E & G Real Estate - The 2017/2018 office market report
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Stuttgart – innovative and future-oriented.<br />
<strong>The</strong> <strong>2017</strong>/<strong>2018</strong> Stuttgart <strong>office</strong> <strong>market</strong> <strong>report</strong>.
An overview of the Stuttgart <strong>office</strong> <strong>market</strong>.<br />
Year<br />
Volume<br />
in m 2<br />
Representative<br />
prime rents<br />
per m 2<br />
Average central<br />
business<br />
district rents<br />
per m 2<br />
Vacancies<br />
in m 2<br />
Vacancies<br />
in %<br />
Total space in<br />
million m 2<br />
Completion<br />
volume in m 2<br />
Pre-let volume<br />
in m 2<br />
2003 149,000 17.50 € 14.50 € 379,000 5.30 6.973 145,000 80,000<br />
2004 152,000 17.00 € 14.50 € 415,000 5.70 7.102 129,000 93,500<br />
2005 145,000 17.00 € 13.50 € 402,000 5.60 7.170 68,500 51,400<br />
2006 140,000 17.50 € 13.60 € 467,400 6.50 7.222* 52,500 20,500<br />
2007 169,000 17.50 € 14.50 € 466,000 6.40 7.253 32,600 23,400<br />
2008 180,000 18.00 € 14.50 € 460,000 6.20 7.367 117,000 116,000<br />
2009 171,000 18.00 € 13.60 € 453,000 6.12 7.401 40,000 22,000<br />
2010 194,000 17.50 € 14.30 € 480,000 6.46 7.425 42,400 22,400<br />
2011 285,000 18.80 € 14.30 € 424,000 5.70 7.449 45,900 41,200<br />
2012 191,500 20.00 € 14.50 € 399,000 5.40 7.416 37,000 36,300<br />
2013 258,000 20.00 € 14.40 € 365,000 4.87 7.496 81,200 62,00<br />
2014 278,000 21.50 € 15.30 € 325,000 4.30 7.536 72,500 91,500<br />
2015 290,000 22.80 € 15.90 € 270,000 3.54 7.632 74,900 62,100<br />
2016 432,000 23.00 € 16.20 € 220,000 2.80 7.728 149,200 119,300<br />
<strong>2017</strong> 270,000 24.30 € 18.50 € 167,000 2.10 7.853 128,600 110,500<br />
* Data from a survey by BulwienGesa AG + Baasner, Möller & Langwald GmbH<br />
Source: Research E & G <strong>Real</strong> <strong>Estate</strong> GmbH ©, current as of: 31.12.<strong>2017</strong>
3 I Kapitelbeschreibung<br />
Kapitelbeschreibung I 4<br />
Kriegsberg 32<br />
Office + Hotel<br />
Office 13,000 m²<br />
0 % take-up<br />
Complection in Q3 2019<br />
Lautenschlager Areal I<br />
Office + Retail<br />
Office 6,200 m²<br />
90 % take-up<br />
Complection in Q4 <strong>2017</strong><br />
Lautenschlager Areal II<br />
Office + Retail + Residential<br />
Office 1,200 m²<br />
0 % take-up<br />
Complection in Q1 2019<br />
Europe Plaza<br />
Office + Retail<br />
Office 18,000 m²<br />
100 % take-up<br />
Complection in Q3 <strong>2017</strong><br />
TMP 1<br />
Hotel + Retail<br />
18,5000 m²<br />
95 % take-up<br />
Complection in Q1 2021<br />
Look 21<br />
Office 21,000 m²<br />
50 % take-up<br />
Complection in Q4 <strong>2018</strong><br />
Dorotheen Quartier<br />
THEO 9<br />
Office + Retail<br />
Büro 3,400 m²<br />
50 % take-up<br />
Complection in Q4 <strong>2017</strong><br />
Stiftstr. 3<br />
Office + Retail<br />
Office 700 m²<br />
0 % take-up<br />
Complection in Q1 2019<br />
Office + Retail<br />
Office 25,000 m 2<br />
100 % take-up<br />
Complection in Q2 <strong>2017</strong><br />
Rathausgarage<br />
Office + Retail<br />
Office 5,000 m²<br />
100 % take-up<br />
Complection in Q4 <strong>2018</strong><br />
Calwer Passage<br />
Office + Retail+ Residential<br />
Office ca. 11,300 m²<br />
100 % take-up<br />
Complection in Q4 2020<br />
EberhardHöfe<br />
Office + Retail + Residential<br />
Office 3,700 m²<br />
90 % take-up<br />
Complection in Q4 <strong>2018</strong><br />
Source: Research E&G <strong>Real</strong> <strong>Estate</strong> GmbH ©, current as of: 31.12.<strong>2017</strong>
Contents.<br />
Foreword.......................................................................................................6<br />
Strong concepts for the future.................................................................8<br />
<strong>The</strong> Europaviertel district – <strong>The</strong> heart of new urban flair.....................9<br />
Office <strong>market</strong> – Still dynamic..................................................................10<br />
Market drivers – Industry und IT.............................................................12<br />
Fewer contracts concluded in <strong>2017</strong>........................................................13<br />
Dynamic in creases – Development of rental prices..........................14<br />
Vacancies rech critical level ....................................................................16<br />
Top-7 break the four million barrier.....................................................18<br />
Stuttgart central/city – An area with a limited offering......................20<br />
Northern Stuttgart – the <strong>office</strong> <strong>market</strong> is virtually exhausted...........21<br />
Eastern Stuttgart – A transformation ist taking placet......................22<br />
Southern Stuttgart – A popular area. Development woirthwhile.......23<br />
Overview of the Stuttgart <strong>office</strong> <strong>market</strong>...............................................25<br />
Prospects for <strong>2018</strong> – Lack of space vs. potential ................................27<br />
Your contacts .............................................................................................28<br />
E & G <strong>Real</strong> <strong>Estate</strong>. German Property Partners .....................................29
6 I Foreword<br />
Foreword I 7<br />
Foreword.<br />
Stuttgart is a strong location for companies – Its economy is set for success.<br />
Continuing dynamism despite scarcity of space.<br />
Stuttgart’s economy is set for success. <strong>The</strong> number of workers and companies in the state capital is growing. <strong>The</strong> city is<br />
also a front runner in terms of productivity. Stuttgart’s economic power is considered to be the strongest in Germany.<br />
Between 2000 and 2015 Stuttgart’s gross domestic product per employee was approximately 27 000 euros, representing<br />
the strongest growth in Germany and value creation of some 100 000 euros per employee, also the highest figure nationally.<br />
In the same period the manufacturing sector saw growth of 90 percent, more than double the German average,<br />
while real and commercial tax income each increased by around 110 million euros in the period 2013 to 2016. <strong>The</strong><br />
unemployment rate is among the lowest in Germany.<br />
An increasing number of companies are being attracted to Stuttgart and existing companies are experiencing strong<br />
growth. 34 000 enterprises are located in the city, with this number increasing by approx. 2 000 in the period 2006 to<br />
2014. Property which is vacant or about to become vacant is quickly re-let. In addition to this, the number of workplaces<br />
offered in this re-let space is regularly increasing, while space productivity is also growing.<br />
<strong>The</strong> strength and efficiency of our economy are excellent. We cannot, however, rest on our laurels if we wish to continue<br />
on this successful path. We are at the beginning of a transformation; our task now is to consolidate existing strengths<br />
and further promote the diversity of our companies. We must achieve a balance between economy, ecology and social<br />
justice. You are invited to actively participate in this mission.<br />
Stuttgart continues to be an extremely attractive economic centre, as demonstrated by the consistent demand for<br />
new space and on-going investment in real estate. In <strong>2017</strong> take-up on the letting <strong>market</strong> was once again above<br />
average. While take-up of space was lower than in 2016, a further increase was, however, not to be expected<br />
following an exceptional year.<br />
<strong>The</strong> lack of space in Stuttgart last year, already mentioned above, is meanwhile becoming ever more apparent.<br />
Its consequences include large areas of new buildings already being let long before the buildings are completed<br />
and very little space thus coming onto the <strong>market</strong> when projects are finally completed. Demand also continues<br />
to be high for existing buildings, insofar as they meet current requirements regarding digitalization; flexible<br />
framework conditions and an urban working environment, however is confronted with an increasingly tight<br />
<strong>market</strong>. Against this background the development of co-working agglomerations in outlying city districts is<br />
become more and more important.<br />
In <strong>2017</strong> the strongest motor for growth was once again industry. <strong>The</strong> strong development of electro-mobility in<br />
combination with the provision of existing technologies has, in particular, resulted in increased space needs.<br />
<strong>The</strong> IT industry also played a significant role since the need for IT-related services is also increasing rapidly,<br />
above all in the energy and electro-mobility sectors.<br />
This development has been accompanied by a further increase in rents, both in the city centre and also in outlying<br />
districts. Parallel to this, the vacancy rate in <strong>2017</strong> reached an alarmingly low level, particularly in the<br />
high-quality segment. In the light of this, there is a great need for far-sighted investors and for politicians and<br />
administrators who act responsibly.<br />
<strong>The</strong> following pages present more detailed information on the topics addressed above. We hope that you will<br />
find the <strong>report</strong> interesting reading.<br />
Fritz Kuhn<br />
Lord Mayor of the State Capital of Stuttgart<br />
Ines Aufrecht<br />
Director of Business Development of the State Capital of Stuttgart<br />
Mario Caroli<br />
Managing Director<br />
Björn Holzwarth<br />
Managing Director
Developments in <strong>2017</strong>/<strong>2018</strong> I 9<br />
New forms of work<br />
Changes in forms of work have been apparent<br />
