The 2016/2017 Stuttgart office market report

PRIVATE BANK
RESIDENTIAL
Kapitelbeschreibung I 1
REAL ESTATE
FUNDS & ASSETS
Stuttgart – dynamic & economically strong.
The 2016/2017 Stuttgart office market report.

An overview of the Stuttgart office market.
Year
Volume
in m 2
Representative
prime rents
per m 2
Average central
business
district rents
per m 2
Vacancies
in m 2
Vacancies
in %
Total space in
million m 2
Completion
volume in m 2
Pre-let volume
in m 2
2002 127,000 17.89 € 14.80 € 292,000 4.20 6.828 312,000 220,000
2003 149,000 17.50 € 14.50 € 379,000 5.30 6.973 145,000 80,000
2004 152,000 17.00 € 14.50 € 415,000 5.70 7.102 129,000 93,500
2005 145,000 17.00 € 13.50 € 402,000 5.60 7.170 68,500 51,400
2006 140,000 17.50 € 13.60 € 467,400 6.50 7.222* 52,500 20,500
2007 169,000 17.50 € 14.50 € 466,000 6.40 7.253 32,600 23,400
2008 180,000 18.00 € 14.50 € 460,000 6.20 7.367 117,000 116,000
2009 171,000 18.00 € 13.60 € 453,000 6.12 7.401 40,000 22,000
2010 194,000 17.50 € 14.30 € 480,000 6.46 7.425 42,400 22,400
2011 285,000 18.80 € 14.30 € 424,000 5.70 7.449 45,900 41,200
2012 191,500 20.00 € 14.50 € 399,000 5.40 7.416 37,000 36,300
2013 258,000 20.00 € 14.40 € 365,000 4.87 7.496 81,200 62,00
2014 278,000 21.50 € 15.30 € 325,000 4.30 7.536 72,500 91,500
2015 290,000 22.80 € 15.90 € 270,000 3.54 7.632 74,900 62,100
2016 432,000 23.00 € 16.20 € 220,000 2.80 7.728 149,200 119,300
* Data from a survey by BulwienGesa AG + Baasner, Möller & Langwald GmbH
Source: Research ELLWANGER & GEIGER Real Estate GmbH ©, Current as of: 31.12.2016

3 I Kapitelbeschreibung
A 1.5
Heilbronner Str., 15,000 m²
Office + hotel, 0 % take-up
Complection in Q4 2020
EnBW Areal
Kriegsbergstr., 25,000 m²
Office, 0 % take-up
Complection in Q3 2020
Lautenschlager Areal
Lautenschlagerstr., 6,800 m²
Office + retail + residential
0 % take-up
Complection in Q4 2017
Theodor-Heuss-Str.
Complete renovation,
3,400 m², Office + retail
0 % take-up
Complection in Q2 2017

Kapitelbeschreibung I 4
EnBW Areal
Kriegsbergstr., 25,000 m²
Office, 0 % take-up
Complection in Q3 2020
Europe Plaza
Stockholmer Platz, 18,000 m²
Office, 100 % take-up
Complection inQ2/Q3 2017
A 1.5
Heilbronner Str., 15,000 m²
Office + hotel, 0 % take-up
Complection in Q4 2020
Look 21
Heilbronner Str., 20,000 m²
Office, 0 % take-up
Complection in Q3/Q4 2018
Dorotheen Quartier
Dorotheenstr./Holzstr., 25,000 m 2
Office + retail
100 % take-up
Complection in Q2 2017
Rathausgarage
Eichstr., 5,000 m²
Office + retail
100 % take-up
Complection in Q3 2018
EberhardHöfe
Eberhardstr., 3,700 m²
Office + retail + residential
0 % take-up
Complection in Q4 2017

Contents.
Foreword.......................................................................................................6
General economic data excellent.............................................................8
Attractive urban flair – the Europaviertel district.................................9
Unexpected new record...........................................................................10
Demand strongest from industrial companies.....................................12
Numerous major transactions in 2016..................................................13
Rekordwerte bei erzielten Mietpreisen................................................14
Vacancies at a historic low......................................................................16
Record figures for all of Germany..........................................................18
Stuttgart central business district – a location in high demand.....20
Northern Stuttgart – becoming a service sector location...................21
Eastern Stuttgart – progress at Neckarpark and Löwentor...................22
Southern Stuttgart – a popular area.....................................................23
Overview of the Stuttgart office market...............................................25
Prospects for 2017 – mainly bright.......................................................27
Your contacts..............................................................................................28
ELLWANGER & GEIGER Real Estate........................................................29

6 I Foreword
Foreword.
Stuttgart is a sought-after city.
The state capital of Baden-Württemberg is enjoying record levels of real estate investment as well as continued demand
for space. Both demonstrate Stuttgart’s economic power and dynamic culture. The residents of this lively city are, however,
not planning to rest on their laurels. On the contrary. The Rosensteinviertel district will form the centrepiece of the
2027 International Architecture Exhibition (IBA) and provide the state capital with yet another opportunity to demonstrate
its innovative progress in many areas.
A brief survey of the facts confirms Stuttgart’s key role as an economic, training and residential centre. 50,000 people
move to the state capital each year. Over 50 percent of them are aged between 18 and 30 years. One reason why they
relocate is Stuttgart’s increased significance as a place to train and study; student capacities have been expanded by
20,000 places in recent years. One of the other motivations is the attraction of the city’s urban flair and lively districts
for career starters. Its well-known economic power plus good work and earning opportunities are also key factors.
The current “2016 cultural city ranking” compiled by the Hamburg Institute of International Economics (HWWI) and
the Berenberg merchant bank has ranked Stuttgart Germany’s top city for the third consecutive time. It scores most
highly in the fields of cultural production; reception of culture and number of workers employed in the cultural industry.
This result is simultaneously a pleasure, a confirmation and a motivation, since culture is elementary to urban development.
Culture is an important factor in attracting highly qualified, creative individuals in particular to cities. It is an
important factor when deciding where to live and work, while the cultural industry is one of the city’s major economic
segments. Parallel to this, culture also functions as a motor for dynamic urban development.
So, ladies and gentlemen, as you can see, your interest in the State Capital of Stuttgart is well-founded and your investment
here falls on fertile ground.
Fritz Kuhn
Lord Mayor of the State Capital of Stuttgart
Ines Aufrecht
Director of Business Development of the State Capital of Stuttgart

Foreword I 7
Another record-breaking year for Stuttgart.
2016 followed on two years which had already seen Stuttgart’s office market achieve record-breaking take-up figures,
and last year also exceeded all expectations. The vacancy rate is now at a record all-time low. These figures are
accompanied by a high level of employment and, despite difficult general conditions, significantly increased economic
performance. Stuttgart is continuing to present itself as a dynamic, attractive economic centre.
The strongest motor for growth was, as is to be expected, industry in general. This was followed by the IT industry in
second place, while the health care, education and service sectors also saw increasing take-up of space.
Changes in the world of work and new forms of work organization are resulting in an increased need for space.
Co-working spaces with flexible framework conditions and a creative atmosphere also play a role with regard to the
attractiveness of working conditions – a key factor in the so-called ‘war for talents’. Further motors are the continuing
digitalization of work processes – keyword ‘5G mobile network standard’ – and the expansion of the broadband network,
both of which have far-reaching consequences for the equipping of buildings.
Current project completions and new projects have played a key role in the excellent take-up rate for 2016. A disadvantage
for continued growth was, once again, the dramatic decrease in the amount of space available. The onus in this
context is on far-sighted investors and project developers, as well as on the city with regard to infrastructure development.
The following pages present detailed facts and figures. We hope that you will find the report interesting reading and will
be pleased to respond to any questions which you may have; to provide more in-depth information or simply to hear
your feedback.
Mario Caroli
Managing Director
Björn Holzwarth
Managing Director

