government District
                                                                                                                                                                                                                      Knittkuhl                                     € 11.50 - 20.00
                                                                                         Stockum
                                                                                                                                                                     North                                                                                 Unterbilk
                                                                                                                                                                                                                                                                                                Metzkau sen
                                                                                 Rhein                                                                           € 8.00 - 16.50                                                                                                                                      Friedrichstadt

                                                                                                                                    Derendorf                                                                                                                                 City-South €                                                     Oberbilk
                                                                            Seestern                                                                   Mörsenbroich                                                   Lu den berg                                             8.00 - 11.00
                                                                                                                                                                                                                                                   Hubbelrath
                                                                          € 9.50 - 13.50                                                                                                                  Ludenberg
                                                                                   Lörick                          Golzheim                                                                                                                                                                                                             Bilk
                                                  Meerb usch                                                    Kennedydamm
                                                                                                                € 14.00 - 22.50                                                                                                                                                                                   Mettm ann
                                                                                                     Niederkassel
  A52      A57                                                                                                                                                               Grafenberg                                                                                                                                                          Schöller-
                                                                                 Linksrheinisch                                                               Düsseltal                                                                                                                                                                           Dornap
                                                                 Heerdt           € 7.00 - 19.00                                    Pempelfort                                                 Grafenberg-East
                                                                                                                                                                                                € 9.00 - 14.50
                                                                                                   Oberkassel
                                                                                                                         Altstadt                                   Flingern Nord                      Gerresheim
                                                                                                                                                                                                                                                            A3
Kaar st                                                                                                                               Stadtmitte
                                                                                                                      Carlstadt
                                                                                          Hafen                                                             Flingern Süd

                                                                                    Harbour                       Unterbilk
                                                                                 € 14.00 - 25.00                               Friedrichstadt                              Lierenfeld                City-East
                                                                                                                                                                                                   € 9.50 - 12.50                                                                                                                                Gr uiten
                                                                                                    Hamm                            Bilk                                                                 Vennhausen
                                                                                                           Düsseldo rf
                                                                                                                                                      Oberbilk
                                                  Neu ss                                                                                                                                                                                                                                       Erkr ath
                                           Neuss                                                                                                                                                                                  Unterb ach
                                                                                                                                                                                           Eller
                                        € 7.00 - 9.50                                                                                                                                                                                                   Unterfeld h au s
                                                                                                                                                                                                                                   Unterbach
                                                                                                                                                                         South
                                                                                                                              Flehe
                                                                                                                                                                     € 8.00 - 11.50                                                                                           A46
                                                                                                   Volmerswerth
                                                                                                                                                                  Wersten
                                                                                                                                                                                                                                                                                                                                      Haan
                                                                                                                                                                                                                      Hassels                  Elbsee
                                                                                                                                                                                                                           A59                                     Hild en
 Gr efr ath                                                                                                                                                                    Holthausen            Reisholz
                                                                                                                                            Himmelg eist                                                                                                                                                                                       Solin gen
                                                                                                                                                Himmelgeist
                 Holzh eim                                                                                                                               Itter                                                                    Benrath                                                          Kalstert

   Office Market Overview | 4th quarter 2018                                                                                                                                                                                                                                                                  Düsseldorf
Frankfurt
                                                                                                                                                                            Development of Main Indicators

  Third strongest annual performance of all time
  The space take-up of 633,300 sqm in 2018 was the third
  strongest take-up performance ever in Frankfurt. The
  record number of new leases was driven by company
  expansions. While central locations such as the City and
  Westend are now back at fifth and sixth place in the sub-
  market ranking, West, City-West and Niederrad are ranked
  just behind the Banking District, which again assumes
  first place with one fifth of all take-up volume. It was par­
  ticularly noticeable that many large-scale lettings were in
  decentralised locations, which tends to have a negative                                                                                                                   2018, a rise of 26%. Three-quarters of this space is located
  effect on the weighted average rent. There is a limited                                                                                                                   in the CBD alone. In terms of outlook, the above-average
  choice of available space, not just across the market as                                                                                                                  performance of the letting market is expected to continue
  a whole but in almost every submarket: six submarkets                                                                                                                     in 2019, the vacancy rate is likely to continue to fall, while
  have a vacancy rate of under 5%. In reaction to the increa-                                                                                                               the prime rent is expected to rise marginally.
  sing scarcity of space, flexible office space providers are
  improving their position – their previous record take-up
  of 46,000 sqm in 2017 was overtaken by 58,000 sqm in