since as early as 2015. Static hierarchies<br />
are increasingly being replaced by<br />
creative team work, which in turn often<br />
entails projects which run for a limited<br />
period of time with framework conditions<br />
being redefined for each project instead<br />
of standard procedures being in place for<br />
all situations. <strong>The</strong> new working world’s<br />
initial innovations have become standard<br />
and/or have already been updated and<br />
improved in the meantime; guidelines<br />
for cross-company implementation have<br />
been defined, forming the basis for all<br />
considerations relating to space needs.<br />
Where these concepts cannot be realized<br />
in the space which is available, the current<br />
trend is less to question the concept than<br />
to doubt that the space is suitable. Demand<br />
for co-working workplaces remains<br />
unbroken and has continued to increase in<br />
recent years. This is, however, linked to the<br />
difficulty that an urban environment is of<br />
crucial importance for such workplaces. As<br />
a result, the creation of larger co-working<br />
agglomerations with all the corresponding<br />
amenities and benefits associated<br />
with co-working is also being discussed.<br />
In this context it must, however, be ensured<br />
that, on the one hand, a certain critical<br />
mass is achieved or, better, exceeded<br />
and, on the other, that the co-working<br />
atmosphere is maintained. This, in turn,<br />
means that decentralized locations must<br />
also offer some form of urban environment.<br />
<strong>The</strong> volume of co-working space<br />
Developments in <strong>2017</strong>/<strong>2018</strong>.<br />
Today’s industrial and working world is characterized by two mega-trends<br />
– a shift towards more flexible, creative project work in<br />
an urban environment and electro-mobility, which make enormous<br />
infrastructural adjustments necessary. Both are bringing significant<br />
change with them, particularly in the real estate sector.<br />
Strong concepts for the future.<br />
desired cannot be met in the city centre<br />
alone, particularly since options there are<br />
limited. <strong>The</strong> option of being able to end a<br />
project at short notice because rental contract<br />
durations can be handled flexibly and<br />
adjusted to meet changing framework parameters<br />
is a further advantage for users.<br />
Most of the co-working space offered<br />
by the various providers has been let – a<br />
further indication that there is continued<br />
demand. Parallel to changes in forms of<br />
work, the need for fast data links is greater<br />
than ever. <strong>The</strong>se requirements have been<br />
articulated and recognized at the political<br />
level, implementation is set to take place<br />
in <strong>2018</strong>/2019.<br />
Thinking about tomorrow today<br />
<strong>The</strong> upcoming 5G mobile network standard<br />
was already a topic for our 2016 <strong>report</strong>.<br />
It is a fundamental requirement for<br />
all self-driving vehicles. According to the<br />
statements issued to date by the companies<br />
involved, the first self-driving vehicles<br />
can be expected by 2020, as can<br />
the corresponding data links. <strong>The</strong> trend<br />
to electro-mobility –also a topic in several<br />
previous <strong>report</strong>s – is now a major one.<br />
All buildings are now being planned with<br />
the corresponding charging infrastructure;<br />
many have already been equipped with<br />
the corresponding technology. Over and<br />
above this, forward-thinking developers<br />
must also ensure that building structures<br />
are suitable for retro-fitting of charging<br />
infrastructure. This applies both to being<br />
able to run charging cables through buildings<br />
as well as to measures to ensure that<br />
the required electricity supply is available.<br />
In the past, some project developers have<br />
been confronted with the painful realization<br />
that demand far outstripped the supply<br />
available from the electricity provider. <strong>The</strong><br />
use of intelligent charging technologies<br />
will thus play a key role in coming years.<br />
Herausforderungen für alle<br />
<strong>The</strong> digital transformation process which<br />
industry is undergoing is resulting in<br />
fundamental changes, whose impact we<br />
cannot yet fully comprehend. Driven by<br />
industry’s desire to maintain its global leading<br />
position and due to the unforeseeable<br />
speed with which many things are<br />
currently changing, numerous industrial<br />
companies have no choice but to pursue<br />
new and old technologies simultaneously.<br />
This, in turn, has resulted in additional<br />
space requirements which should, however,<br />
become obsolete after a permanent<br />
shift in technology has occurred.<br />
Key for the coming years is that industry<br />
and medium-sized enterprises receive the<br />
support required to complete the transformation<br />
process as smoothly as possible.<br />
We are at the very beginning of this process;<br />
our task is to further develop existing<br />
strengths and to further promote business<br />
diversity. <strong>The</strong> founding of the Cyber Valley<br />
Baden-Württemberg, a network comprising<br />
the universities of Stuttgart and Tübingen;<br />
the state of Baden-Württemberg;<br />
<strong>The</strong> Europaviertel district – <strong>The</strong> heart of new urban flair.<br />
<strong>The</strong> Europaviertel district is increasingly developing its own personality. <strong>The</strong> central areas are almost<br />
complete while the periphery is making huge progress.<br />
A lively district<br />
McKesson, formerly Celesio AG, moved<br />
into its new <strong>office</strong>s in the “Europe Plaza”,<br />
seeing what is currently the district’s<br />
last new building project, comprising<br />
some 10 500 m² floor space,<br />
handed over to its principle user. This,<br />
together with an Italian restaurant on<br />
the building’s ground floor, represents<br />
a further complementary addition to<br />
the surrounding <strong>office</strong> buildings. Hotel<br />
chain Steigenberger was able to open<br />
its “Jaz in the City” in the Cloud No. 7<br />
building on the corner of Heilbronner/<br />
Wolframstrasse at the beginning of<br />
<strong>2018</strong>. <strong>The</strong> high-rise block’s residential<br />
units are scheduled to be completed in<br />
the second quarter of <strong>2018</strong>. Following<br />
this, the district will have achieved<br />
the urban flair desired by its planners.<br />
Generous open spaces and architecturally<br />
impressive buildings; the many<br />
and varied restaurants and bars in the<br />
area and the modern municipal library<br />
make the Europaviertel district a<br />
desirable attraction for Stuttgart. High<br />
pedestrian frequency rates are a clear<br />
reflection of this.<br />
Upcoming projects<br />
Construction company Strabag will be<br />
realizing a project on the last high-rise<br />
building plot, located on the corner<br />
of Türlenstrasse/Heilbronner Strasse.<br />
An architectural competition has been<br />
launched and the required tenants<br />
have already been identified – two<br />
hotel chains, each with their own<br />
concept. <strong>The</strong> Adina Apartment Hotel<br />
chain has a long-stay concept, while<br />
the Premier Inn group has a short-stay<br />
concept. <strong>The</strong> approx. 18 500 m² <strong>office</strong><br />
and hotel space which will be created<br />
on the site are thus no longer available<br />
to the <strong>market</strong>. <strong>The</strong> shell of Südwestmetall<br />
employers’ association’s “Look<br />
21” project, located opposite, is now<br />
standing and the building is scheduled<br />
to be completed in the first quarter of<br />
2019. In total some 20 000 m² of <strong>office</strong><br />
space will be created, whereby the<br />
maximum area which will be available<br />
to the <strong>market</strong> is the wing along Heilbronner<br />
Strasse, comprising approx.<br />
10 800 m². <strong>The</strong> remaining space will<br />
be occupied by the association as owner-occupier<br />
respectively by affiliated<br />
associations. Parallel to this, around<br />
120 residential units and a day-care<br />
nursery are being built on the rear<br />
section of the plot.<br />
Up to 60 000 m² of <strong>office</strong> space could<br />
be created on Plot A1.4, which is the<br />
penultimate free plot and located directly<br />
on Heilbronner Strasse. Its advantages<br />
are its prime location, just<br />
a few minutes’ walk from the railway<br />
station and directly adjacent to what<br />
will be the completed Europaviertel<br />
district.<br />
Hotel users generate frequency<br />
In addition to the existing hotel sites,<br />
further operators have decided to establish<br />
branches in the area round the<br />
railway station. <strong>The</strong>se will include a<br />
“Holiday Inn Express” and a “Hampton<br />
by Hilton” branch of the Holiday<br />
Inn group; a four-star hotel within Bonatz-Bau’s<br />
“Me and all Hotels” concept<br />
and a newly built Motel One branch on<br />
the site of the former EnBW headquarters.<br />
In total another approx. 700 beds<br />
should be available by 2020/2021.<br />
Excellent public transport<br />
connections<br />
<strong>The</strong> change-over to the winter timetable<br />
in December <strong>2017</strong> saw the “Budapester<br />
Platz” light rail transit station taken into<br />
service. <strong>The</strong> Europaviertel district thus<br />
now has 2 stations and a total of 5 light rail<br />
transit lines linking it to the rest of the city.<br />
<strong>The</strong> Europaviertel 2008.<br />
<strong>The</strong> Europaviertel <strong>2017</strong>.