Developments in 2016/2017.
With an unemployment rate of 3.8 % Stuttgart and the surrounding
region were already achieving excellent performance in
2015. Good economic conditions have, in the meantime, resulted
in the rate decreasing even further, to 3.5 %. This is an outstanding
accomplishment which reflects the area’s enormous
economic power.
General economic data excellent.
Despite the discontinuation of the minimum
exchange rate for the Swiss
franc and the debt crisis in Greece
Baden-Württemberg was again able
to increase its gross domestic product
over previous years, to a figure of 3.1
%. This success is primarily due to
strong export demand.
New forms of work
Changes in the world of work, away
from the largely hierarchically focused
assignment of tasks to creative
project work in teams, are continuing
to progress rapidly. New business
structures are resulting in new
forms of collaboration. Projects are,
for example, now often planned to
run for a limited period of time, after
which they are either continued
or ended, depending on their success.
As a consequence companies
require more project space, among
other things. The need for space for
this new form of work is often met
by means of so-called co-working
spaces. In addition to their creative
atmosphere – for example thanks
to their location in old warehouses
– they also have the advantage of
short contract durations, which give
project partners the flexibility they
need. This new form of work can
be summarized as brainstorming
among “kindred spirits” in an unusual
environment. The current number
of co-working space providers in
Stuttgart and the surrounding region
is already at a two-digit figure.
These new working worlds also present
new challenges with regard to
the equipping of office buildings.
Fast data links are essential. Cloud
services in particular, which make
the operation of in-house data centres
superfluous, are making corresponding
data transfer capacities a
requirement which is as basic as the
need for electricity and water. In rare
cases clients are even demanding
multiple, stand-alone fibre optic cables
to minimize the risk of outage.
New technologies
Two technical standards are essential
for the continued economic prosperity
of the Stuttgart region, which is
particularly dependent on the automotive
sector – the new 5G mobile
network standard and blanket broadband
network coverage at a rate
of 50 Mbit/second. This is necessary
because ultra-high speed communications
(also between vehicles) are a
precondition for the self-driving vehicle,
whose development is being
massively promoted in the region.
Such communications are, however,
only possible within 5G networks.
The topic of electro-mobility is also
becoming increasingly important.
This ranges from the expansion of
charging station networks in the city
and along motorways through new
car sharing concepts and all-electric
vehicle ranges to the setting up of a
fleet of electric delivery vehicles at
Deutsche Post AG.
Requirements on the city and
the region
The sheer number of new developments
not only shows the kind of
projects which local industry has
been working on in the past, but
the tasks and opportunities which
still lie before them. In light of these
trends the coming years will be decisive
for the long-term competitive
positioning of the region’s automotive
companies. All efforts should thus
be focused on offering companies a
base from which they can assert their
position as world leaders in the long
term. Basic essentials include good
universities and educational institutions
as well as sufficient skilled
workers, affordable housing and the
necessary venture capital – all things
which are available in Stuttgart, a
fertile breeding ground with excellent
prospects.

Developments in 2016/2017 I 9
Attractive urban flair – the Europaviertel district.
In recent years the opening of the municipal library and the Milaneo building has resulted in significantly
improved frequency rates and acceptance for the Europaviertel district. The urban flair which
was initially lacking has now become increasingly prominent, in particular thanks to the many and
varied restaurants and bars in the area, especially in the summer months.
Far more going on in the district
Celesio AG’s decision to occupy
10,500 m² (or some 65%) of space
in the “Europe Plaza” building will
contribute to further development
of the district’s potential. The remaining
vacant space has, in the meantime,
been let to various service
providers. The office space in the
Milaneo building has now also been
almost completely let. Construction
company Strabag is currently awaiting
the starting signal to begin work
on the last high-rise building plot,
which could potentially be home to
a further approx. 15,000 m² of office
or hotel space.
Directly opposite the vacant plot
the local employers’ association has
recently commenced its “Look 21”
project, which is scheduled for completion
in the 4th quarter of 2018. In
total some 40,000 m² of office space
plus a residential section with a
day-care nursery will be constructed
in two phases. The association will
be occupying the majority of the office
space.
Following this, a further attractive
office building can be constructed on
the last vacant plot located just a few
minutes’ walk from the new train
station, in direct proximity to Stuttgart’s
city centre ring road, which will
be extended to Wolframstrasse.
Up to 60,000 m² of office space could
be created on Plot A1.4, which is the
penultimate free plot in addition to
the Strabag project.
approx. 450 beds will be constructed
in 2017/2018. The residential
sections of the Pariser Höfe complex
and Milaneo building, with over 650
units, were also successfully marketed
in a very short space of time.
The district’s positive development
is also being encouraged by the establishment
of further hotels. Three
more hotels with a total capacity of
approx. 450 beds will be constructed
in 2017/2018. The residential
sections of the Pariser Höfe complex
and Milaneo building, with over 650
units, were also successfully marketed
in a very short space of time.
The “Cloud No. 7” hotel and apartment
high-rise with the Steigenberger
“Jaz in the City” concept will
Per capita purchasing power in 2016, in €:
Large cities of 500,000 or more residents
Munich
Düsseldorf
Frankfurt
Stuttgart
Hamburg
Cologne
Berlin
be opening in the first half of 2017.
Dismantling of scaffolding, which
began in early January, has allowed
viewers to gain a first impression of
the building’s unusual facade. Over
80 % of the apartments have now
been sold. Completion of the “Budapester
Platz” light rail transit station
is currently expected at the end of
2017, following which the area will
be served by a total of 5 light rail
transit system lines. This will also
increase frequency rates in the district.
The number of visitors to the library
alone, which has been increasingly
steadily since it opened in 2012,
is now already approx. 1.4 million
(2015).
20,390
26,400
25,532
24,864
24,330
24,041
30,136
Source: GfK GeoMarketing, current as of: January 2017
Infrastructure development
The district’s positive development
is also being encouraged by the establishment
of further hotels. Three
more hotels with a total capacity of