  Frankfurt: Office Space Market Areas with Rental Bands (€/sqm/month)
Frankfurt: Office Space Market Areas with Rental Bands (€/sqm/month)                                                                                                                                                                                                                                             JLL Research 2018/Q4

                                                        Ob er hoechstadt/Ts.                   Ob eru rsel                                                        Bonames
                                                                                                                                                       Kalbach                           Harheim
                Kön igstein                Kro nb erg
                                                                                                                                                                           Frankfurter                 Berkersheim           Bad Vilbel
                                                                                Stein bach                                                                                    Berg
                                                                                                                     A5 Niederursel
                                                                                                                                                                                                                                                                                                                                   Wach enb uch en
                                                                                                                               Merton-Viertel € 10.00-12.00
                                                                                                                                                                                                                                                               Bergen-
                                                                                                                                                                 Eschersheim
 Alten hain                                                                                                                              Heddernheim                                                                                                           Enkheim
                                                                                                                                                                                                    Preungesheim
                                               Schwalbach                Eschborn
                                                                        € 7.50-16.50                                                                                                Eckenheim                                                                                                                         Maintal
                                                                                                                   Praunheim                                                                                               Seckbach
                                                                                                                                                                     Dornbusch
                    Bad So den                                         Eschb or n                                                 Fr an kfu rt   Ginnheim                                                                                                                              Bisch ofsheim
                                                                                                                                  am Main                                                                              Seckb ach
                                                                                                                                                                      North
                                                                                                                                  Hausen                                                                  Bornheim
                                                                                                                                                 Bockenheim       € 10.00-14.00

                                                                                    A648                 Rödelheim                                                                                                                                                                                                       Doern igh eim

Kelkh eim                                                                                                € 9.00-12.00
                                                                                                             Rödelheim                                                                              Nordend-
                                                                                                                                                                        Westend-                      Ost                       Riederwald
                                                                                                                                                                         Nord    Nordend-
                                                                               Sossenheim                                                                                                                                East
                                                          A66                                                                                                                     West
                                                                                                                                                          Westend-Süd                                                € 8.00-18.00
                                                                                                                                                                                Innenstadt                                                                                                                                 Mü hlh eim
                                                                                                                                                                                                                         Ostend                            Fechenheim
                                      Unterliederbach                                                                                                             Bahnhofsviertel
                                                                                                                                                                                    Altstadt
                                                                                                                                                                                                                                 Kaiserlei
                                                                                                                             West                 Gallusviertel
                                                                                                                                                                                                    Sachsenhausen-             € 8.00-13.00
                                                                                      Nied
                                                                                                                         € 9.50 - 21.00                                                                  Nord
                  Zeilsheim                              Höchst                                                                                        Gutleutviertel
                  Zeilsheim                                                                            Griesheim                                                                                                   Ob err adOberrad                        Offenb ach                                                        Nordend-West
                                                                                                                                                                                                                                                            am Main                                       Westend-Nord
                                                                                                                                                                                                                                       A661                                                                                      Laemm er spiel
                                                                                                                                                                               Sachsenhausen
                                                                                                                                                                                                                                                                                                                                      City €
                                                                                                                                                                                € 11.50-17.00                                                                    Bockenheim
Kriftel                                                                                                                                                                                                                                                                                                                            13.00-30.00
                                                                                                                                           Niederrad
                                                                                                                                                                                                                                                                                                   Westend €                            Nordend-Ost
                                                                               Schwanheim
                              Sindlingen                                                                                     Niederrad                                                                                                                            City-West €                      16.00-32.00
                                                                                                                           € 10.00-16.00                                                 Sachsenhausen-
                                                                                                                                                                                              Süd
                                                                                                                                                                                                                                                        ê
                                                                                                                                                                                                                                                        A648
                                                                                                                                                                                                                                                                  13.00-18.00                                              Innenstadt
          Hattersheim                                                                                                                                                                                                                                                          Westend-
                                                                                                                                                                                                                                                                               Süd                 Banking District                Ob ertshau sen
                                                                                                                                                                                                                                                                                                                                    Altstadt
                                                                       Flughafen                                                                                                                                                                                                                   € 19.00-40.00