10 I Developments in <strong>2017</strong>/<strong>2018</strong><br />
Developments in <strong>2017</strong>/<strong>2018</strong> I 11<br />
Office <strong>market</strong> – Still dynamic.<br />
<strong>2017</strong> saw Stuttgart’s <strong>office</strong> <strong>market</strong> once again achieve good letting results. Although at approx. 270<br />
000 m² take-up was some 38 % under the previous year, it must be noted that 2016 was an absolutely<br />
record-breaking year. <strong>The</strong> average figure for the previous ten years was around 245 000 m².<br />
<strong>The</strong> three largest contracts concluded to 31.12.2016<br />
Tenant Sub<strong>market</strong> Total area<br />
Daimler AG (owner-occupier) Leinfelden-Echterdingen ca. 50,000 m 2<br />
Daimler AG (Anmietung) Stuttgart-Vaihingen ca. 11,500 m 2<br />
Take-up is still above average<br />
Some 270 000 m² of <strong>office</strong> space in<br />
Stuttgart was let to companies in the<br />
period to 31.12.<strong>2017</strong>. This cannot compare<br />
to 2016, which easily surpassed<br />
the 400 000 mark (432 000 m2), however<br />
in <strong>2017</strong> significantly fewer owner-occupier<br />
contracts (only approx.<br />
56 800 m²) were included in the overall<br />
results. In the previous year this figure<br />
was around 132 000 m². Daimler AG’s<br />
decision in the first quarter of <strong>2017</strong> to<br />
pursue an in-house project comprising<br />
some 50 000 m² of space in Leinfelden-Echterdingen<br />
represented the<br />
largest single transaction of the year.<br />
<strong>The</strong> two largest letting contracts were<br />
concluded in the third quarter – Daimler<br />
AG took up just under 11 500 m²<br />
in the Stuttgart-Vaihingen industrial<br />
park, while law firm CMS Hasche Siegle<br />
signed a letting contract for approx.<br />
11 300 m² in a new-build project in<br />
Stuttgart’s central business district.<br />
Greatest take-up in Leinfelden-Echterdingen<br />
Daimler AG’s development project saw<br />
Leinfelden-Echterdingen become the<br />
strongest sub<strong>market</strong> with take-up of<br />
approx. 61 300 m². Some 52 000 m²<br />
of <strong>office</strong> space was let in the Vaihingen/Möhringen<br />
sub<strong>market</strong>, whereby<br />
Daimler AG again took the majority of<br />
the space. This was followed by Stuttgart’s<br />
central business district with<br />
take-up of around 51 600 m². In addition<br />
to the letting contract signed by<br />
law firm CMS Hasche Siegle, two large<br />
contracts with the City of Stuttgart<br />
and the State of Baden-Württemberg<br />
contributed to this take-up. <strong>The</strong>re was<br />
also strong demand for the completed<br />
new buildings. Large areas of the<br />
“Lautenschlager-Areal” and “<strong>The</strong>o 9”<br />
projects had thus already been let prior<br />
to completion.<br />
CMS Hasche Sigle (Anmietung) Stuttgart-City ca. 11,300 m 2<br />
Letting performance for <strong>office</strong> space in Stuttgart from 2006 to 2016 in m²<br />
Ø letting performance: 244,850<br />
169,000<br />
180,000<br />
171,000<br />
194,000<br />
285,000<br />
191,500<br />
258,000<br />
278,000<br />
290,000<br />
432,000<br />
270,000<br />
2007<br />
2008<br />
2009<br />
2010<br />
2011<br />
2012<br />
2013<br />
2014<br />
2015<br />
2016<br />
<strong>2017</strong><br />
Letting performance in Stuttgart and its sub<strong>market</strong>s in m²<br />
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 <strong>2017</strong><br />
Central business district 61,500 44,400 38,200 32,800 63,000 61,500 34,600 53,100 65,700 52.800 51,600<br />
City centre 46,600 41,700 83,800 66,600 97,500 58,400 51,000 44,200 53,500 32.200 39,300<br />
Vaihingen/Möhringen 13,700 18,500 20,200 26,200 56,300 18,200 62,200 34,700 56,300 141.200 52,000<br />
Fasanenhof 2,300 10,600 2,700 5,300 12,500 7,400 5,700 9,100 10,300 19.600 18,600<br />
Feuerbach/Zuffenhausen 6,800 12,300 3,300 28,500 24,800 18,700 27,200 34,700 37,400 64.700 5,800<br />
Degerloch 7,200 9,200 4,900 2,100 4,000 4,800 1,900 1,500 1,300 7.100 9,700<br />
Weilimdorf 5,100 12,800 5,900 11,400 5,500 5,300 7,700 30,900 42,900 33.100 18,100<br />
Bad Cannstatt/Wangen 15,400 12,500 8,100 8,300 13,400 12,000 19,800 54,900 15,100 45.500 11,800<br />
Leinfelden-Echterdingen 10,400 18,000 3,900 12,800 8,000 5,200 47,900 14,900 7,500 35.800 63,100<br />
Total 169,000 180,000 171,000 194,000 285,000 191,500 258,000 278,000 290,000 432,000 270,000<br />
Source for all diagrams: Research E&G <strong>Real</strong> <strong>Estate</strong> GmbH ©, current as of: 31.12.<strong>2017</strong>
12 I Developments in <strong>2017</strong>/<strong>2018</strong><br />
Entwicklungen 2015/2016 I 13<br />
Market drivers – Industry and IT.<br />
In <strong>2017</strong> industry once again continued to play a key role. <strong>The</strong> development of electro-mobility in<br />
particular is noticeable, with car manufacturers taking on increasing numbers of workers in this<br />
segment.<br />
IT service providers play an<br />
important role<br />
Approximately 107 000 m²or some<br />
40 % of take-up was accounted for<br />
by industrial companies, of which<br />
more than half was in the automotive<br />
segment. Public organizations<br />
rented around 32 000 m² of new <strong>office</strong><br />
space; this was due to interim<br />
letting contracts, in some cases for<br />
larger areas, concluded in response<br />
to planned building renovations.<br />
Thus, for example, the temporary<br />
relocation of parts of broadcaster<br />
SWR, making up around 7 000 m².<br />
In addition to this, there was strong<br />
Take-up by sector in %<br />
Media/<br />
Communication<br />
demand from the IT industry, which<br />
is a reflection of the growing dependency<br />
of the energy transition and<br />
electro-mobility sectors on IT-supported<br />
services. Numerous start-ups<br />
are springing up in this field, as clearly<br />
reflected in the corresponding<br />
figures – companies in this industry<br />
concluded contracts for some 28 900<br />
m² of <strong>office</strong> space..<br />
Increased demand from<br />
consultants<br />
Demand from consultants also increased,<br />
with the sector accounting<br />
for some 24 900 m² or around 9.2 %<br />
Financial Services<br />
of total take-up. In addition to this,<br />
Stuttgart experienced satisfactory<br />
demand in the education and health<br />
care segment. Due to their structural<br />
requirements, training companies<br />
are, however, continuing to experience<br />
problems finding suitable premises<br />
in the city centre. <strong>The</strong> “Other<br />
service providers” category includes<br />
a range of service providers, such<br />
as architects, engineers and trading<br />
companies, who accounted for<br />
around 16.6 % of take-up in <strong>2017</strong>.<br />
Fewer contracts concluded in <strong>2017</strong>.<br />
<strong>The</strong> largest single transaction in <strong>2017</strong> was a Daimler AG new building project in Leinfelden-Echterdingen.<br />
<strong>The</strong> “Daimler Truck Campus” being constructed on the site represents some 50 000 m² of<br />
floor space and is scheduled for completion in 2020/2021.<br />
Decline in the small area<br />
segment<br />
A total of 261 contracts were concluded<br />
in the period to 31.12.<strong>2017</strong>, with<br />
the third quarter displaying particularly<br />
strong performance – 92 contracts<br />
and take-up of approx. 109 000<br />
m². <strong>The</strong> < 500 m² segment experienced<br />
a significant decline in the number<br />
of contracts concluded – 165 compared<br />
to 226 in the previous year. This<br />
represents a reduction of some 30 %.<br />
A key reason for this is the scarcity of<br />
properties of this size. <strong>The</strong>re was also<br />
a significant decline in the number of<br />
contracts concluded in the 501 to 1<br />
000 m² segment, while the number of<br />
larger letting contracts was also modest<br />
in <strong>2017</strong> – only six contracts were<br />
concluded in the size segment from 2<br />
000 to 5 000 m². Nine contracts were<br />
concluded for premises > 5.000 m²,<br />
however accounted for some 45 % of<br />
total take-up. <strong>The</strong> number of lettings<br />
in the 1 001 to 2 000 m² segment also<br />
increased, with some 63 % more space<br />
let than in 2016.<br />
Education/<br />
Health Care<br />
3.0 %<br />
2.0 %<br />
Comparison of contracts by size<br />
Comparison of contracts by number<br />
6.9 %<br />
Consultants<br />
9.2 %<br />
39.7 %<br />
Energy/<br />
Industry<br />
Total figure in 2016:<br />
432,000 m²<br />
Total figure in <strong>2017</strong>:<br />
270,000 m²<br />
228,300<br />
226<br />
Total figure in 2016:<br />
369<br />
Total figure in <strong>2017</strong>:<br />
254<br />
IT/<br />
Telekommunications<br />
10.7 %<br />
120,300<br />
165<br />
Public<br />
Sector<br />
11.9 %<br />
16.6 %<br />
Others<br />
55,600<br />
39,800<br />
58,500<br />
31,400<br />
33,600<br />
54,900<br />
56,000<br />
23,600<br />
< 500 m 2 501–1,000 m 2 1,001–2,000 m 2 2,001–5,000 m² > 5,000 m²<br />
86<br />
39<br />
24<br />
35<br />
19<br />
6<br />
14<br />
9<br />
< 500 m 2 501–1,000 m 2 1,001–2,000 m 2 2,001–5,000 m² > 5,000 m²<br />
Source: Research E&G <strong>Real</strong> <strong>Estate</strong> GmbH ©, current as of: 31.12.<strong>2017</strong><br />
Source of both diagrams: Research E&G <strong>Real</strong> <strong>Estate</strong> GmbH ©, current as of: 31.12.<strong>2017</strong>
14 I Developments in <strong>2017</strong>/<strong>2018</strong><br />
Developments in <strong>2017</strong>/<strong>2018</strong> I 15<br />
Rents in peripheral locations<br />