10 I Developments in 2016/2017
Unexpected new record.
Stuttgart’s office market was in an excellent position at the end of 2016, having once again achieved
record results. The take-up rate has been increasing continuously in recent years, with 2015 already
considered a record-breaking year. However, with an office space take-up of approx. 432,000 m² to
31.12.2016 an increase of approx. 49 % was again achieved over the previous year (31.12.2015:
some 290,000 m²).
High percentage of owner-occupiers
Some 132,000 m² of take-up was accounted
for by five owner-occupier
contracts, whereby some 75,000 m²
of this space relates to the project
decision taken by Daimler AG in the
third quarter of 2016 to establish its
own campus on the former KNV site
in Stuttgart-Vaihingen. Seen overall
this was the largest single take-up on
Stuttgart’s office market. It was supplemented
by Robert Bosch GmbH
in-house projects at its sites in Feuerbach
(approx. 20,000 m²) and Leinfelden-Echterdingen
(approx. 9,000 m²)
in the fourth quarter. In addition to
this, GFT AG expanded its site in Fasanenhof
to include a further two buildings
with some 10,000 m² of space.
The largest letting contract, also
concluded with Robert Bosch GmbH,
was for approx. 23,000 m² in a new
building already under construction
in Stuttgart-Feuerbach.
Stuttgart-Vaihingen is the
strongest submarket
The strongest submarket with
approx. 130,000 m² of office space
take-up was Stuttgart-Vaihingen.
In addition to the planned Daimler
campus, take-up of large spaces at
Stuttgart Engineering Park (STEP)
was a major contributing factor, with
new contracts for some 31,000 m²
of letting space being signed. In second
place was the Stuttgart-Feuerbach
submarket, with approx. 64,700
m², thanks to the take-up by Robert
Bosch GmbH. At some 52,800 m² the
third-strongest submarket was Stuttgart’s
central business district. In addition
to a letting contract signed by
the State of Baden-Württemberg for
some 5,800 m², a number of larger
letting contracts for space in the new
CityGate, Europe Plaza and Milaneo
buildings contributed to the overall
figure. The last vacant spaces were
also let in the Dorotheen Quartier
complex.

Developments in 2016/2017 I 11
The three largest contracts concluded to 31.12.2016
Tenant Submarket Total area
Daimler AG (owner-occupier) Stuttgart-Vaihingen ca. 75,000 m 2
Robert Bosch Stuttgart-Feuerbach ca. 23,000 m 2
Robert Bosch (owner-occupier) Stuttgart-Zuffenhausen ca. 20,000 m 2
Letting performance for office space in Stuttgart from 2006 to 2016 in m²
432,000
Ø letting performance: 215,650
140,000
169,000
180,000
171,000
194,000
285,000
191,500
258,000
278,000
290,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Letting performance in Stuttgart and its submarkets in m²
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Central business district 43,000 61,500 44,400 38,200 32,800 63,000 61,500 34,600 53,100 65,700 52,800
City centre 31,300 46,600 41,700 83,800 66,600 97,500 58,400 51,000 44,200 53,500 32,200
Vaihingen/Möhringen 32,600 13,700 18,500 20,200 26,200 56,300 18,200 62,200 34,700 56,300 141,200
Fasanenhof 3,500 2,300 10,600 2,700 5,300 12,500 7,400 5,700 9,100 10,300 19,600
Feuerbach/Zuffenhausen 2,000 6,800 12,300 3,300 28,500 24,800 18,700 27,200 34,700 37,400 64,700
Degerloch 4,500 7,200 9,200 4,900 2,100 4,000 4,800 1,900 1,500 1,300 7,100
Weilimdorf 6,000 5,100 12,800 5,900 11,400 5,500 5,300 7,700 30,900 42,900 33,100
Bad Cannstatt/Wangen 13,500 15,400 12,500 8,100 8,300 13,400 12,000 19,800 54,900 15,100 45,500
Leinfelden-Echterdingen 3,600 10,400 18,000 3,900 12,800 8,000 5,200 47,900 14,900 7,500 35,800
Total 140,000 169,000 180,000 171,000 194,000 285,000 191,500 258,000 278,000 290,000 432,000
Source for all diagrams: Research ELLWANGER & GEIGER Real Estate GmbH ©, current as of: 31.12.2016

5.09 %
12 I Developments in 2016/2017
Demand strongest from industrial companies.
In 2016 industrial companies again played the most important role in demand for office space. Including
owner-occupier deals this sector accounted for approx. 199,000 m² of total take-up.
Demand from IT companies is
also growing
Approximately 199,000 m² or some
43 % of take-up was accounted for
by industrial companies. The largest
letting contracts in 2016 were also
concluded by this sector. The planned
Daimler AG campus in the Stuttgart-Vaihingen
industrial park alone
represents some 75,000 m² of office
space. Robert Bosch GmbH also played
a key role, both with its own new building
project (approx. 20,000 m²) and
its rental of approx. 23,000 m², each
located in Stuttgart-Feuerbach. The increasing
digitalization of the working
world and consequent developments
resulted in increased demand from IT
and telecommunications companies.
Some 46,000 m² and thus approx. 10.6
% of take-up was accounted for by this
sector.
Educational institutions also
expressing high demand
The third largest sector was public
organizations, with demand accounting
for some 32,000 m². This was
primarily due to a number of letting
contracts concluded by the State of
Baden-Württemberg for a total of
approx. 19,000 m². Stuttgart also experienced
continued demand in the
education and health care segment,
which amounted to a total of some
31,000 m². Demand in the health
care segment included the take-up
of some large spaces by a number
of health insurance companies. Take-up
by education institutions was
principally due to the increased space
needs of language schools, which
are expanding their offerings to facilitate
integration of migrants. The
structural requirements for teaching
facilities are, however, not always
easy to realize and there is already a
shortage of space.
In addition to this, demand from the
“Consultants” and “Financial services”
sectors increased significantly.
Financial services companies concluded
letting contracts for some 22,500
m², representing approx. 35.6 % more
take-up than in the previous year.
Consultants, i.e. companies in the
consulting sector, accounted for almost
the same volume of take-up at
approx. 22,000 m². In 2016 companies
in the “Media and communication”
segment concluded letting contracts
for some 13,000 m² more space
than in the previous year. Take-up by
“Other office users”, which includes
various service providers; architects,
engineers and trading companies,
accounted for some 66,500 m² of
space.
Branchenumsatz zum 31.12.2016
Take-up by sector in %
Public sector
Media/
Communication
Financial services
Consultants
5.21 %
7.41 %
3.01 %
IT/
Telekommunications
10.65 %
46.06 %
Energy/
Industry
Education/
Health care
7.18%
Others
15.39 %
Source: Research ELLWANGER & GEIGER Real Estate GmbH ©, current as of: 31.12.2016
Quelle: Research ELLWANGER & GEIGER Real Estate GmbH ©, Stand: 31. Dezember 2016