                                                                                                                                                                                               A3                                                              Gallusviertel       Central Station
                                      Kelsterb ach                                                                                                                                                                                                                                                               Bahnhofsviertel
                Okr iftel                                                                                                                                                                                                                                                         Area € 12.00-24.00
                                                                                                                                                                                                                                       Gr aven br uch
                                                                                                Airport
                                                                                                                                                                                                                                                                               Heu senstam m                            Sachsenhausen-
                                                                                             € 16.00-25.00                                                                      Neu -Isen bu rg                                                                                                                              Nord
                                                                                                                                                                                                                                                                      Gutleutviertel                                         Rem br uecken
                                                                                                                                                                                                                                                                                                                                 Sachsenhausen-
Edd ersh eim                                                                                                                                                                                                                                                                                Main                                       Süd
                                                                                                                                                                                                                                                                                Niederrad

  Office Market Overview | 4th quarter 2018                                                                                                                                                                                                                                                                Frankfurt
Hamburg
                                                                                                                                                                                           Development of Main Indicators

 Rental price rises observed across the entire market
 The total take-up in the Hamburg office letting market
 was 580,000 sqm in 2018. Although this is below the
 record performance of the previous year, it remains well
 above the long-term average. We expect a full-year take-
 up of at least 500,000 sqm in 2019. The year 2018 was
 characterised by excess demand and resulting rental price
 rises across almost the entire market. Increased construc-
 tion costs are also having the effect of boosting rental
 levels. Not only has the prime rent risen to €28.00/sqm/
 month, the average rent has increased to just under                                                                                                                                       table to flexible office space providers across the Big 7
 €16.00/sqm/month. There are rental price hikes across all                                                                                                                                 cities, this sector was less active in Hamburg compared
 submarkets. With the supply of space falling significantly                                                                                                                                to the previous year. Vacancy has been falling since the
 in central locations, occupiers are now also looking at                                                                                                                                   end of 2010 and the vacancy rate of 3.9% is the lowest
 secondary locations. The result has been a high level of                                                                                                                                  level since mid-2002; a further fall is expected by the end
 take-up in Barmbek-Bramfeld. The submarket statistics                                                                                                                                     of 2019. A total of 145,000 sqm office space was comple-
 are again headed up by the City Centre and City South                                                                                                                                     ted in 2018, of which just 18% was still available at the
 submarkets. Contrary to the increasing take-up attribu­                                                                                                                                   time of completion.

 Hamburg: Office Space Market Areas with Rental Bands (€/sqm/month)
Hamburg: Office Space Market Areas with Rental Bands (€/sqm/month)                                                                                                                                                                                                                                                                  JLL Research 2018/Q4

                                                                                                                                                                                                                      Hummelsbüttel                                                                               Sasel                    Volksdorf
                                                                                                                                                                                                                                                                   Wellingsbüttel

                                       A23
                                                 Puetjen                             Schnelsen                                                                                  Hamburg
                                                                                                                                                                             Fuhlsbüttel
                                                                                             A7
                                                                                                                             Niendorf
                                                                                                                                                                             Airport /                                      Ohlsdorf
                                                                                                                                                                           Groß Borstel                                                                                                                  Hamburg North-East
                            Halstenb ek
                                                                                                                                                                           € 7.00-11.50                                                                                                                     € 8.00-11.50
                                                                                                                                                                                                                                                                                Bramfeld                Farmsen-Berne
                                                                  Eidelstedt                                                                                Groß Borstel                   Alsterdorf                                           Steilshoop

                                                                                                                                                                                                                                                                                                                                           Rahlstedt
       Schen efeld                                                                                                                                                                                   City Nord
                                                                                                                                                                                                    € 8.50-15.00
                                                                                                                                                                                                                                     Barmbek /
                                    Lurup                                                                                                                                    Winterhude /                                             Bramfeld
                                                                                                                                  Lokstedt
                                                                                                                                                                              Uhlenhorst                Winterhude                  € 10.00-15.50
                                                                                                                                                              Eppendorf      € 10.00-14.50
 Iserbrook                                                                                        Stellingen                                                                                                                        Barmbek-Nord
                                                    Hamburg-West
                                                     € 8.00-11.50
                                                                                                                                                                                                                                                                                                            Tonndorf
                                                                                                                                                       Hoheluft-Ost                                                                                     Dulsberg
                                                                                                                                                                                     Ham bu rg                                                                                 Wandsbek
                                                                                                                                         Hoheluft-West
                                                                                                                                                                   Eppendorf /                                         Barmbek-Süd                                                   Wandsbek
                                                                                                                                                                 Harvestehude
              Osdorf                                        Bahrenfeld                                                                                           Harvestehude /                                                                                                     € 8.00-14.00
                                                                                                                                                                                                                                                                                                                                Jenfeld
                                                                                                                            Eimsbüttel                            Rotherbaum
                                                                                                                                    Eimsbüttel                    € 12.50-22.00                    Uhlenhorst
                                                                                                                                   € 10.00-14.50                                                                                                                                                                                                  Bar sbü ttel
                                                                                                                                                                                     Außenalster                                       Eilbek                                 Marienthal
                                                                                                                                                                      Rotherbaum