continue to rise<br />
In <strong>2017</strong> the prime rent in the<br />
southern outlying districts remained<br />
stable at the previous year’s level of<br />
€ 16.50/m². This can be attributed to<br />
further lettings for new-build <strong>office</strong>s<br />
in the Airport City area. Parallel to<br />
this, the letting of new-build premises<br />
at Stuttgart Engineering Park and<br />
the Fasanenhof Office Campus resulted<br />
in a further increase in the average<br />
rent. In the northern outlying<br />
districts, the letting of high-quality<br />
<strong>office</strong> space also resulted in increases<br />
in both the prime and average<br />
rents. <strong>The</strong> only areas in which rents<br />
declined were the eastern fringes,<br />
due to a lack of new-build premises.<br />
A number of development projects<br />
are, however, at the planning stage,<br />
so rents can be expected to rise again<br />
in coming years, particularly in the<br />
prime segment.<br />
Central business district prime and average rents, 2007 to <strong>2017</strong> in €/m²<br />
17.50<br />
14.50<br />
18.00<br />
14.50<br />
13.60<br />
18.00<br />
14.30<br />
17.50<br />
14.30<br />
18.80<br />
20.00<br />
Prime rents<br />
14.50<br />
14.40<br />
20.00<br />
15.30<br />
21.50<br />
15.90<br />
22.80<br />
16.20<br />
23.00<br />
18.50 24.30<br />
Average rents<br />
Dynamic increases – development of rental prices.<br />
2007<br />
2008<br />
2009 2010 2011 2012 2013 2014 2015 2016<br />
<strong>2017</strong><br />
At € 24.30/m² the prime rent in Stuttgart increased by 5.6 % over the previous year. <strong>The</strong> average rent<br />
for the entire urban area including Leinfelden-Echterdingen was around € 13.70/m², representing an<br />
increase of 6.2 % over 2016.<br />
Prime and average rents in <strong>2017</strong> in €/m²<br />
New record figures for new<br />
and existing buildings<br />
Rents in Stuttgart’s central business<br />
district experienced significant<br />
further growth, with rents in the<br />
new building segment ranging from<br />
€ 19.00 to € 29.90/m². In some cases,<br />
however, these prices were influenced<br />
by special factors such as higher<br />
quality fixtures and fittings or compensation<br />
payments for VAT losses.<br />
<strong>The</strong> scarcity of offerings in the existing<br />
building segment also resulted<br />
in further price increases. This, in<br />
combination with extensive modernization,<br />
allowed rents ranging from<br />
€ 15.00 to € 19.00/m² to be achieved.<br />
Both resulted in the average rent in<br />
Stuttgart’s central business district<br />
rising by 14.1 % over the previous<br />
year to year to a figure of € 18.50/m².<br />
Rents also went up in Stuttgart’s city<br />
centre – the average rent increased<br />
by 3.9 % over 2016, the prime rent by<br />
2.7 %.<br />
Increases in all price segments<br />
In the price segment up to € 10.00/m²<br />
35 contracts were concluded, 61 % fewer<br />
than in the previous year. Rental<br />
premises in this price category are particularly<br />
scarce in the city centre, with<br />
virtually no properties on offer. 109<br />
contracts were signed in the segment €<br />
10.01 to € 13.00/m², of which 45 were<br />
in the central business district and city<br />
centre while the rest were in peripheral<br />
locations. <strong>The</strong> segment € 13.01 to €<br />
15.00/m² saw 52 contracts concluded;<br />
21 transactions were achieved for the<br />
segment € 15.01 to € 17.00/m². <strong>The</strong><br />
number of lettings in the price segment<br />
over € 17.00/m² rose significantly,<br />
from 26 in the previous year to 41 in<br />
<strong>2017</strong>; almost all were in the central business<br />
district.Mieten in peripheren<br />
24.30<br />
18.50<br />
Central business<br />
district<br />
18.60<br />
13.40<br />
City centre<br />
14.00<br />
11.30<br />
Outlying districts<br />
to the north<br />
11.00<br />
10.20<br />
Outlying districts<br />
to the east<br />
15.90<br />
12.00<br />
Outlying districts<br />
to the south<br />
Ø for the entire city: 13.70<br />
Prime rents<br />
Average rents<br />
Source for both diagrams: Research E&G <strong>Real</strong> <strong>Estate</strong> GmbH ©, current as of: 31.12.<strong>2017</strong>
16 I Developments in <strong>2017</strong>/<strong>2018</strong><br />
Developments in <strong>2017</strong>/<strong>2018</strong> I 17<br />
Vacancies reach critical level.<br />
At some 2.1% the vacancy rate to 31.12.<strong>2017</strong> dropped to one of the lowest levels ever recorded since<br />
the relevant statistics have been kept. Overall only approx. 167 000 m² of <strong>office</strong> space was still available<br />
for letting at short notice. High-quality space is in the shortest supply of all.<br />
Declines in almost all sub<strong>market</strong>s<br />
Space is currently scarce not only in<br />
the central business district and city<br />
centre but elsewhere too. Demand in<br />
peripheral locations also continues to<br />
outstrip supply. <strong>The</strong> choice of premises<br />
available to companies searching for<br />
<strong>office</strong> space which is available at short<br />
notice is very limited. In some cases<br />
this results in existing letting contracts<br />
being extended because no suitable<br />
alternatives are available. Results can<br />
be optimized by using the services of<br />
a consultant. Leinfelden-Echterdingen<br />
experienced the largest decline, some<br />
46.8 %. This was, however, primarily<br />
due to the fact that upcoming fire protection<br />
measures meant that a larger<br />
administrative building with almost<br />
15 000 m² of space was no longer available<br />
for short-notice letting. <strong>The</strong> supply<br />
of <strong>office</strong> space in the city centre fell<br />
by around 43.6 % to a mere 21 900 m²,<br />
while only approx. 22 000 m² are available<br />
in the central business district.<br />
This space is located in a diverse range<br />
of buildings, larger contiguous spaces<br />
are virtually non-existent.<br />
Outlying districts offer more<br />
project opportunities<br />
In the next two years companies looking<br />
for larger plots will increasingly<br />
focus on the outlying districts, since<br />
they offer many more opportunities<br />
for corresponding development<br />
projects. This will, in turn, result in<br />
further price rises in these areas.<br />
No significant expansion of space is<br />
expected in the central business district<br />
and city centre in the next two<br />
years, with the situation unlikely to<br />
improve until after 2020, when new<br />
projects come on stream. <strong>The</strong> new<br />
buildings currently under construction<br />
will not provide more than 15 000<br />
m² vacant space in the short term.<br />
Completion volume in m²<br />
Completion of building Pre-let<br />
42,000<br />
23,200<br />
45,900<br />
41,200<br />
37,000<br />
36,300<br />
81,200<br />
62,700<br />
72,500<br />
33,600<br />
81,900<br />
69,500<br />
149.200<br />
119.300<br />
128.600<br />
110.500<br />
109.600*<br />
64.300*<br />
180.800*<br />
121.000*<br />
2010 2011 2012 2013 2014 2015 2016 <strong>2017</strong> <strong>2018</strong> 2019<br />
* foreseeable completions/pre-lets<br />
Vacant <strong>office</strong> space as of 31.12.<strong>2017</strong> and percentage change over 2016<br />
– 19.0 %<br />
Stuttgart-City<br />
–<br />
– 30.2 %<br />
–<br />
+ 14.2 %<br />
+<br />
– 11.8 %<br />
– 4.3 %<br />
– 3.6 %<br />
+1.3 %<br />
–<br />
–<br />
Total<br />
167,000 m 2<br />
–<br />
–<br />
+<br />
– 46.8 %<br />
– 39.0 %<br />
–<br />
– 43.6 %<br />
–<br />
Source for both diagrams: Research E&G <strong>Real</strong> <strong>Estate</strong> GmbH ©, current as of: 31.12.<strong>2017</strong>
Developments in <strong>2017</strong>/<strong>2018</strong> I 19<br />
Comparison of vacancy rates in Germany in %<br />
2011<br />
2012<br />
2013<br />
2014<br />
2015<br />
2016<br />
<strong>2017</strong><br />
2.2<br />
2.1<br />
2.5<br />
5.1<br />
4.3<br />
6.0<br />
5.2<br />
8.1<br />
7.4<br />
7.0<br />
3.7<br />
4.8<br />
4.3<br />
5.9<br />
5.3<br />
14.4<br />
13.9<br />
13.8<br />
12.5<br />
11.8<br />
11.7<br />
8.4<br />
11.8<br />
11.6<br />
10.9<br />
10.9<br />
10.4<br />
9.8<br />
8.7<br />
8.4<br />
3.6<br />
5.1<br />
5.7<br />
6.9<br />
7.6<br />
7.4<br />
8.2<br />
3.5<br />
2.8<br />
5.7<br />
5.4<br />
4.9<br />
4.3<br />
7.7<br />
6.8<br />
6.3<br />
5.8<br />
4.0<br />
3.7<br />
Hamburg<br />
Berlin<br />
Düsseldorf<br />
Cologne<br />
Frankfurt a. M.<br />
Stuttgart<br />
Munich<br />
Top 7 break the four million barrier.<br />
Rental <strong>office</strong> space take-up in Germany’s Top 7 locations (Berlin, Düsseldorf, Frankfurt, Hamburg,<br />
Cologne, Munich and Stuttgart) to 31.12.<strong>2017</strong> totalled approx. 4.1 million m², breaking the four-million<br />
barrier for the first time. This new record-breaking figure exceeded the previous year’s high figure<br />
by a further 4 %. <strong>The</strong> vacancy rate in all Top 7 locations further declined to the end of the fourth<br />
quarter.<br />
Berlin just ahead of Munich<br />
Berlin’s <strong>office</strong> <strong>market</strong> was the front<br />
runner with take-up of 880 000 m²,<br />
ahead of Munich. Motors of growth<br />
were, on the one hand, online retailer<br />
Zalando, which concluded a number<br />
of large-scale letting contracts for a<br />
total of just under 125 000 m², and, on<br />
the other, co-working space providers.<br />
Thanks to a strong fourth quarter Munich<br />
took second place in the national<br />
ranking, with total take-up of some<br />
878 000 m². Frankfurt also achieved an<br />