Entwicklungen 2015/2016 I 13
Numerous major transactions in 2016.
Daimler AG’s planned new building project on the former KNV site in Stuttgart-Vaihingen accounted
for a total area of some 75,000 m² and was the largest owner-occupier deal and single transaction
in 2016.
Strong fourth quarter
Overall 369 letting contracts were concluded
to 31.12.2016, with the fourth
quarter significantly exceeding performance
in the previous quarter, which
was already strong. In the last three
months of the year alone there were
169 transactions for a total rental volume
of some 169,000 m². The strongest
growth in 2016 was in the larger
space segments. Transactions in the
segment 2,001 to 5,000 m² increased
by some 90 %, while the total area let
increased by approx. 86 %. While only
four contracts more were concluded
for the segment above 5,000 m² than
in the previous year this segment accounted
for some 52 % or approx.
224,900 m² of total take-up. The space
segment 501 to 1,000 m² also experienced
significant growth. The highest
number of transactions in 2016 was
again achieved in the small area segment
up to 500 m², with 226 contracts
concluded. The total rental volume
was, however, slightly lower than in
the previous year. There were fewer
transactions for a smaller total area in
the segment from 1,001 to 2,000 m².
Comparison of contracts by size
Comparison of contracts by number
Total figure in 2015:
290,000 m²
Total figure 2016:
432,000 m²
Total figure 2015:
309
Total figure 2016:
369
54,200
55,600
42,200
58,500
40,300
33,600
57
86
28
24
10
19
10
14
204
226
228,300
29,600
56,000
123,600
< 500 m 2 501-1,000 m 2 1,001-2,000 m 2 2,001-5,000 m² >5,000 m²
< 500 m 2 501-1,000 m 2 1,001-2,000 m 2 2,001-5,000 m² >5,000 m²
Source of both diagrams: Research ELLWANGER & GEIGER Real Estate GmbH ©, current as of: 31.12.2016

14 I Developments in 2016/2017
Record levels for rents.
At € 23.00/m² the prime rent in Stuttgart in 2016 increased slightly over the previous year. Therew
was also an increase in the average rent in all submarkets. As of 31.12.2016 the average rent for the
entire Stuttgart urban area including Leinfelden-Echterdingen was € 12.90 /m².
Take-up by price segment
In 2016 112 contracts were signed in
the price segment up to € 10.00/m²,
primarily in outlying districts and older
buildings. There were significantly fewer
transactions in this price segment
in the city centre in comparison to the
previous year, which can certainly be
attributed to the improvement in quality
of space which has accompanied
increasing rental prices. Overall 121
contracts were concluded in the segment
€ 10.01 to 13.00/m². They were
distributed almost equally across peripheral
and city centre locations, accounting
for approx. 49 % of take-up.
The segment € 13.01 to 15.00/m² saw
more than twice as many contracts signed
as in 2015. Only 17 letting contracts
were concluded in the segment
€ 15.01 to 17.00/m². 26 transactions
were achieved in the segment over
€ 17.00/m², somewhat lower than
the previous year. With the exception
of one contract at Stuttgart Airport, all
the contracts in this segment were for
premises in the central business district
and the city centre.
Record levels in the central business
district and city centre
Further lettings in the new Dorotheen
Quartier, Milaneo, CityGate, Gerber and
Europe Plaza buildings have resulted in
prime rents for the CBD again breaking
the record figure set in the previous
year. As of 31.12.2016 this figure was
€ 23.00/m² and thus slightly above the
previous year (31.12.2015: € 22.80/m²).
In addition to this, there has also been
an increase in rents for new lettings
in existing buildings – undoubtedly
an initial effect of the growing scarcity
of space. The average rent in Stuttgart’s
CBD has correspondingly risen
by € 0.30/m² over the previous year, to
€ 16.20/m². The average rent achieved
for the city centre was € 12.80/m², also
some € 0.30/m² above the figure for
2015. At € 18.00/m² the prime rent in
the city centre remains at a high level.

Developments in 2016/2017 I 15
Strong increase in rents in
outlying districts
The outlying districts in the south
of Stuttgart achieved a record figure
of € 16.50/m². This can be attributed
primarily to a number of lettings for
new-build projects in the Airport City
area. Numerous transactions at Stuttgart
Engineering Park (STEP) and the
completely renovated DO.T building
in Stuttgart’s Fasanenhof district also
resulted in a further increase in the
average rent over the previous year.
In the northern fringe areas with the
submarkets of Feuerbach, Zuffenhausen
and Weilimdorf the prime rent
increased by € 0.70/m². Average rents
even increased by € 1.00/m². This was
largely on account of a number of lettings
for new-build projects in Feuerbach.
The highest prime rent increase
was achieved in Stuttgart’s eastern
districts - € 1.90/m². A key factor in this
was the letting contract concluded by
Telekom for a new building at Löwentor
in Stuttgart-Bad Cannstatt. The
average rent increased from € 9.90/m²
in the previous year to € 10.60/m² in
2016.
Central business district prime and average rents, 2006 to 2016 in €/m²
21.50
Prime rents
Average rents
2006
2007
2008
2009 2010 2011 2012 2013 2014 2015 2016
Prime and average rents in 2016 in €/m²
23.00
13.60
14.50
14.50
13.60
14.30
14.30
14.50
14.40
15.30
15.90
16.20
17.50
17.50
18.00
18.00
17.50
18.80
16.20
18.00
20.00
20.00
12.80
22.80
12.70
23.00
10.60
12.50
10.50
16.50
11.60
Ø for the entire city: 12.90
Prime rents
Average rents
Central business
district
City centre
Outlying districts
to the north
Outlying districts
to the east
Outlying districts
to the south
Source for both diagrams: Research ELLWANGER & GEIGER Real Estate GmbH ©, current as of: 31.12.2016

16 I Developments in 2016/2017
Vacancies at a historic low.
On 31.12.2016 only around 220,000 m² of office space was available at short notice. Above-average
take-up of vacant space and the lack of new construction projects coming on stream resulted in a further
reduction in vacant space. In consequence the vacancy rate was only approx. 2.8 %.
Central business district sees
the largest decline in space
available
Vacancy rates continued to fall in almost
all submarkets. Only Stuttgart’s
city centre saw the supply of space
remain at a similar level to the previous
year. The amount of vacant space
available declined most significantly
in the central business district, decreasing
by approx. 42.7 % over 2015 from
some 55,000 m² to around 31,500 m².
With the exception of a few remaining
areas, almost all the space created by
the new construction projects begun
in the last one to two years has been
let. There was also significant change
in the southern submarket of Stuttgart-Vaihingen,
where vacant space
decreased by approx. 39.8 %. A number
of contracts concluded for areas
between 500 and 1,000 m² in existing
properties in this district resulted in a
further reduction in the supply of space
available. Project space in locations
such as Stuttgart Engineering Park
(STEP) were, in some cases, already
let prior to completion, meaning that
comparatively little vacant space will
come onto the market in the coming
year. The DO.T renovation project in
the Fasanenhof commercial district
has now been fully let. The supply of
vacant space has also declined significantly
in the eastern areas of Stuttgart.
Larger spaces with modern facilities
becoming vacant at the Cannstatter
Carré complex have thus been re-let in
an extremely short space of time. The
supply of rental space in the northern
submarket of Weilimdorf has remained
by and large the same. Vacant
space in Feuerbach has, in contrast,
decreased slightly. In the latter case
space planned to become available in
new buildings has already been let to
Robert Bosch GmbH.
A good time for investors and
developers
The current shortage of supply is
again offering investors and project
developers increasing incentives to
build even without high pre-letting
rates. Stuttgart’s central business district
and city centre in particular are
experiencing a lack of newly built
space. Large development projects
will not be coming onto the market
until after 2020. The outlying districts
will also become increasingly interesting
for clients searching for large
spaces.