                                       Groß Flottbek                                                           Altona-Nord                                                                              East of Alster /
                                                                                                                                        Sternschanze                                                     Hohenfelde                                                                                                                                     A24
                                                                                                                                                                                                          St. Georg
                                                                             Altona-Ottensen-Bahrenfeld
                                                                                                                                          St. Pauli                                                     € 12.50-21.50
                                                                                    € 11.00-16.50                                                                                            St. Georg
                                                                                                                                       € 10.50-21.50
        Nienstedten                                                                                                                           St. Pauli                                                               Borgfelde
                                                                                                                                                                 City Centre                                             City Süd (Outer Zone)
                                                                                                                                                                                                                                       Hamm
                                               Othmarschen                                  Ottensen                                                         Neustadt                                                         € 8.00-12.50                                          Horn
                                                                                                                     Altona-                                   € 14.50-28.00
                                                                                                                                                                          Hamburg-
                                                                                                                     Altstadt                                              Altstadt
                                                                                                                                                                                                                                                                                                    Billbrook /
                             Elbe                                                                                                                       Harbour fringe                     City Süd Hammerbrook
                                                                                                                                                                                                    (Core Area)                                                                                    Billwerder /                             A1
                                                                                                                                                                                                                                  Bille                                                              Billstedt          Billstedt
                                                                                                               Norderelbe                               € 13.50-22.50                          € 8.50-15.50
                                                                                                                                                                                HafenCity
                                                                                                                                                                                                                                                                                                   € 6.00-12.50
                                                                                                                            Vorhafen
                                             Köhlfleet                   Parkhafen                                                                                                           HafenCity
                  Finkenwerder                                                                                                  Steinwerder
                                                         PetroleumhafenWaltershof
                                                                                          Harburg - south of the river Elbe                                                                € 16.00-24.00                          Rothenburgsort

                                                                                                    € 8.00-14.50                                                              Kleiner                                                                                                  Billbrook                                           Bergedorf
                                                                                                                                                                             Grasbrook                                                                                                                                                    € 9.00-14.00
                                                                                                                                                                                                             Veddel                 Billwerder Bucht

  Office Market Overview | 4th quarter 2018                                                                                                                                                                                                                                                                                        Hamburg
Cologne
                                                                                                                                                                                      Development of Main Indicators

 Significant increases in rental price level
 There was a robust space take-up of 305,000 sqm in the
 Cologne office letting market in 2018, which is just below
 the previous year’s total of 307,000 sqm, but still 4% above
 the 10-year average. Three new leases were concluded in
 the >10,000 sqm size category, including the letting of
 13,000 sqm to Design Offices in the I/D Cologne project
 in the Kalk/Mülheim submarket, ahead of the letting of
 10,600 sqm to the Oberfinanzdirektion (regional finance
 office) in Dominium in the City Centre submarket and a new
 lease signed by Siemens for 10,400 sqm also in I/D Cologne.                                                                                                                          in 2019 to 2.9%. Around 90,000 sqm of new office space
 The most active sector was business services providers                                                                                                                               came onto the market in 2018, although it was already let
 which leased a quarter of all space, including 28,000 sqm                                                                                                                            or taken-up by owner-occupiers at the time of completion
 let to flexible office space providers which took-up almost                                                                                                                          and therefore offered no improvement in the short-term
 three times as much space as in the previous year. Total                                                                                                                             availability of space. The increasing scarcity of high-quality
 take-up is anticipated to be up to around 280,000 sqm in                                                                                                                             office space in central locations over the last few years is
 2019. The vacancy rate has been falling steadily since 2009                                                                                                                          now having a significant effect on rental levels.
 to its current level of 3.3%, and it is expected to fall further

