The 2016/2017 Stuttgart office market report

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-