Developments in 2016/2017 I 17
Completion volume in m²
Completion of building
Pre-let
40,000
22,000
42,000
23,200
45,900
41,200
37,000
36,300
81,200
62,700
72,500
33,600
81,900
69,500
149,200
119,300
144,300*
110,500*
144,500*
80,500*
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
* foreseeable completions
Angebotsreserve zum 31.12.2016 und die prozentuale Verteilung zu 2015
Vacant office space as of 31.12.2016 and percentage change over 2015
Weilimdorf → 20,000 m²
Degerloch → 11,300 m²
Leinfelden-Echterdingen → 35,700 m²
Stuttgart Innenstadt → 38,800 m²
Möhringen → 24,900 m²
Feuerbach,
Zuffenhausen → 11,600 m²
-10.76 %
-9.12 %
-3.41 %
-2.50 %
+1.57 %
-7.27 %
-42.72 %
Stuttgart City → 31,500 m²
Fasanenhof → 17,000 m²
-22.72 %
-39.76 %
Bad Cannstatt,
Wangen etc. → 13,900 m²
-24.04 %
Vaihingen → 15,300 m²
Source for both diagrams: Research ELLWANGER & GEIGER Real Estate GmbH ©, current as of: 31.12.2016
Quelle: Research ELLWANGER & GEIGER Real Estate GmbH ©, Stand: 31. Dezember 2016

Record figures for all of Germany.
In 2016 office space take-up in Germany’s Top 7 locations (Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne,
Munich and Stuttgart) totalled approx. 3.9 million m². This record-breaking figure represents an
increase of over 10 % in comparison to the previous year (31.12.2015: approx. 3.5 million m²). Major
corporations such as Daimler, Deutsche Bahn, Axel Springer, BMW and Robert Bosch played a key role
in this development. As in 2015 the owner-occupier share accounted for some 9 %, whereby Stuttgart had
the highest percentage of owner-occupiers at approx. 30 %.
Berlin and Stuttgart lead
Berlin was the front runner, with take-up
of some 820,000 m². The highest
gains over the previous year were
achieved by Stuttgart with an increase
of approx. 49 %. Cologne followed with
figures which were some 41 % up over
2015, with the amalgamation of insurance
company Zurich Versicherung’s
offices in Bonn and Cologne (around
60,000 m²) playing a major role in
this. The next-highest ranked city was
Frankfurt, with a plus of approx. 36 %.
The largest letting contract, concluded
with Deutsche Bahn, was for some
45,000 m². Hamburg and Munich improved
their performance by 1 % respectively
2 %. Due to a lower number
of major transactions Düsseldorf, in
contrast, was not able to match its performance
of the previous year. As was
the case for Stuttgart the fourth quarter
proved to the strongest nationwide.
38,50 €/m 2 in Frankfurt
The highest prime rents were achieved
in Frankfurt (€ 38.50/m²) and
Munich (€35.25/m²). Berlin saw its prime
rent increase to € 27.50/m²; Düsseldorf
achieved a figure of € 26.50/
m²; Hamburg € 25.00/m² and Berlin
€ 23.50/m². The highest growth in prime
rent was achieved by Hamburg
(4 %). Prime rents in Stuttgart and
Cologne were € 23.00/m² respectively €
21.50/m². Almost all cities experienced
increases in their average rents.
The best figures were achieved by
Frankfurt (€ 18.50/m²) and Berlin
(€ 16.10/m²), followed by Hamburg
and Munich, each at € 15.50/m².
The figures for Düsseldorf and Cologne
were similar at € 14.40/m² and
€ 14.30/m². At € 12.90/m² the lowest
average rent was in Stuttgart.
Supply scarce in southern Germany
At the close of 2016 the total volume of
vacant space was approx. 4.9 million m²
and thus 7 % lower than in the previous
year. In terms of total existing office space
this equates to a vacancy rate of 5.4 %.
The highest declines in vacant space were
experienced in Stuttgart (19 %) and Berlin
(12 %). The lowest vacancy rate was
in Stuttgart at approx. 2.8 %, followed
by Munich at 3.7 %. In both cities vacant
office space was particularly scarce in the
city centre. The expected completion of
projects in 2017 and 2018 will do very
little to relieve the lack of vacant space
since large amounts of the total volume
of 2.3 million m² of newly constructed
space have already been pre-let. The highest
completion figures were achieved
in Berlin (approx. 464,000 m²), Hamburg
(some 418,000 m²) and Frankfurt (around
410,400 m²).

Developments in 2016/2017 I 19
Comparison of vacancy rates in Germany in %
2010
2011
2012
15.1
14.4
13.9
13.8
12.5
11.8
11.7
11.5
11.8
11.6
10.9
10.9
10.4
9.8
8.9
8.2
7.6
7.4
6.9
5.7
5.1
8.3
7.7
6.8
6.3
5.8
4.0
3.7
8.9
8.4
5.9
5.3
4.8
4.3
3.7
9.8
8.1
7.4
7.0
6.0
5.2
5.1
6.5
5.7
5.4
4.9
4.3
2013
2014
2015
2016
3.5
2.8
Frankfurt Düsseldorf Cologne Munich Berlin Hamburg Stuttgart
Big Seven take-up, 2006 to 2016 in m²
620,000
820,000
765,000
Berlin
Munich
Frankfurt
Hamburg
Stuttgart
Cologne
Düsseldorf
140,000
169,000
180,000
171,000
194,000
285,000
191,500
540,000
590,000
853,000
716,700
608,000
583,950
755,000
432,000 764,000
285,000
280,000
290,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Stuttgart in comparison to other German cities
Take-up in m² Prime rent in €/m 2 Average rent in €/m 2 Vacancy rate in %
2015 2016 2015 2016 2015 2016 2015 2016
Berlin 810,000 820,000 23.50 27.50 14.90 16.10 4.3 3.7
Düsseldorf 420,000 330,800 26.00 26.50 15.25 14.40 10.4 9.8
Frankfurt 389,100 563,400 38.50 38.50 19.00 18.50 11.8 11.7
Hamburg 540,000 550,000 25.00 26.00 14.50 15.50 5.2 5.1
Cologne 290,000 410,000 21.25 21.50 12.50 14.30 5.7 5.1
Munich 755,000 764,000 32.50 35.25 15.00 15.50 4.0 3.7
Stuttgart 290,000 432,000 22.80 23.00 12.50 12.90 3.50 2.8
Source for all diagrams: GPP German Property Partners, current as of: 31.12.2016