 Cologne: Office Space Market Areas with Rental Bands (€/sqm/month)
Cologne: Office Space Market Areas with Rental Bands (€/sqm/month)                                                                                                                                                                                                                                                 JLL Research 2018/Q4

                                                                  Auweiler                       Heimersdorf                                                                                                                                                     Har dt
                                                                                            Lindweiler
                          Pulh eim                                                Pesch        E31                                                                                          Flittard
                                                         Esch/Auweiler
                                                                                                                    Longerich                                                                                                                   Dünnwald

                                                                                                                Ossendorf/                                                                                                                                                                             Ber gisch
                                                                                                                                                                                          Stammheim
                                                                                                                   Nippes              Weidenpesch                                                                             Höhenhaus                                                               Glad bach
                                                    Bocklemünd/Mengenich
                                                                                            Ossendorf
                                                                                                                € 6.50-12.50                                          Niehl
                                                                                                                                                                                                                                                Other Locations
                                                                                                                      A57
                                                                                                                                          Mauenheim                                                                                               € 6.00-11.50
                                  Wid der sdo rf                                                                            Bilderstöckchen
                                                                                                                                                                                                                                                                   Dellbrück
                                           Widdersdorf
                                                                                                                                                                                                            Mülheim
Brauweiler                                                                      Vogelsang                                                           Nippes                                                                               Holweide
                                                                                               Bickendorf                                                                       Riehl
                                                                                                                        Neuehrenfeld                                                                   Kalk/
                                                                                                                         Köln
                                                                                                                                                                                                     Mülheim Buchheim                                                                                                Ben sber g
                                                                                                                                                                                                   € 7.00-16.00
                                      Lövenich
                                                                                                                                                Neustadt-Nord
                                                                                                            Ehrenfeld
                                                                                                         Ehrenfeld/                                                                                    Buchforst
                                                                  Müngersdorf
                                                                                                        Braunsfeld
                                                                                                        € 6.50-15.50
                                                                                              Braunsfeld                                                                                                               Höhenberg                                                                  A4
                                          Weiden                                                                                               Altstadt-Nord                                                                               Merheim                        Brück
                                                                                                                                                                                                         Kalk
                                                                                                                                                                              Deutz
                                                    Peripherie West                                                                    City Centre                       Deutz/
                                                     € 7.00-10.50                                                                      € 9.50-23.50                      Messe                                                                       Neubrück
             Buschb ell                                                                                                                         Altstadt-Süd                                                          Vingst
                                                                                                Lindenthal                                                            € 9.50-19.00                 Humboldt-
                                                           Junkersdorf                                                                                                                             Gremberg                           Ostheim
                                                        Marsd or f
                                                                                     Lindenthal/                                                                                                                                                                                    Rath/Heumar
                                                                                         Sülz                                                    Neustadt-Süd
                                                                                     € 8.00-13.50                                                                                                                     A559                                                 Rath
                                                                                                             Sülz                                                                         Poll
                Fr ech en                                                                                                                                      Bayenthal                                                                                                                                                          Fo rsbach
                                                                                                                                                 Raderberg

                                                   A1                                                          Klettenberg        Zollstock                                                                                            Gremberghoven
                                                                                                                                              Bayenthal/ Rhinebank-West
                                                                                                                                                                                                                                                                  Porz/
                                                                                                                                              Marienburg € 13.00-23.00                                   Westhoven
                                                                                                                                                                                                                                                            Gremberghoven
                                                                                                                                              € 9.00-15.00 Marienburg
                                                                                                                                                                                                                                Ensen
                                                                                                                                                                                                                                                              € 8.50-12.50            Eil
                                                                                                                                               Raderthal                                                                                                                                                             A3
                                     Gleu el                                                                                                                                                                                                        Finkenberg
                                                                                                                                                                                                                                                                                                                                  Rösrath
                                                                                                                                                                                                                                                                              A59

                                                                                Hür th
                                                                                                                                                                                            Rodenkirchen
                   Ber ren rath                                                                                                                                                                                                                      Porz
                                                                                                                                  Rondorf                      A555                     Rodenkirchen                           Weiß
                                                                                                                                                                                                                                                                   Urbach
                                                                                                                                                                                                                                                                                                   Grengel
                                                                                                        Kon rad er ho ehe                                                                € 7.00-10.50
                                                                                                                                                                        Hahnwald
                                                                                                                                                                                                                                        Zündorf
                                                                                                                                                                                                         Sürth                                                      Elsdorf
                                                                                                                        Meschenich ImmendorfImmendorf                            Godorf                                                                                             Wahnheide      Köln/Bonn

