The 2016/2017 Stuttgart office market report
Again in 2016 the Stuttgart office market reached new record levels. The turnover of floor space came to 432,000 square metres for the year, a growth of almost 50 percent. At the same time rents rose slightly, and the vacancy ratio fell by 2.8 percent. As in past years, the main growth driver was industry, but the IT and telecommunication sectors have also been responsible for increasing demand.
Again in 2016 the Stuttgart office market reached new record levels. The turnover of floor space came to 432,000 square metres for the year, a growth of almost 50 percent. At the same time rents rose slightly, and the vacancy ratio fell by 2.8 percent. As in past years, the main growth driver was industry, but the IT and telecommunication sectors have also been responsible for increasing demand.
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10 I Developments in <strong>2016</strong>/<strong>2017</strong><br />
Unexpected new record.<br />
<strong>Stuttgart</strong>’s <strong>office</strong> <strong>market</strong> was in an excellent position at the end of <strong>2016</strong>, having once again achieved<br />
record results. <strong>The</strong> take-up rate has been increasing continuously in recent years, with 2015 already<br />
considered a record-breaking year. However, with an <strong>office</strong> space take-up of approx. 432,000 m² to<br />
31.12.<strong>2016</strong> an increase of approx. 49 % was again achieved over the previous year (31.12.2015:<br />
some 290,000 m²).<br />
High percentage of owner-occupiers<br />
Some 132,000 m² of take-up was accounted<br />
for by five owner-occupier<br />
contracts, whereby some 75,000 m²<br />
of this space relates to the project<br />
decision taken by Daimler AG in the<br />
third quarter of <strong>2016</strong> to establish its<br />
own campus on the former KNV site<br />
in <strong>Stuttgart</strong>-Vaihingen. Seen overall<br />
this was the largest single take-up on<br />
<strong>Stuttgart</strong>’s <strong>office</strong> <strong>market</strong>. It was supplemented<br />
by Robert Bosch GmbH<br />
in-house projects at its sites in Feuerbach<br />
(approx. 20,000 m²) and Leinfelden-Echterdingen<br />
(approx. 9,000 m²)<br />
in the fourth quarter. In addition to<br />
this, GFT AG expanded its site in Fasanenhof<br />
to include a further two buildings<br />
with some 10,000 m² of space.<br />
<strong>The</strong> largest letting contract, also<br />
concluded with Robert Bosch GmbH,<br />
was for approx. 23,000 m² in a new<br />
building already under construction<br />
in <strong>Stuttgart</strong>-Feuerbach.<br />
<strong>Stuttgart</strong>-Vaihingen is the<br />
strongest sub<strong>market</strong><br />
<strong>The</strong> strongest sub<strong>market</strong> with<br />
approx. 130,000 m² of <strong>office</strong> space<br />
take-up was <strong>Stuttgart</strong>-Vaihingen.<br />
In addition to the planned Daimler<br />
campus, take-up of large spaces at<br />
<strong>Stuttgart</strong> Engineering Park (STEP)<br />
was a major contributing factor, with<br />
new contracts for some 31,000 m²<br />
of letting space being signed. In second<br />
place was the <strong>Stuttgart</strong>-Feuerbach<br />
sub<strong>market</strong>, with approx. 64,700<br />
m², thanks to the take-up by Robert<br />
Bosch GmbH. At some 52,800 m² the<br />
third-strongest sub<strong>market</strong> was <strong>Stuttgart</strong>’s<br />
central business district. In addition<br />
to a letting contract signed by<br />
the State of Baden-Württemberg for<br />
some 5,800 m², a number of larger<br />
letting contracts for space in the new<br />
CityGate, Europe Plaza and Milaneo<br />
buildings contributed to the overall<br />
figure. <strong>The</strong> last vacant spaces were<br />
also let in the Dorotheen Quartier<br />
complex.
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