20 I Kapitelbeschreibung
Stuttgart – Central.
Record take-up of space in Stuttgart – all districts of
this economic centre are benefitting from development
projects and optimization of buildings.
The “Rathausgarage” new building, Stuttgart central business district, source: City of Stuttgart
Stuttgart’s central business district/city centre – a location in high demand.
The office market report for 2015/2016
already repeatedly alluded to lack of
space, and this problem has intensified
in the meantime. It is the result of a
combination of factors:
Demand for office space in Stuttgart’s
central business district and city centre
has been continuously high for years
now. Explanations for this include the
desire to work in an urban environment
and also proximity to public transport
hubs, which reduces commuting times
to and from work. In addition to this,
many employers have discovered that
their success in filling job vacancies
central business
district
is currently highly dependent on the
overall benefits they offer. Workplace
location and thus also the local infrastructure
are significant factors in this
regard.
In 2016 total take-up in the central
business district/city centre area was
85,000 m², whereby the 10-year average
is somewhat above 110,000 m². The
low vacancy rate, presently only 70,000
m², will see supply remain very scarce
in the near future. Completions in the
CBD/city centre in 2017 will amount to
approx. 55,000 m², of which, however,
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
% share of space 34 % 19 % 24 % 11 % 12 %
m 2 17,932 9,978 12,894 5,797 6,199
Ø rental price 16.20 €/m 2
Prime rent 23.00 €/m 2
to date only some 12,000 m² has not yet
been pre-let. This relates in particular
to space at the “Lautenschlager-Areal”
complex and the “EberhardHöfen”.
At present demand for premises over
3,000 m² can only be met by one or
two projects/properties, with the second
construction phase of the LBBW
“Lautenschlager-Areal” project and the
newly-built areas of the “Look21” project
forecast to come onto the market
in 2018. Major developments can be
expected in coming years, when rebuilding
of the area around the main
train station including the S21 rapid
transport system line has been completed.
There is also potential in the area
around Jägerstrasse. Opportunities for
development in the direct CBD environment
are scarcer since many buildings
have already been renovated. Planning
of smaller development projects rela-

Stuttgart – Central I 21
City centre < 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
% share of space 56 % 24 % 4 % 16 % 0 %
m 2 17,985 7,834 1,162 5,245 0
Ø rental price 12.80 €/m 2
Prime rent 16.50 €/m 2
ting to individual inner city buildings
with lower square footages has currently
also recommenced. These include,
on the one hand, classic renovation
of existing buildings and, on the other,
demolishment and rebuilding on the
same footprint.
Stuttgart’s central business district area
behind the town hall is also experiencing
change, with a former office building
being converted into a ‘boutique
hotel’. This project as well as construction
of a new building on the site of the
Rathausgarage multi-storey car park
could signal the beginning of development
in the area. The city centre/central
business district once again demonstrate
that the need for newly-built
space – in particular for new workplace
concepts – is of great relevance. A bottleneck
situation, as can be expected in
the coming twelve months, will, in all
probability, have further consequences
for rents in this area. Demand for modern
spaces in the segment from 100 to
150 m² has, in the past, been particularly
strong in the city centre; could not,
however, be met as these spaces are
virtually non-existent.
Northern Stuttgart – becoming a service sector location.
Feuerbach
Feuerbach/
Zuffenhausen
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
Feuerbach and Zuffenhausen are
among the Stuttgart districts characterized
by the automotive industry,
as also demonstrated by their take-up
of 64,700 m², an increase of
approx. 73 % over the previous year.
The “Skyline” project, a new office
building with 11,000 m² of space,
will be completed in the second
quarter of 2017 and has been fully
let to the Daimler Bank. Completion
of the property’s residential tower
with 146 units is scheduled for the
end of 2017. This new complex is
the initial phase of the “City Prag”
development project. A further speculative
office project with approx.
8,500 m² of office space is being
constructed in the direct vicinity of
Maybachstrasse. Parallel to this, various
residential construction projects
are being realized in the area
and will give the “City Prag” development
an urban character. Visà-vis,
in Leitzstrasse, a developer is
building an office/hotel project with
a total floor area of 11,000 m². The
Novum hotel group has signed a letting
contract for the hotel; approx.
4,000 m² of newly built space will
be available for office use. A project
comprising approx. 23,000 m²
% share of space 3 % 2 % 0 % 11 % 84 %
m 2 1,682 1,158 0 7,138 54,723
Ø rental price 11.00 €/m 2
Prime rent 13.00 €/m 2
of space in Borsigstrasse, which was
originally of a speculative nature,
has, in the meantime, been let to
Robert Bosch GmbH. In addition to
this, last year Robert Bosch GmbH
commenced two new construction
projects on company-owned sites
which comprise total office space of
some 40,000 m² and were completed
or will be completed at the end of
2016 respectively the end of 2017.
Feuerbach is increasingly becoming
a service sector location. This is also
apparent from the continuing progress
being achieved at the Leitz
complex, a project to develop all the
existing buildings on the former site
of a factory. The concept is designed
to meet the requirements of the modern
working world and, in addition
to co-working spaces, includes a hotel
and gym as well as a “micro fab”
– the return of micro-manufacturers
to the inner city – to provide a home
for artists, inventors and creative individuals.
Completion of the areas
currently undergoing total renovation
is planned for 2017.
Zuffenhausen
The Zuffenhausen district has also
undergone significant change in the
last three years. Porsche AG, the area’s
principle user, has, for example, reacted
to imminent changes in automotive
construction with great farsightedness,
expanding its company premises
to cover a total area of approx. 600,000
m². One of the main motors of change
is the on-going development of Porsche’s
electric sports car, the “Mission
E”, whose launch is scheduled for
2019. This development alone will result
in an additional approx. 1,000 new
jobs. There are also plans to further
expand the site to include a battery
factory, which is another element of
the overall concept.

22 I Stuttgart – Central
Weilimdorf
Weilimdorf < 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
% share of space 8 % 12 % 3 % 0 % 77 %
m 2 2,531 3,905 1,096 0 25,596
Ø rental price 10.50 €/m 2
Prime rent 11.50 €/m 2
In 2016 the final 20 % of the space
formerly occupied by Ernst & Young
was taken up by a health insurance
company, meaning that the district’s
vacancy rate (currently approx.
20,000 m²) has remained stable at the
level prior to Ernst & Young’s relocation.
The “WEILIMPARK” initiative,
launched in 2012, has thus demonstrated
a positive effect, preventing a
long-term, dramatic increase in vacant
space in the area. Completion of
the 21,000 m² expansion of Vector’s
company premises also demonstrates
how another area of the industrial
park is being transformed into
a service sector site. The complete
re-letting of the M+W building at
Lotterbergstrasse, comprising 15,000
m² of office space and a further
10,000 m² of manufacturing space,
is a development which was not registered
by the market. Weilimdorf is
also starting to see developers once
again begin to purchase plots with a
view to constructing new buildings
on them. In the last two years in particular
Weilimdorf has shown itself
to be a popular location for the office
space needs of industrial companies.
Eastern Stuttgart – progress at Neckarpark and Löwentor.
Bad Cannstatt
The starting signal has been given
for the “Neckarpark” project. After
the city has realized the central park,
DIBAG’s first commercial buildings
are scheduled from early 2018 onwards.
Over the coming years DIBAG
will construct approx. 43,000 m² of
office space on the site. Some 50 %
of this space is under negotiation
or has already been sold to an owner-occupier.
In 2016 a further approx. 5,000 m² of
office space at the Cannstatter Carré
Bad Canstatt/
Wangen/Hedelfingen
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
% share of space 8 % 11 % 3 % 12 % 66 %
m 2 3,441 4,859 1,464 5,330 30,406
Ø rental price 10.50 €/m 2
Prime rent 12.50 €/m 2
complex was let to a variety of users.
The majority of contracts concluded
were for spaces from 501 to 1,000
m². Tenants were from the health
care sector or were public institutions.
In 2016 a number of larger transactions
were also completed in the
Löwentor area, which, while it is
an administrative subdistrict of Bad
Cannstatt, is actually located directly
adjacent to the Pragsattel area. A
The “Neckarpark” project in eastern Stuttgart; source: DIBAG