  Office Market Overview | 4th quarter 2018                                                                                                                                                                                                                                                                       Cologne
Munich
                                                                                                                                                                                Development of Main Indicators

   Market characterised by high levels of take-up
   and rising rents
   Take-up in the Munich office letting market was 975,000 sqm
   in 2018. This is the second best annual performance of
   the last 10 years. In view of the scarcity of space – there
   is practically full letting in some submarkets – this level
   of take-up was only achievable due to the preletting of
   development projects, a large proportion of which were in
   the East submarket and accounted for almost two-thirds
   of all new leases in the >5,000 sqm size category. The
   East submarket heads up the submarket statistics with                                                                                                                        course of the year, to reach 2.9% by the end of December,
   take-up of around 230,000 sqm, ahead of the City Centre                                                                                                                      its lowest level since 2002. The significant excess demand
   (145,000 sqm). The most active sector was industrial com-                                                                                                                    has resulted in rent rises across the market and is being
   panies (180,000 sqm). The boom in the flexible office space                                                                                                                  driven by the many lettings in development projects and
   sector continued in Munich in 2018. 53,000 sqm was let                                                                                                                       rising construction costs. The prime rent has increased to
   to these operators and at the beginning of 2019, around                                                                                                                      €39.00/sqm/month and is expected to continue to rise
   150,000 sqm flexible office space was available in some                                                                                                                      significantly during 2019.
   90 locations. The vacancy rate fell by 0.7% during the

   Munich: Office Space Market Areas with Rental Bands (€/sqm/month)
Munich: Office Space Market Areas with Rental Bands (€/sqm/month)                                                                                                                                                                                                                               JLL Research 2018/Q4

                                                                             Rothsch waig e
                                                                                               Kar lsfeld                                                                                                                                      Ism an in g
                                                                                                                                                                                                                       A9                                                                                  Speichersee
                                                                                                                                                                                Ob erschleiß heim
                        A8
Neu -Esting
                                                                                                                                                                                                                             E45
                                                                                                                                                                                                                                       Periphery-North
                                                                                                                               Feldmoching-Hasenbergl                                                                                    € 9.50-15.50
Olch ing
                                                                                                                                                                North
                                                                                                                                                            € 12.00-19.50
                        Gr öb enzell
                                                                                                                                                                                                                                                             A99

                                                                                                                                                                                             Schwabing-Freimann
                                                                              Allach-Untermenzing                                                                  Milbertshofen-Am
                                                                                                                                                                          Hart

                                                                                                                                        Olympiapark
                                                                                                                        Moosach                                                                                                                                                             Kirchh eim
                                                                                                                                        € 12.50-20.00                                                                                                                                      b. M ün ch en
Eichen au                                                                                                                                                                     North-Schwabing                                                                                                                              Poin g
            Puch heim                                                                                                                                                                                                                                                                                           Gr ub
                                                                                                                                                                                € 15.00-24.50
                                                                                                                                                                                                                                                                                             Heim stetten
                                       Aubing-Lochhausen-Langwied                     West
                                                                                                                                                                   Schwabing-West
                                                                                  € 14.50-21.50                                                                                                                         Bogenhausen
                                                                                                                          Neuhausen-Nymphenburg
                                                                                                                                                                                                                                                                                    Periphery-East
                                                                                                                                                                          City Centre               Arabellapark € 15.50-22.50                                                       € 9.50-15.50
                                                                                                                                                         Maxvorstadt     € 21.00-39.00
                                                                                                                                                                                                     Bogenhausen                                                                 A94                                Parsdo rf
                                                                                  Pasing-Obermenzing                                                                                                                                                         Riem
                                                                                                                        Laim                                             Mü nch en                   € 18.50-29.00
                                                                                                                                                                            Altstadt-Lehel
                                                                                                                           Westend               Schwanthalerhöhe                                                                                             Moosfeld/
                                                                                                                                                                                             Au-Haidhausen                                                                  Ottend ich l
                                                                                                                         € 15.50-24.00               Ludwigsvorstadt-Isarvorstadt                                      Berg am Laim                              Riem
                                                                    A96                                                                                                                                                                                      € 9.50-16.50
                  Ger merin g                                                                                                                                                                                              East
                                                                    Gr äfelfing
                                                                                                                                                                                                                      € 14.50-28.00
                                                                                                                               Sendling-Westpark
                                                                                                                                                                                                                                                    Trudering-Riem
                                                                                                                                                        Sendling
                  Periphery-West                                                                          Hadern                                                                                                                                                             Haar
                   € 9.50-14.50                                                                                                                                                                            Ramersdorf-Perlach
                                                             Planeg g        Martin sr ied
                                                                                                                                                                                                                                                                                                              Vater stetten
                                                                                                                                           South
                                                                                                                                       € 11.00-19.00            Untergiesing-Harlaching                                      Neuperlach
                                                                                                                                                                                             Obergiesing                    € 11.00-16.00
                                                                                                       Thalkirchen-Obersendling-Forstenried-Fürstenried-Solln
                                                Stockdo rf                                                                                                                                   A995