historic high, namely around 728 300<br />
m² of take-up. <strong>The</strong> largest transaction<br />
in the city was a letting contract for<br />
two <strong>office</strong> projects in the Europaviertel<br />
district for a total of 52 600 m² concluded<br />
by Deutsche Bahn AG. Hamburg’s<br />
performance increased by 16 % over<br />
2016, while Düsseldorf saw a plus of 8<br />
% over the previous year’s figure. <strong>The</strong><br />
<strong>office</strong> <strong>market</strong>s in Cologne and Stuttgart<br />
were characterized by declines of 30 %<br />
respectively 38 %. Special factors had,<br />
however, resulted in 2016 performance<br />
in both cities being above average. In<br />
addition to this, the fourth quarter on<br />
both <strong>market</strong>s proved to be weak, with<br />
few major transactions in particular.<br />
Prime rent soars to € 39.50/m²<br />
With an increase of 6 % in its prime<br />
rent Stuttgart was second only to Berlin,<br />
which experienced 9 % growth. In<br />
Frankfurt the prime rent went up by 2<br />
%, reaching the highest figure in the<br />
country, namely € 39.50/m². <strong>The</strong> same<br />
applied to Düsseldorf – prime rents in<br />
the city rose by 2 % to € 27.00/m². <strong>The</strong><br />
level in Hamburg and Cologne remained<br />
the same as in the previous year. Munich<br />
saw a slight decrease of 1 % to €<br />
35.00/m². <strong>The</strong> city’s prime rent, the second<br />
highest after Frankfurt, was due,<br />
among other things, to large letting contracts<br />
concluded by WeWork and Amazon.<br />
<strong>The</strong> best figures for average rents<br />
were achieved in Berlin, with an increase<br />
of some 18 %, and Frankfurt with 13<br />
%. Munich (+ 9 %), Düsseldorf (+ 7 %)<br />
and Stuttgart (+ 6 %) also saw single-digit<br />
increases, whereas rents in Hamburg<br />
(– 2 %) and Cologne (– 3 %) fell slightly.<br />
Vacancies reach new low<br />
Existing <strong>office</strong> space including sublet<br />
space in the Top 7 locations currently<br />
totals 90.7 million m², with the volume<br />
of vacant <strong>office</strong> space now at only<br />
3.7 million m², equating to a vacancy<br />
rate of 4.1 % in terms of total existing<br />
<strong>office</strong> space. <strong>The</strong> most extreme<br />
decline in vacant space was experienced<br />
in Berlin, with a decrease of 39<br />
%. Munich (– 31 %) and Stuttgart (–<br />
24 %) are also faced with a scarcity of<br />
available space. <strong>The</strong> other cities also<br />
saw high declines ranging from 18 %<br />
(Frankfurt) to 15 % (Hamburg).<br />
This year and next year 259 <strong>office</strong><br />
projects with a total space of some<br />
2.5 million m² are expected to be<br />
completed. <strong>The</strong> majority of this space<br />
has, however, already ben pre-let<br />
or is earmarked for owner-occupiers<br />
and will thus not be available to the<br />
<strong>market</strong>.<br />
Big Seven take-up, 2007 to <strong>2017</strong> in m²<br />
820,000<br />
765,000<br />
540,000<br />
590,000<br />
853,000<br />
716,700<br />
608,000<br />
583,950<br />
755,000<br />
432,000 764,000<br />
169,000<br />
180,000<br />
171,000<br />
194,000<br />
285,000<br />
191,500<br />
285,000<br />
280,000<br />
290,000<br />
270,000<br />
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 <strong>2017</strong><br />
Stuttgart in comparison to other German cities<br />
Berlin<br />
Munich<br />
Frankfurt a. M.<br />
Hamburg<br />
Düsseldorf<br />
Cologne<br />
Stuttgart<br />
Take-up in m² Prime rent in €/m 2 Average rent in €/m 2 Vacancy rate in %<br />
2016 <strong>2017</strong> 2016 <strong>2017</strong> 2016 <strong>2017</strong> 2016 <strong>2017</strong><br />
Hamburg 550,000 640,000 26.00 26.00 15.50 15.20 5.1 4.3<br />
Berlin 820,000 900,000 27.50 30.00 16.10 19.00 3.7 2.2<br />
Düsseldorf 330,800 358,700 26.50 27.00 14.40 15.35 9.8 8.4<br />
Cologne 410,000 310,000 21.50 21.50 14.30 13.70 5.1 3.8<br />
Frankfurt a. M. 563,400 729,100 38.50 39.50 18.50 20.30 11.7 8.7<br />
Stuttgart 432,000 270,000 23.00 24.30 12.90 13.70 2.8 2.1<br />
Munich 764,000 877,600 35.25 35.00 15.50 16.90 3.7 2.5<br />
Source for all diagrams: GPP German Property Partners, current as of: 31.12.<strong>2017</strong><br />
877,600
20 I Kapitelbeschreibung<br />
Stuttgart – Central I 21<br />
Prime rent 2 central business district, the scarcity<br />
park into a service provider location.<br />
of space has resulted in the average<br />
rent increasing by 15 % to € 18.50/m²,<br />
while the prime rent has risen by 20<br />
Stuttgart – Central.<br />
% to € 24.30. <strong>The</strong> average rent in the<br />
city centre went up by 4 % to € 13.30/<br />
m² and the prime rent by 13 % to €<br />
18.60/m².<br />
A stable letting volume but significantly changed requirements<br />
regarding quality of space have led to growing<br />
demand for development projects and optimization of<br />
buildings.<br />
Feuerbach<br />
FFeuerbach and Zuffenhausen are still<br />
districts which are still characterized<br />
by the automotive industry. Take-up in<br />
<strong>2017</strong> was 5 800 m², significantly under<br />
the 10-year average and only 10 % the<br />
figure for 2016. <strong>The</strong> previous year was,<br />
Projekt „URBANIC“, Zuffenhausen; Quelle: Fritz OHG<br />
however, dominated by a high number<br />
of large letting contracts in the district.<br />
Following this, no new space was<br />
Stuttgart central /city centre – an area with a limited offering.<br />
completed in <strong>2017</strong> and no large areas<br />
worth mentioning came onto the <strong>market</strong>.<br />
<strong>The</strong> lack of space which has been<br />
repeatedly alluded to in previous years<br />
once again intensified in <strong>2017</strong>. <strong>The</strong><br />
situation is expected to improve from<br />
2020 onwards, when new projects<br />
come on stream and tenants thus have<br />
greater choice. At present there is practically<br />
no vacant space in this area of<br />
the city. This is a matter of concern since<br />
premises in Stuttgart’s central business<br />
district or city centre are key to winning<br />
new employees not only in the consulting<br />
sector but in many others too. Public<br />
organizations and IT companies, for<br />
example, are also focusing on locations<br />
in the city centre in response to the recognition<br />
that an urban environment<br />
makes workplaces far more attractive.<br />
This factor is thus influential when selecting<br />
a location for premises and, for<br />
example, has resulted in attempts to<br />
reproduce the urban flair which is so<br />
popular in the CBD/city centre in new<br />
campus development projects (Löwentor,<br />
Vaihingen, Zuffenhausen).<br />
central business<br />
A further factor which companies<br />
seeking new space take into consideration<br />
is the availability of public<br />
transport in the area; alternatively,<br />
they may decide to extend the contract<br />
for their existing premises if the<br />
rental price is correspondingly attractive.<br />
<strong>The</strong> situation in Stuttgart’s central<br />
business district and city centre is<br />
not expected to change significantly<br />
before 2019/2020. <strong>The</strong> “Lautenschlager-Areal”<br />
and “Look 21” complexes,<br />
which are nearing completion, have,<br />
in the main, already been let. No large<br />
contiguous spaces meeting the requirements<br />
for modern forms of working<br />
are available. In rare cases space<br />
is available in centrally located older<br />
buildings, however, does not offer all<br />
the facilities expected for today’s working<br />
world.<br />
Current developments in the city centre,<br />
such as the “Eberhardhöfe” project,<br />
which are approaching completion<br />
and the refurbished Karstadt building<br />
in Königstrasse will encourage further<br />
projects in the vicinity. This phenomenon<br />
has already been observed in<br />
the area around the Gerber building,<br />
where neighbouring buildings have<br />
now undergone renovation. <strong>The</strong> same<br />
is expected to occur in the district<br />
around the “Eberhardhöfe” complex,<br />
particularly since an LBBW development<br />
project is set to transform the<br />
appearance of the plot on the corner<br />
of Eberhardstrasse/Steinstrasse. This<br />
also applies to the new boutique hotel<br />
at Pierre-Pflümli-Platz behind the<br />
town hall and the “Rathausgarage”<br />
new building in combination with additional<br />
city <strong>office</strong> space. Both projects<br />
will be completed in <strong>2018</strong>.<br />
Total take-up in Stuttgart’s city centre/central<br />
business district was some<br />
90 900 m², 5 000 m² more than in the<br />
previous year. <strong>The</strong> 10-year average is,<br />
however, approx. 108 000 m².<br />
<strong>The</strong> letting transactions concluded in<br />
<strong>2017</strong> included a larger contract with<br />
a public organization for space in an<br />
existing building and a contract for<br />
<strong>The</strong> low take-up figure can thus<br />
be attributed to Feuerbach’s extremely<br />
tight <strong>market</strong>.<br />
In the area around Maybachstrasse<br />
the “MayOffice” project is currently in<br />
the preparatory stage, with building<br />
scheduled to commence in <strong>2018</strong>. <strong>The</strong><br />
approx. 8 500m² <strong>office</strong> development<br />
should be finished in mid-2020. A<br />
further smaller project in Maybachstrasse<br />
– around 6 000 m², is also being<br />
built in direct proximity to the “MayOffice”<br />