total of six contracts were concluded
for 12,200 m² of office space. 50 % of
these contracts were for premises in
the segment under 500 m², the other
50 % was in the segment from 2,000
to 6,000 m². One of the users originates
from the plant engineering
sector. Some 24,000 m² of office space
is being constructed on the corner
of Pragstrasse/Löwentorstrasse
in three phases. 80 % of the space
being created in the first phase has
been let to Deutsche Telekom.
Southern Stuttgart – a popular area. Refurbishment worthwhile.
Degerloch
Demand in Degerloch was again high
in 2016, however supply was low. Despite
this, total take-up (7,100 m²) was
significantly above the 10-year average
of 4,100 m². Three users from the creative
segment concluded letting contracts
for a total of 5,300 m² of space; one
each in the segments under 1,000 m²,
1,001 to 2,000 m² and above 2,000 m².
Demand was primarily focused on the
area around Albplatz, the most popular
location in Degerloch. Only two smaller
transactions were achieved for the Tränke
area.
Stuttgart – Central I 23
Wangen/Hedelfingen
Existing buildings in Wangen/Hedelfingen
are in the main of a basic
Take-up in the district of Wangen quality. Larger contiguous spaces
was again positive in 2016. A total of are currently only available in one
ten contracts were concluded in the building. This market also presents
segments 300 to 500 m² and 2,000 to opportunities for project developers.
3,000 m². The majority of contracts
in this market are, however, also in
the small space segment. Take-up
for all of eastern Stuttgart increased
by an impressive 301 % to 45,500 m²
in total.
Degerloch < 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
% share of space 14 % 14 % 29 % 43 % 0 %
m 2 986 1,024 2,055 3,035 0
Ø rental price 11.00 €/m 2
Leinfelden-
Echterdingen
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
% share of space 10 % 8 % 9 % 30 % 43 %
m 2 3,461 2,823 3,331 10,650 15,535
Ø rental price 11.00 €/m 2
Prime rent 16.50 €/m 2
Fasanenhof < 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
Development in Löffelstrasse, which has
been frequently mentioned in recent
years, is making steady progress and a
more detailed schedule should be available
during the course of 2017.
Leinfelden-Echterdingen
% share of space 2 % 10 % 15 % 20 % 53 %
m 2 355 1,917 2,904 3,896 10,529
Ø rental price 12.20 €/m 2
Prime rent 13.50 €/m 2
With total take-up of approx. 35,000
m², equivalent to a remarkable increase
of 477 % and thus the highest
growth in the region which is the
subject of this report, the market in
Leinfelden-Echterdingen developed
exceptionally well. The take-up rate
was also due to a large transaction
made by an owner-occupier who will
be constructing a new office building
with 9,000 m² of space on their own
premises. A further 13,000 m² were let
to users in the IT sector, in the automotive
industry and to a church organization.
In the segment under 500 m²
ten contracts were concluded, as were
ten in the segment over 2,500 m².
This also includes lettings in the new
“Skyloop” and “Skyport” buildings at
Stuttgart Airport, which accounted
for approx. 5,700 m². The market in
Leinfelden-Echterdingen is a good illustration
of the fact that, in the final
instance, a scarcity of supply results
in a decline in vacant space even in
premises which have been empty for
many years. The vacancy rate saw a
corresponding decrease of 7.2 %.
Owners should take advantage of current
market conditions and the letting
contracts achieved to have any renovation
work which is required carried
out now, either to relieve pressure on
the tight market by making renovated
properties available or to retain the likelihood
of letting should the vacancy
rate situation ease or there be more
vacant space on the market.

24 I Stuttgart – Central
The “TSS Innovation Center” project in Stuttgart Vaihingen; source: Bülow AG
Fasanenhof
An upturn was already being forecast for
Fasanenhof’s industrial park some years
ago and has now occurred. In 2016 over
19,000 m² of space was thus let; exceptional
performance seen in terms of the
10-year average of 6,900 m². The majority
of take-up was in one completely
renovated property, namely the
DO.T building (Design Office Tower).
In 2015 “Design Offices” moved into
this building to commence operation
of the first co-working centre at a
location outside of Stuttgart’s central
business district, where it also operates
a centre. The clear success of the
Fasenhof centre led the company to
rent additional space in the building
in 2016.
Public amenities, including a gym,
restaurants and bars and local shops,
have also improved significantly
thanks to the substantial increase in
office user numbers. Two further hotels
in the 2- to 3-star segment, whose
construction is planned in the next
24 months, will ensure the required
supply of accommodation facilities.
In 2016 GFT, an IT sector company,
completed its new building for startup
companies. The obvious need for
more office space for start-up companies
has resulted in GFT further
expanding the space it offers by an
additional 10,000 m². The “Campus
Fasanenhof” development project
with approx. 14,000 m² of office space
has now achieved a stage of maturity
which will enable construction to begin
in 2017.
Vaihingen/Möhringen und
STEP
Changes at the Vaihingen/Möhringen
industrial park are now very apparent.
The extended light rail transit system
went into operation in 2016 and modernization
of public areas was also
completed. Book wholesaler KNV moved
into its newly built headquarter
building in August 2016 and all the
old buildings on the former KNV site
have now been demolished. The new
owner, Daimler AG, will begin construction
of a new office campus in
2017. The project volume is expected
to be in the range of approx. 75,000
m².
Parallel to Daimler AG’s decision another
user also decided to locate in
Vaihingen – Allianz AG will be building
a 120,000 m² office complex on a
site which it formerly used as a sports
Vaihingen/
Möhringen/STEP
ground, with completion scheduled
for 2020. In all it is expected that some
9,000 to 10,000 new jobs will be created
at the “Synergie Park” site. In order
to address the related transportation
challenges in good time, extensive
studies and discussions were conducted
in 2016. In addition to short-term
measures in the area itself, the widening
of Nord-Süd-Strasse is planned
as the main access road to the site.
In total some 111,000 m² of space was
let or occupied by owner-occupiers in
the Vaihingen/Möhringen district in
2016. A further new building is currently
under construction at Stuttgart
Engineering Park (STEP), STEP Building
8.3. As already repeatedly the
case at STEP in the past, more than
50 % of the new building’s space had
already been let before construction
commenced. Completion is scheduled
for early 2018. In 2016 new contracts
for a total of approx. 31,000 m²
of space were concluded at STEP, the
majority of which related to re-letting
of the former “Debitel Tower”, STEP
Building 6.
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2
Ø rental price 4 % 14 % 6 % 12 % 64 %
m 2 5,661 20,172 7,841 16,671 90,855
Ø Mietpreis Vaihingen: 13.10 €/m 2 , Möhringen: 10.30 €/m 2
Prime rent Vaihingen: 14.00 €/m 2 , Möhringen: 13.50 €/m 2

Stuttgart – Central I 25
Overview of the Stuttgart office market.
Take-up
< 10,000 10.000 mm²
2
10,000 10.000 mbis 2 to 20.000 20,000 m² m 2
20,000 20.000 mbis 2 to 30.000 30,000 m² m 2
30,000 30.000 mbis 2 to 40.000 40,000 m² m 2
A 81
Direction Heilbronn
above 40.000 40,000 m² m 2
Industrial/office
Gewerbe-/
loctions
Bürostandorte
Stammheim
Mühlhausen
Zuffenhausen
A 81
Direction Singen
Münster
Weilimdorf
Feuerbach
Bad Cannstatt
Botnang
Stuttgart West
Stuttgart
North
Stuttgart
City
Stuttgart
East
Wangen
Untertürkheim
Obertürkheim
Stuttgart South
Hedelfingen
Vaihingen
Degerloch
Sillenbuch
A 8
Direction Karlsruhe
Interchange
Stuttgart
A 81
Möhringen
Birkach
Plieningen
Fasanenhof
Leinfelden-
Echterdingen
Fair Stuttgart
A 8
Direction München

Prospects for 2017.
The continuing dynamism of this economic centre is reflected
in consistent demand for new space and extensive
investment in real estate, as well as by a gratifying influx
of new residents. The city and its business community
will not, however, rest on their laurels.