                                                                                                               A95                                                       Periphery-South                                                    Neu b ib erg
                                                                                                                                                                           € 9.50-14.50
                              Gau tin g
                                                                                                                                                                                                                                             Ottob ru nn
Unterb ru nn                                                                                                                                                                                               Unterh ach ing
                                                                                                                                                        Gr ün wald

   Office Market Overview | 4th quarter 2018                                                                                                                                                                                                                                                     Munich
Stuttgart
                                                                                                                                                                      Development of Main Indicators

  Letting activity limited by the all-time
  low vacancy level
  Take-up in the Stuttgart office letting market was around
  215,300 sqm in 2018, the lowest level since 2012 despite
  the continued appeal of the Stuttgart office market for
  occupiers. Due to the lack of availability of large-areas of
  high quality space, one-third of all take-up is in develop-
  ment projects. The owner-occupied projects by Bosch and
  the public sector in the Feuerbach and City Centre submar-
  kets comprised almost 30% of total annual take-up. The
  most active submarket was Feuerbach with a share of                                                                                                                 mes of completions in 2019 and 2020, but the high propor-
  around 27%, while most new leases were concluded in the                                                                                                             tion of prelets and owner-occupier deals (76%) means that
  City Centre submarket (around 22%). The most active sec-                                                                                                            there will be little relief in the office market. Take-up in 2019
  tor was again industrial companies (36%) but the greatest                                                                                                           is unlikely to exceed the previous year’s total. There is likely
  number of new leases were signed by business services                                                                                                               to be a slight increase in the vacancy rate, which had fallen
  providers (24%). Of around 75,000 sqm of newly construc-                                                                                                            to 2.2% at the end of 2018. However, the prime rent is ex-
  ted office space in 2018, just 9% was available at the time                                                                                                         pected to rise by €1.00/sqm/month to €24.50/sqm/month
  of completion. It is expected that there will be higher volu-                                                                                                       in 2019, thanks to the marginal increase on the supply side.

  Stuttgart: Office Space Market Areas with Rental Bands (€/sqm/month)
Stuttgart: Office Space Market Areas with Rental Bands (€/sqm/month)                                                                                                                                                                                                                                JLL Research 2018/Q4

                                                                                                                              Stammheim                                                                                                             Neu stad t
                                                                                                             Neu wirtshau s                                                                                                                      Rem s-M u rr-Kr eis
                                                                                                                                                     Zuffenhausen                                                                                                                   Kor b
                                               Hirschland en
                                                                                                                                                      € 8.00-11.00                 Mühlhausen
                                                                                          Kor ntal-M ün chin gen
                                                                                                                              Zuffenhausen
                                                                Ditzin gen                                                                                                                                                                      Waib ling en                           Klein hep pach
                                                                                                                                                                             Münster
                                                                                                                                                                                                                                                                       Bein stein
                                 Hoefing en
       Geb ersheim                                                                        Weilimdorf                                                                          Bad Cannstatt
                                                                                         € 10.50-14.00               Feuerbach                                                                                               Fellbach
Rutesh eim                                                                                                                                                                    € 10.00-16.50
                                                                                                                    € 12.00-18.00                                                                                                                                                           Weinstadt
                                                                                         Weilimdorf                                                                                 Bad Cannstatt                                                                                                               Rem shald en
                                                                                                                                                                                                                                                         Ker nen
                                                                                                                                                             Stuttg art                                                                                im Remstal
                                                                                                                     Feuerbach
                                                               Ger ling en
                                                                                                                                               Stuttgart-North
                                 Leon b er g
                                                                                                                                                € 12.00-18.00
                                                                                                                                    Stuttgart-Nord                                                                                                                    Stetten
                                                                                                                                                                                                             Untertürkheim                                          im Remstal                             Schn ait