complex and has already been let<br />
to an automotive industry tenant. <strong>The</strong><br />
full renovation of the Leitz complex,<br />
announced two years ago, will be delayed<br />
by some six to nine months, is,<br />
however, scheduled for completion in<br />
<strong>2018</strong>. Work on a start-up campus with<br />
adjacent amenities such as a gym and<br />
hotel plus so-called “micro fabs” is still<br />
underway.<br />
<strong>The</strong> “Technologie-Center I” <strong>office</strong> project<br />
in Borsigstrasse, with total floor<br />
space of approx. 23 000 m² was completed<br />
in the fourth quarter of <strong>2017</strong><br />
and handed over to Robert Bosch<br />
district<br />
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2<br />
space in a development project. Some<br />
GmbH. This construction phase and its<br />
% share of space 22 % 16 % 16 % 5 % 41 % 30 % of letting contracts were for the<br />
expansion, the “Technologie-Center II”<br />
< 500 m² space segment; 39 % for the<br />
building on the opposite side of the<br />
m 2 11,337 7,995 8,443 2,415 21,120<br />
segment 501 to 2 000 m² and approx.<br />
road are part of the further transformation<br />
of the Feuerbach’s industrial<br />
Ø rental price 18.50 €/m 2<br />
29 % for spaces ≥ 4 000 m². In the<br />
24.30 €/m<br />
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<br />
% share of space 39 % 22 % 27 % 12 % 0 %<br />
Northern Stuttgart – the <strong>office</strong> <strong>market</strong> is virtually exhausted.<br />
Developments in previous years, also<br />
by the main user Robert Bosch GmbH,<br />
have given the area a modern appearance<br />
when viewed from Siemensstrasse.<br />
This will be added to in the<br />
coming years, when the current Daimler<br />
AG complex in Heilbronner Strasse<br />
has been replaced with a new-build<br />
Mercedes-Benz branch. Following<br />
this, the appearance of the Heilbronner<br />
Strasse will, with the exception of<br />
a few buildings/plots, have been fully<br />
transformed.<br />
Robert Bosch GmbH also has further<br />
plans to construct a new building with<br />
approx. 50 000 m² of <strong>office</strong> space on<br />
what is now a car park directly adjacent<br />
to the B 295 main road in the area<br />
Bregenzer Strasse/corner of Leobener<br />
Strasse. <strong>The</strong> objective behind this is to<br />
concentrate widely dispersed company<br />
departments in one single location.<br />
Developments in Feuerbach/Zuffenhausen<br />
are currently largely dominated<br />
by the extensive upheavals being<br />
experienced by industry and caused<br />
by the challenges of digitalization and<br />
changes in the context of self-driving<br />
vehicles.<br />
Zuffenhausen<br />
m 2 13,318 7,363 9,155 4,120 0<br />
Ø rental price 13.30 €/m 2<br />
Prime rent 18.60 €/m 2<br />
Feuerbach/<br />
Zuffenhausen<br />
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5.000 m 2 > 5,001 m 2<br />
% share of space 53 % 15 % 32 % 0 % 0 %<br />
m 2 2,973 858 1,850 0 0<br />
Ø rental price 11.30 €/m 2<br />
Prime rent 14.00 €/m 2<br />
A further development project has<br />
been expected for some time now and<br />
has now reached the realization stage.<br />
An entire <strong>office</strong> campus is planned on<br />
the Spedition Fritz complex, located at<br />
Schwieberdingerstrasse/corner of Lorenzstrasse<br />
in Stuttgart Zuffenhausen.<br />
<strong>The</strong> project will be carried out in several<br />
construction phases, with a total of<br />
some 35 000 m² of <strong>office</strong> space planned.<br />
<strong>The</strong> corresponding building permits<br />
have been applied for and, assuming<br />
that pre-letting figures are satisfactory,<br />
work could start in the near future.<br />
<strong>The</strong> design concept envisages a number<br />
of buildings arranged around an open<br />
space. <strong>The</strong> combination of existing old<br />
buildings – for use as restaurants and<br />
bars – with cutting-edge architecture<br />
should make this an attractive project.<br />
This is, incidentally, the only project within<br />
the boundaries of the city of Stuttgart<br />
which will be able to provide such a<br />
large amount of space in the near future.<br />
Weilimdorf<br />
With a vacancy rate of 3.2 % or 12 000<br />
m² the <strong>market</strong> in the Weilimdorf district<br />
is also now practically fully let, with<br />
only 54 % of the previous year’s take-up<br />
achieved. This is not due to a lack of demand<br />
but to a lack of properties. Space<br />
which is still available is distributed<br />
among several buildings or no longer<br />
appropriate for current needs and thus<br />
difficult to position on the <strong>market</strong>. Letting<br />
of the final space formerly occupied<br />
by Ernst & Young in <strong>2017</strong> saw all available<br />
large spaces in the location taken;<br />
short-term larger requirements cannot<br />
currently be met. A new-build development<br />
project in the industrial park, to-
22 I Stuttgart – Central<br />
talling some 15 000 m², is at the preparatory<br />
stage; the space should come<br />
onto the <strong>market</strong> in around 24 months.<br />
<strong>The</strong> scarcity of space has resulted in an<br />
increase in rents in Weilimdorf, from<br />
an average of € 10.50/m² to € 11.40/m².<br />
auf 11,40 €/m².<br />
Eastern Stuttgart – a transformation is taking place.<br />
Bad Cannstatt<br />
Following the starting signal for the<br />
“Neckarpark” project in 2016, the<br />
complex is now gradually being realized.<br />
<strong>The</strong> municipal authorities have<br />
completed the central park; DIBAG’s<br />
first commercial buildings are under<br />
construction along Daimlerstrasse<br />
and have already been let. Further<br />
development on the Bülow AG Q8<br />
site and DIBAG’s distinctive corner<br />
building at Mercedestrasse/Daimlerstrasse<br />
(Q9) are at the planning stage<br />
and will be completed by 2021, as<br />
will the new swimming baths which<br />
are being built by the state capital.<br />
Parallel to this, homes for a further<br />
approx. 3 000 people are being<br />
created in the Neckarpark district.<br />
In the Löwentor area various planned<br />
projects of recent years are now taking<br />
shaping. On the corner plot<br />
Pragstrasse/Löwentorstrasse the “Leo<br />
Business Campus”, a joint SV-<br />
Versicherung/LBBW Immobilien<br />
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<br />
% share of space 8 % 6 % 22 % 28 % 36 %<br />
m 2 1,365 1,173 3,931 5,089 6,623<br />
Ø rental price 11.40 €/m 2<br />
Prime rent 13.50 €/m 2<br />
Bad Canstatt/<br />
Wangen/Hedelfingen<br />
GmbH development project, will create<br />
a total of 24 000 m² of floor space<br />
by 2020. In future the complex, comprising<br />
three buildings with modern<br />
architecture and façades, will function<br />
as the “gateway” to the Löwentor<br />
service industry area. Following successful<br />
conclusion of a letting contract<br />
with Telekom for one building<br />
section, only some 16 000 m² are<br />
currently still available.<br />
DIBAG AG is also working on a newbuild<br />
project comprising a total floor<br />
space of 10 000 m² in Löwentorstrasse<br />
(pre-letting approx. 30 %), scheduled<br />
for completion by 2020.<br />
It appears that an interesting link<br />
is developing between the new<br />
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2<br />
% share of space 12 % 27 % 31 % 30 % 0 %<br />
m 2 1,394 3,070 3,630 3,468 0<br />
Ø rental price 10.20 €/m 2<br />
Prime rent 11.00 €/m 2<br />
areas of the Leo Business Campus<br />
and the Wizemann complex, aimed<br />
at start-up companies and located<br />
near the Campus, the like of which<br />
does not exist at other Stuttgart<br />
<strong>office</strong> locations. <strong>The</strong> overall impression<br />
is complemented by the extremely<br />
high-end architecture of owneroccupier<br />
Mahle, who is using a modular<br />
concept to extend its corporate<br />
headquarters by 2020.<br />
Overall the district will be a very modern<br />
<strong>office</strong> location with excellent<br />
prospects for the future thanks to<br />
its excellent amenities, such as proximity<br />
to the Rosenstein park and<br />
planned shopping facilities.<br />
Wangen/Hedelfingen<br />
Low vacancy rates and a lack of new<br />
space meant the Wangen/Hedelfingen<br />
sub<strong>market</strong> was not particularly<br />
dynamic. At approx. 11 000 m² total<br />
take-up was significantly below<br />
the 10-year average of 20 500 m².<br />
Southern Stuttgart – a popular area. Development worthwhile.<br />
Degerloch<br />
In <strong>2017</strong> take-up in the area was 9 700<br />
m², representing an increase of 27 % over<br />
2016. All of the corresponding contracts<br />
were, however, for properties around<br />
the Albplatz square, since space in the<br />
rest of the district remains very scarce.<br />
Thanks to its good infrastructure Degerloch<br />
continues to offer potential and<br />
probably a decisive factor in the new letting<br />
transactions which took place. Development<br />
projects in the Albplatz area,<br />
which have remained at the planning<br />
stage for some years now, seem to be<br />
making progress and the first changes<br />
can be expected in the next few years.<br />
<strong>The</strong> recent announcement that law firm<br />
CMS Hasche Siegle has signed a contract<br />
for premises in Stuttgart’s central business<br />
district will result in further changes<br />
around Albplatz; they will, however,<br />
only have an impact from approx. 2022<br />
onwards. Overall, thanks to its good infrastructure<br />
and local shopping amenities<br />