2017 forecast I 27
Prospects for 2017 – mainly bright.
In recent years Stuttgart’s attractiveness has again increased. All the signs point to prosperity; the
task will be to maintain, shape and develop it. New forms of work and the rapidly accelerating digitalization
of the working world present much greater challenges as regards the standard of building
facilities and furnishing.
The rapid pace of technological developments
has already resulted in significant
additional demand for space
in the past, and this should remain the
case in the near future. The pressure
of global competition is forcing companies
to make decisions more quickly
than they have previously been used
to doing. In order to be able to do this
within the scope of an economically
justifiable framework the project
is becoming an ever more important
form of organization. This is clearly
demonstrated by increased demand
for flexible space concepts such as
co-working spaces. It is, however,
also visible in terms of the changing
requirements made on modern office
space. The need for open-plan areas
with quiet zones, which in turn require
soundproofing measures, but also
comfortable and inviting communication
zones is reflected in the modern
working environments which are currently
being created all over the world.
Continuing digitalization of business
also entails new requirements on
buildings which must be implemented
quickly. They range from blanket
coverage of fast data links to demand
for redundant fibre optic cable connections,
which are equally as important
and are increasingly being requested
by tenants. One of the drivers of this
development is the extensive range of
cloud solutions offered by the industry,
which will make in-house server capacities
or even data centres obsolete in
future. Policy makers and also building
owners must respond to such needs.
Another task of politicians will continue
to be the provision of clear support
to local companies when the latter
are making decisions about where
to base themselves, with the aim of
allowing them to remain in the city/
region. In response to the present scarcity
of space on the city’s office market,
in spring 2017 Stuttgart’s Business
Development Agency will be presenting
the outcome of the “Development
Concepts for Business Space” discussions.
In the next two years the current
pressure on the market and the high
pre-letting rate for forthcoming new
construction projects are expected to
result, at the least, in average rents
remaining at today’s level if not even
slightly exceeding it.
Strong demand for office space will
continue in the coming year, primarily
due to the automotive industry’s ongoing
high need for space. Our team of
experts forecasts that the total volume
of office space take-up in 2017 will be
at least 300,000 m².

28 I Your contacts.
Your contacts.
ELLWANGER & GEIGER Real Estate is
your competent partner for the marketing
of office real estate.
Every property has its own specific
demands and thus requires a tailored
solution. Thanks to our detailed market
and local knowledge as well as our
consultants’ many years of experience,
we are able to identify exactly the correct
strategy for your property.
Our team in Stuttgart would be pleased
to help you.
You can contact us on:
Tel.: +49 711/2148-300
Fax: +49 711/2148-290.
Informationen on the Internet:
www.ellwanger-geiger.com
www.bueroflaeche-stuttgart.de
Ulrich Nestel
Head of Office Letting and
Retail Stuttgart
Telephone: +49 711/2148-291
Ulrich.Nestel@ellwanger-geiger.de
Sebastian Degen
Office letting consultant
Telephone: +49 711/2148-166
Sebastian.Degen@ellwanger-geiger.de
Helga Schöner
Research and Office Letting Consultant
Telephone: +49 711/2148-269
Helga.Schoener@ellwanger-geiger.de
Matthias Hägele
Office letting consultant
Telephone +49 711/2148-292
Matthias.Haegele@ellwanger-geiger.de
Jessica Naschke
Office letting consultant
Telephone +49 711/2148-296
Jessica.Naschke@ellwanger-geiger.de
Katharina Barwind
Commercial property assistant
Telefon +49 711/2148-297
Katharina.Barwind@ellwanger-geiger.de
Disclaimer:
The compilation of this study was conducted with the greatest of care. We cannot accept any liability for the correctness of estimates.
Your understanding in this matter is appreciated.

29 I Kapitelbeschreibung
ELLWANGER & GEIGER Real Estate.
ELLWANGER & GEIGER Real Estate offers you a one-stop shop for a comprehensive range of services
relating ro the asset class of real estate. With the very highest discretion and integrity, we enable
you to keep your bearings in rapidly changing markets. Our success is founded aboce all on excellent
knowledge of the market and decades of experience in real estate business.
Real Estate
Our services
Our offices
Systematic research form the basis for
our analyses of location, portfolios and
cost-effectiveness that reflect market
conditions. From these, we derive strategies
aimed at capitalising on potentials
for earnings and efficiencies. In
addition to comprehensive leasing services,
our core expertise includes project
consulting and transaction business.
We adopt a hostic approach in
consulting on real estate: we partner
you all the way - from the development
of marketing strategies to the
preparation of data on properties and
the implementation of marketing processes.
Research
Investment analyses and consulting
Transactions, renting and leasing of
office, retail, industrial and logistics
space
Our further publications
Stuttgart Investment Market Report
Stuttgart Industrial & Logistic Market Report
Munich Office Market Report
Stuttgart
Börsenplatz 1
70174 Stuttgart
Phone +49 711/2148-300
Fax +49 711/2148-290
Munich
Herzog-Rudolf-Straße 1
80539 München
Phone +49 89/17 95 94-0
Fax +49 89/17 95 94-55
and other information materials may be obtained free of charge from:
gewerbeimmobilien@ellwanger-geiger.de or www.ellwanger-geiger.com.
GERMAN PROPERTY PARTNERS: LOCAL COMPETENCE NATIONWIDE.
German Property Partners - or GPP is a
nationwide network for commercial real
estate in Germany. GPP bundles the expertise
of leading commercial property
companies in a nationwide alliance for
regional competence. National and international
clients can profit from one
face to the customer and from the local
expertise of our partners. In short: one
contact partner for all Big 7 property
markets in Germany.
Find out more about the top 7 commercial real estate locations in our free-of-charge GPP Commercial Market Reports at:
http://www.germanpropertypartners.de/en/market-survey/

Kapitelbeschreibung I 30
ELLWANGER & GEIGER Real Estate GmbH
Unternehmensgruppe ELLWANGER & GEIGER Privatbankiers corporate group
Börsenplatz 1, 70174 Stuttgart
Tel.: +49 711/2148-300, Fax: +49 711/2148-290
www.ellwanger-geiger.com
District Court of Stuttgart, Commercial Register No. 733293, Managing directors: Mario Caroli, Björn