                                                                                                                                                 Mitte                    Stuttgart-Ost                                                                                       Stru em pfelbach
                                                                                                         Botnang                                                                                        Unter-Obertürkheim/
                                                                                   Stuttgart-West
                                                                                                                                        City-Centre                                                     Wangen-Hedelfingen
                                                                                                             Stuttgart-West                                                                                                             Obertürkheim
                                                                                                                                       € 13.50-23.50                                                        € 9.00-15.50
                                                                                                              € 10.00-16.50                                      Stuttgart-East
                                                                                                                                                                                                    Wangen
                                                                                                                                                                 € 10.00-15.00
               War mb ro nn
                                                                                                      Stuttgart-South
                                                                                                                                 Stuttgart-Süd
                                                                                                       € 10.00-16.50                                                                                    Hedelfingen

 Mag stadt
                                                 A81                                                                                      Degerloch
                                                                                                                                         € 9.50-16.50                             Sillenbuch
                                                                             Vaihingen
                                                                                                                                                 Degerloch
                                                                                                                                                                                                                                                       Esslin gen
                                                                                    Vaihingen-Möhringen                                      Hoffeld                                                                                                   am Neckar
                                                                                         € 9.50-18.00
                                                               A831                                                                                                                                          Ostfild ern
                                                                                                                       Möhringen
                                                                                                                                                                     Birkach
                                                                                                                                                                                          Kem nat

                                                                                                                                 Fasanenhof                     Plieningen
                     Sind elfin gen                                                                                             € 11.00-16.00                  € 9.00-10.50                                                                                                                                      Ploch ing en

                                                                                                                                                                   Plieningen
                                                                                                      Leinfelden -E chterd ing en

                                                                                                                                                                                                                           A8                    Den kend or f
Dag ersh eim
                                                                                                            Leinfelden-Echterdingen
                         Böb ling en                                                                              € 10.00-19.00                                                                                                                                                                                        Wern au
                                                                                                                                                                                                                       Neu h au sen
                                                                                                                                                                                                                                                                                                                      (Neckar)
                                                                                                                                                                Stuttgart                                               au f d en                                                           Wen dling en
                                                                                                                                                                                   Ber nh ausen                          Filder n                                                           am Neckar

   Office Market Overview | 4th quarter 2018                                                                                                                                                                                                                                                     Stuttgart
Contacts
                                                                                                                                                      Contact Berlin
Stephan Leimbach                                                           Helge Scheunemann                                                          Stephan Leimbach
Head of Office Leasing Germany                                             Head of Research Germany                                                   Head of Office Leasing Germany
Frankfurt                                                                  Hamburg                                                                    Frankfurt
+49 (0) 69 2003 1245                                                       +49 (0) 40 350011 225                                                      +49 (0) 69 2003 1245
stephan.leimbach@eu.jll.com                                                helge.scheunemann@eu.jll.com                                               stephan.leimbach@eu.jll.com

Contact Düsseldorf                                                         Contact Frankfurt                                                          Contact Hamburg
Martin Becker                                                              Markus Kullmann                                                            Tobias Scharf
Senior Team Leader Office Leasing                                          Senior Team Leader Office Leasing                                          Senior Team Leader Office Leasing
Düsseldorf                                                                 Frankfurt                                                                  Hamburg
+49 (0) 211 13006 600                                                      +49 (0) 69 2003 1062                                                       +49 (0) 40 350011 242
martin.becker@eu.jll.com                                                   markus.kullmann@eu.jll.com                                                 tobias.scharf@eu.jll.com

Contact Cologne                                                            Contact Munich                                                             Contact Stuttgart
Andreas Reul                                                               Petra Bolthausen                                                           Sebastian Treier
Team Leader Office Leasing                                                 Senior Team Leader Office Leasing                                          Team Leader Office Leasing
Cologne                                                                    Munich                                                                     Stuttgart
+49 (0) 221 2775 45                                                        +49 (0) 89 290088 169                                                      +49 (0) 711 900370 36
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