the district remains popular with a<br />
wide range of users and further positive<br />
development is expected.<br />
Leinfelden-Echterdingen<br />
At the end of <strong>2017</strong> the new-build space<br />
created by the “SkyLoop” and “SkyPort”<br />
projects at Stuttgart Airport had been<br />
almost fully let. In response to this, the<br />
possibility of further development of currently<br />
vacant plots around the airport is<br />
under consideration. A number of development<br />
projects in recent years have<br />
resulted in a significant upgrading of Echterdingen’s<br />
industrial park. January <strong>2017</strong>,<br />
for example, saw the opening of the<br />
Moxy Hotel in Dieselstrasse, while the<br />
neighbouring former “Brixner Complex”,<br />
located directly adjacent to the Leinfelden-Echterdingen<br />
motorway exit, was<br />
Stuttgart – Central I 23<br />
In previous years take-up has been tes will allow higher-quality use in<br />
characterized by projects which are the form of modern <strong>office</strong> space to<br />
currently under construction. Changes<br />
take place.<br />
in take-up are not expected to A further project, whose industrial<br />
occur until new projects commence. character makes it unusual, is underway<br />
Two developments are currently foreseeable<br />
in neighbouring Obertürk-<br />
in Ulmer Strasse, where heim – the “Hammerwerk”.<br />
the demolition of old production si-<br />
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<br />
% share of space 0 % 0 % 15 % 0 % 85 %<br />
m 2 0 0 1,466 0 8,190<br />
Ø rental price 11.90 €/m 2<br />
With rental take-up of 18 600 m² in <strong>2017</strong><br />
Fasanenhof’s industrial park was able to<br />
achieve almost match its performance of<br />
the previous year. <strong>The</strong> upturn which was<br />
already being forecast some years ago appears<br />
to be making steady progress, with<br />
the co-working concept established in<br />
2016 proving very popular. In combination<br />
with the GFT AG start-up incubator Fasanenhof<br />
now has two buildings serving<br />
young start-up companies at different stages<br />
of their development. A diverse range<br />
of restaurants offer many options for workers’<br />
daily needs.<br />
At 22 the number of contracts concluded<br />
is similar to the statistics for previous ye-<br />
Leinfelden-<br />
Echterdingen<br />
sold in 2016. Scheduled for completion<br />
in <strong>2018</strong> the modern new <strong>office</strong> complex,<br />
comprising three buildings with a total<br />
area of approx. 26 000 m², will function<br />
as a “gateway” to the industrial park and<br />
looks set to give the area a smarter appearance.<br />
One building, accounting for<br />
some 30 % of the total area, has already<br />
been fully let even before construction<br />
has begun. Completion of the campus is<br />
scheduled for 2020/2021.<br />
In <strong>2017</strong> Daimler AG acquired a plot in<br />
the Leinfelden area, with the objective<br />
of developing the “Daimler Truck Campus”,<br />
a central site for its entire truck division<br />
which will have a total of some 50<br />
000 m² floor space and is scheduled for<br />
completion by 2021. A total of 63 100<br />
m² of <strong>office</strong> space was let in the entire<br />
Leinfelden-Echterdingen district, which<br />
also includes Stuttgart Airport, in <strong>2017</strong>.<br />
This represents an increase of 76 % over<br />
the previous year, whereby the 10-year<br />
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2<br />
% share of space 1 % 4 % 13 % 0 % 82 %<br />
m 2 257 2,561 8,671 0 51,500<br />
Ø rental price 12.20 €/m 2<br />
Prime rent 15.90 €/m 2<br />
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<br />
% share of space 22 % 0 % 26 % 0 % 52 %<br />
m 2 3,985 0 4,807 0 9,648<br />
Ø rental price 12.20 €/m 2<br />
Prime rent 13.50 €/m 2<br />
average for the district is around 16 400<br />
m². Pressure on the <strong>market</strong> makes shortterm<br />
development in this location an interesting<br />
option.<br />
Fasanenhof<br />
Projekt „leo BUSINESS CAMPUS STUTTGART“ Stuttgart Nord; Quelle: LBBW Development GmbH
ars, demonstrating that demand is not<br />
reliant solely on a small number of contracts<br />
but rather has a broad base. Areas<br />
becoming vacant are immediately absorbed<br />
by the <strong>market</strong>. An entire <strong>office</strong><br />
building with some 9 000 m² of space<br />
was, for example, let to the State of Baden-Württemberg.<br />
Consistent demand<br />
in the district has, among other things,<br />
resulted in two new development projects.<br />
<strong>The</strong> “Bürocampus Fasanenhof”<br />
<strong>office</strong> complex with a total floor area of<br />
14 000 m² is currently being constructed<br />
in two phases. 30 % of space had already<br />
been let before building began, completion<br />
is scheduled for the end of 2019.<br />
A further building is under construction<br />
in the direct vicinity; 50 % of its approx.<br />
3 800 m² space has already been let.<br />
This project should be completed by the<br />
end of <strong>2018</strong>. <strong>The</strong> Fasanenhof district will<br />
thus once again have new-build space<br />
available from the end of <strong>2018</strong> onwards;<br />
low vacancy rates mean that letting of<br />
the remaining space should have been<br />
completed before the building has been<br />
finished. <strong>The</strong> first construction phase for<br />
the extension of the U6 light rail transit<br />
line to the exhibition centre and airport,<br />
a subject of discussion for some years,<br />
is now underway. Current information<br />
is that the line should be completed by<br />
the beginning of 2020.<br />
Vaihingen/Möhringen und STEP<br />
Changes in Daimler AG and Allianz AG<br />
premises, already announced in 2016,<br />
are now very apparent, with a higher<br />
public awareness of the Vaihingen/<br />
Möhringen industrial park thanks to<br />
the extension of the U12 light rail transit<br />
line. <strong>The</strong> completion of various new<br />
<strong>office</strong> projects has given the district, formerly<br />
characterized by industry, a new<br />
appearance and it is increasingly beco-<br />
Stuttgart – Central I 25<br />
Overview of the Stuttgart <strong>office</strong> <strong>market</strong>.<br />
Take-up <strong>2017</strong><br />
< 10.000 10,000 m² m 2<br />
10.001 < 10,001 bis - 20,000 20.000 m²<br />
2<br />
NEO, Stuttgart Vaihingen; Quelle: W2 Architekten<br />
20.001 < 20,001 bis - 30,000 30.000 m²<br />
2<br />
ming a modern <strong>office</strong> location. Further or to completion, showing once again<br />
projects which are currently at the planning<br />
or construction stage will further as an <strong>office</strong> location. Completion of this<br />
how attractive the STEP is to its users<br />
30.001 < 30,001 bis - 40,000 40.000 m²<br />
2<br />
consolidate this trend. <strong>The</strong> changes are<br />
most obvious at the corner of Industriestrasse/Wallgraben,<br />
building project will see the last plot<br />
available at the STEP fully developed<br />
A 81<br />
Direction Heilbronn<br />
above 40.001 40,001 m²<br />
were excavation for and the <strong>office</strong> park project successfully<br />
the Daimler Campus’ new underground ended. <strong>The</strong> STEP’s success story as the<br />
Gewerbe-/<br />
industrial/<strong>office</strong> locations<br />
car park are taking place. In addition blueprint for an <strong>office</strong> complex with<br />
Bürostandorte<br />
to approx. 75 000 m² floor space, the corresponding infrastructure has carried<br />
Stammheim<br />
overall project will create some 4 500<br />
new jobs when it has been completed<br />
over into its take-up rates, with demand<br />
for modern <strong>office</strong> space in a professional<br />
Mühlhausen<br />
in 2020/2021. Building 1A of the KNV<br />
environment unbroken in <strong>2017</strong>.<br />
Zuffenhausen<br />
complex, completed at the end of <strong>2017</strong><br />
and with a total area of 10 800 m², could<br />
be let to Daimler AG in the long term.<br />
Overall approx. 7 100 m² of <strong>office</strong> space,<br />
including new-build areas, was (re-)let<br />
at the park. Despite its limited offering,<br />
A 81<br />
Direction Singen<br />
Münster<br />
Allianz AG’s parallel project, which will a total of 52 000 m² of <strong>office</strong> space was<br />
Weilimdorf<br />
create some 120 000 m² of <strong>office</strong> space, let in the Vaihingen/Möhringen district<br />
Feuerbach<br />
Bad Cannstatt<br />
is currently in the planning phase, however<br />
minor delays are expected. Trelleborg<br />
in <strong>2017</strong>. This represents some 14 %<br />
above the 10-year average. <strong>The</strong> signi-<br />
AG’s new building and a hotel are ficant decline over 2016 was caused by<br />
Stuttgart<br />
North<br />
scheduled for the first half of <strong>2018</strong>. Unfortunately,<br />
the fact that the previous year’s perfor-<br />
Untertürkheim<br />
in this case also no additiomance<br />
was characterized by exceptional<br />
Stuttgart<br />
Botnang<br />
Stuttgart<br />
nal new space will be available. Within <strong>market</strong> activity. A total of approx. 40.000<br />
City East<br />
Obertürkheim<br />
the scope of the industrial park’s transformation,<br />
planning for the widening of 1.0 million m² of <strong>office</strong> space in the area,<br />
West<br />
m² is available out of a total of approx.<br />
Stuttgart<br />
Wangen<br />
Nord-Süd-Strasse have made progress, representing a vacancy rate of some 4.0<br />
Stuttgart South<br />
with the first changes – a second intersection<br />
for Breitwiesenstrasse – approved<br />
%. <strong>The</strong>se vacant areas include a certain<br />
amount of long-term vacant property<br />
Hedelfingen<br />
and scheduled for implementation and comprise small areas spread across<br />
in early <strong>2018</strong>. Parallel to this, the local many buildings. <strong>The</strong> largest contiguous<br />
Vaihingen<br />
Sillenbuch<br />
council has approved the funds required vacant space is 4 000 m² in size, larger<br />
Degerloch<br />
to make changes to Nord-Süd-Strasse spaces are not available in the area in<br />
A 8<br />
in its double budget for <strong>2018</strong>/2019. <strong>The</strong> the short term. <strong>The</strong> next development<br />
Direction Karlsruhe<br />
Möhringen<br />
final new building at Stuttgart Engineering<br />
which will bring space (some 17 700 m²)<br />
Birkach<br />
Park (STEP), Building 8.3, is cur-<br />
onto the <strong>market</strong> is the “Neo” project in<br />
Interchange<br />
Stuttgart<br />
Fasanenhorently<br />
under construction and should Ruppmannstrasse, scheduled for completion<br />
in 2019.<br />
A 81<br />
be finished in the first quarter of <strong>2018</strong>.<br />
Plieningen<br />
This project has also been fully let pri-<br />
A 8<br />
Direction München<br />
Vaihingen/<br />
Möhringen/STEP<br />
< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2<br />
Leinfelden-<br />
Echterdingen<br />
% share of space 8 % 11 % 20 % 10 % 51 %<br />
Fair Stuttgart<br />
m 2 3,990 5,762 10,232 4,874 27,094<br />
Ø rental price Vaihingen: 12.80 €/m 2 , Möhringen: 10.40 €/m 2
<strong>2018</strong> forecast I 27<br />
Prospects for <strong>2018</strong>.<br />
In recent years Stuttgart’s attractiveness has again increased.<br />
<strong>The</strong> continuing dynamism of this economic centre is<br />
reflected in consistent demand for new space and extensive<br />
investment in real estate, as well as by a gratifying<br />
influx of new residents. <strong>The</strong> city and its business community<br />
will not, however, be able to rest on their laurels.<br />
All signs point to prosperity; the task will be to maintain,<br />
shape and develop it.<br />
Prospects for <strong>2018</strong> – lack of space versus potential.<br />
New forms of work and the rapidly accelerating digitalization of the working world present much<br />
greater challenges as regards the standard of building facilities and furnishings.<br />
<strong>The</strong> transformation of the automotive<br />
industry, already referred to above,<br />
is in full swing. It is impacting<br />
not only manufacturers, but also the<br />
entire supplier and mechanical engineering<br />
industry located in the<br />
region and directly in Stuttgart. <strong>The</strong><br />
changes in the energy sector initiated<br />
by politicians and a move away<br />
from the diesel engine have resulted<br />
in the increasing acceleration of the<br />
development of electro-mobility and<br />
alternative power concepts. This, in<br />
turn, is leading companies to make<br />
huge investments in both IT development<br />
and also in mobility concepts.<br />
Re-thinking processes in the<br />
field of project management are resulting<br />
in many new ideas. Heuristic<br />
methods such as “trial and error” are<br />
coming back into fashion, resulting<br />
in much shorter development cycles<br />
and, in some cases, the decision not<br />
to pursue a project. In this context<br />
it is crucial that companies are able<br />
to provide a creative space and the<br />
corresponding required flexibility of<br />
use. In some cases, this need is met<br />
by existing co-working space providers,<br />
who attempt to react flexibly to<br />
clients’ needs. <strong>The</strong> current offering in<br />
this sector is, however, insufficient<br />
and, in line with these requirements,<br />
further co-working agglomerations<br />
could be set up. Demand exists, the<br />
only thing that is missing is the required<br />
space in an urban environment.<br />
<strong>The</strong> <strong>market</strong> in the central business<br />
district and city centre continues to<br />
be tight, while space in peripheral<br />
areas is also scarce. <strong>The</strong> choice<br />
of premises available to companies<br />
searching for <strong>office</strong> space which is<br />
available at short notice is currently<br />
very limited. <strong>The</strong> result, particularly<br />
where large volumes of space are required,<br />
is a shift of focus to outlying<br />
districts, where various projects are<br />
scheduled for completion in the next<br />
24 months. No expansion of the offering<br />
in central business district and<br />
city centre locations can be expected<br />
in the coming two years.<br />
We forecast that the total volume of<br />
<strong>office</strong> space take-up in <strong>2018</strong> will be<br />
in the range of 230 000 to 250 000<br />
m² and that rents will continue to increase<br />
due to the scarcity of space.
28 I Your contacts<br />
Kapitelbeschreibung I 29<br />
Your contacts.<br />
E & G <strong>Real</strong> <strong>Estate</strong>.<br />
E & G <strong>Real</strong> <strong>Estate</strong> is your competent<br />
partner for the <strong>market</strong>ing of <strong>office</strong> real<br />
estate.<br />
Every property has its own specific<br />
demands and thus requires a tailored<br />
solution. Thanks to our detailed <strong>market</strong><br />
and local knowledge as well as our<br />
consultants’ many years of experience,<br />
Ulrich Nestel<br />
Head of Office Letting and<br />
Retail Stuttgart<br />
Fon +49 711/2148-291<br />
Ulrich.Nestel@eug-re.de<br />
we are able to identify exactly the correct<br />
strategy for your property.<br />
Our team in Stuttgart would be pleased<br />
to help you.<br />
You can contact us on:<br />
Tel.: +49 711/2148-300<br />
Fax: +49 711/2148-290.<br />
Sebastian Degen<br />
Office Letting Consultant<br />
Fon +49 711/2148-166<br />
Sebstian.Degen@eug-re.de<br />
Informationen on the Internet:<br />
www.eug-immobilien.com<br />
Helga Schöner<br />
Office Letting Consultant & Research<br />
Fon +49 711/2148-269<br />
Helga.Schoener@eug-re.de<br />
E & G <strong>Real</strong> <strong>Estate</strong> offers you a one-stop shop for a comprehensive range of services relating ro the<br />
asset class of real estate. With the very highest discretion and integrity, we enable you to keep your<br />
bearings in rapidly changing <strong>market</strong>s. Our success is founded aboce all on excellent knowledge of the<br />
<strong>market</strong> and decades of experience in real estate business.<br />
E & G <strong>Real</strong> <strong>Estate</strong>.<br />
Systematic research form the basis for<br />
our analyses of location, portfolios and<br />
cost-effectiveness that reflect <strong>market</strong><br />
conditions. From these, we derive strategies<br />
aimed at capitalising on potentials<br />
for earnings and efficiencies. In<br />
addition to comprehensive leasing services,<br />
our core expertise includes project<br />
consulting and transaction business.<br />
We adopt a hostic approach in<br />
consulting on real estate: we partner<br />
you all the way - from the development<br />
of <strong>market</strong>ing strategies to the<br />
preparation of data on properties and<br />
the implementation of <strong>market</strong>ing processes.<br />
Our services.<br />
Research<br />
Investment analyses and consulting<br />
Transactions, renting and leasing of<br />
<strong>office</strong>, retail, industrial and logistics<br />
space<br />
Our further publications<br />
Stuttgart Investment Market Report<br />
Stuttgart Industrial & Logistic Market Report<br />
Munich Office & Investment Market Report<br />
Our <strong>office</strong>s.<br />
Stuttgart<br />
Börsenplatz 1<br />
70174 Stuttgart<br />
Fon +49 711/2148-300<br />
Munich<br />
Herzog-Rudolf-Straße 1<br />
80539 München<br />
Fon +49 89/17 95 94-0<br />
and other information materials may be obtained free of charge from:<br />
info@eug-re.de or www.eug-immobilien.com.<br />
GERMAN PROPERTY PARTNERS: LOCAL COMPETENCE NATIONWIDE.<br />
Matthias Hägele<br />
Office Letting Consultant<br />
Fon +49 711/2148-292<br />
Matthias.Haegele@eug-re.de<br />
Jessica Naschke<br />
Office Letting Consultant<br />
Fon +49 711/2148-296<br />
Jessica.Naschke@eug-re.de<br />
Katharina Barwind<br />
Commercial Property Assistant<br />
Fon +49 711/2148-297<br />
Katharina.Barwind@eug-re.de<br />
German Property Partners - or GPP is a<br />
nationwide network for commercial real<br />
estate in Germany. GPP bundles the expertise<br />
of leading commercial property<br />
companies in a nationwide alliance for<br />
regional competence. National and international<br />
clients can profit from one<br />
face to the customer and from the local<br />
expertise of our partners. In short: one<br />
contact partner for all Big 7 property<br />
<strong>market</strong>s in Germany.<br />
Disclaimer:<br />
<strong>The</strong> compilation of this study was conducted with the greatest of care. We cannot accept any liability for the correctness of estimates.<br />
Your understanding in this matter is appreciated.<br />
Find out more about the top 7 commercial real estate locations in our free-of-charge GPP Commercial Market Reports at:<br />
http://www.germanpropertypartners.de/en/<strong>market</strong>-survey/
E & G <strong>Real</strong> <strong>Estate</strong> GmbH<br />
Börsenplatz 1, 70174 Stuttgart<br />
Tel.: +49 711/2148-300<br />
Mail: stuttgart@eug-re.de<br />
Web: www.eug-immobilien.de<br />
Amtsgericht Stuttgart, HRB 733293, Geschäftsführer: Mario Caroli, Björn Holzwarth