E & G The 2017-2018 Office Market Report

Stuttgart – innovative and future-oriented. 

The 2017/2018 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 

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 

2017 270,000 24.30 € 18.50 € 167,000 2.10 7.853 128,600 110,500 

* Data from a survey by BulwienGesa AG + Baasner, Möller & Langwald GmbH 

Source: Research E & G Real Estate GmbH ©, current as of: 31.12.2017

4 I Kapitelbeschreibung 

Kapitelbeschreibung I 5 

Kriegsberg 32 

Office + Hotel 

Office 13,000 m² 

0 % take-up 

Complection in Q3 2019 

Lautenschlager Areal I 

Office + Retail 


90 % take-up 

Complection in Q4 2017 

Lautenschlager Areal II 

Office + Retail + Residential 


0 % take-up 


Europe Plaza 



100 % take-up 


TMP 1 

Hotel + Retail 

18,5000 m² 

95 % take-up 


Look 21 


50 % take-up 


Dorotheen Quartier 

THEO 9 


Büro 3,400 m² 

50 % take-up 


Stiftstr. 3 


Office 700 m² 

0 % take-up 



Office 25,000 m 2 

100 % take-up 


Rathausgarage 



100 % take-up 


Calwer Passage 

Office + Retail+ Residential 

Office ca. 11,300 m² 

100 % take-up 


EberhardHöfe 

Office + Retail + Residential 


90 % take-up 


Source: Research E&G Real Estate GmbH ©, current as of: 31.12.2017

Contents. 

Foreword.......................................................................................................6 

Strong concepts for the future.................................................................8 

The Europaviertel district – The heart of new urban flair.....................9 

Office market – Still dynamic..................................................................10 

Market drivers – Industry und IT.............................................................12 

Fewer contracts concluded in 2017........................................................13 

Dynamic in creases – Development of rental prices..........................14 

Vacancies rech critical level ....................................................................16 

Top-7 break the four million barrier.....................................................18 

Stuttgart central/city – An area with a limited offering......................20 

Northern Stuttgart – the office market is virtually exhausted...........21 

Eastern Stuttgart – A transformation ist taking placet......................22 

Southern Stuttgart – A popular area. Development woirthwhile.......23 

Overview of the Stuttgart office market...............................................25 

Prospects for 2018 – Lack of space vs. potential ................................27 

Your contacts .............................................................................................28 

E & G Real Estate. German Property Partners .....................................29

6 I Foreword 

Foreword I 7 

Foreword. 

Stuttgart is a strong location for companies – Its economy is set for success. 

Continuing dynamism despite scarcity of space. 

Stuttgart’s economy is set for success. The number of workers and companies in the state capital is growing. The city is 

also a front runner in terms of productivity. Stuttgart’s economic power is considered to be the strongest in Germany. 

Between 2000 and 2015 Stuttgart’s gross domestic product per employee was approximately 27 000 euros, representing 

the strongest growth in Germany and value creation of some 100 000 euros per employee, also the highest figure nationally. 

In the same period the manufacturing sector saw growth of 90 percent, more than double the German average, 

while real and commercial tax income each increased by around 110 million euros in the period 2013 to 2016. The 

unemployment rate is among the lowest in Germany. 

An increasing number of companies are being attracted to Stuttgart and existing companies are experiencing strong 

growth. 34 000 enterprises are located in the city, with this number increasing by approx. 2 000 in the period 2006 to 

2014. Property which is vacant or about to become vacant is quickly re-let. In addition to this, the number of workplaces 

offered in this re-let space is regularly increasing, while space productivity is also growing. 

The strength and efficiency of our economy are excellent. We cannot, however, rest on our laurels if we wish to continue 

on this successful path. We are at the beginning of a transformation; our task now is to consolidate existing strengths 

and further promote the diversity of our companies. We must achieve a balance between economy, ecology and social 

justice. You are invited to actively participate in this mission. 

Stuttgart continues to be an extremely attractive economic centre, as demonstrated by the consistent demand for 

new space and on-going investment in real estate. In 2017 take-up on the letting market was once again above 

average. While take-up of space was lower than in 2016, a further increase was, however, not to be expected 

following an exceptional year. 

The lack of space in Stuttgart last year, already mentioned above, is meanwhile becoming ever more apparent. 

Its consequences include large areas of new buildings already being let long before the buildings are completed 

and very little space thus coming onto the market when projects are finally completed. Demand also continues 

to be high for existing buildings, insofar as they meet current requirements regarding digitalization; flexible 

framework conditions and an urban working environment, however is confronted with an increasingly tight 

market. Against this background the development of co-working agglomerations in outlying city districts is 

become more and more important. 

In 2017 the strongest motor for growth was once again industry. The strong development of electro-mobility in 

combination with the provision of existing technologies has, in particular, resulted in increased space needs. 

The IT industry also played a significant role since the need for IT-related services is also increasing rapidly, 

above all in the energy and electro-mobility sectors. 

This development has been accompanied by a further increase in rents, both in the city centre and also in outlying 

districts. Parallel to this, the vacancy rate in 2017 reached an alarmingly low level, particularly in the 

high-quality segment. In the light of this, there is a great need for far-sighted investors and for politicians and 

administrators who act responsibly. 

The following pages present more detailed information on the topics addressed above. We hope that you will 

find the report interesting reading. 

Fritz Kuhn 

Lord Mayor of the State Capital of Stuttgart 

Ines Aufrecht 

Director of Business Development of the State Capital of Stuttgart 

Mario Caroli 

Managing Director 

Björn Holzwarth 

Managing Director

Developments in 2017/2018 I 9 

New forms of work 

Changes in forms of work have been apparent 

since as early as 2015. Static hierarchies 

are increasingly being replaced by 

creative team work, which in turn often 

entails projects which run for a limited 

period of time with framework conditions 

being redefined for each project instead 

of standard procedures being in place for 

all situations. The new working world’s 

initial innovations have become standard 

and/or have already been updated and 

improved in the meantime; guidelines 

for cross-company implementation have 

been defined, forming the basis for all 

considerations relating to space needs. 

Where these concepts cannot be realized 

in the space which is available, the current 

trend is less to question the concept than 

to doubt that the space is suitable. Demand 

for co-working workplaces remains 

unbroken and has continued to increase in 

recent years. This is, however, linked to the 

difficulty that an urban environment is of 

crucial importance for such workplaces. As 

a result, the creation of larger co-working 

agglomerations with all the corresponding 

amenities and benefits associated 

with co-working is also being discussed. 

In this context it must, however, be ensured 

that, on the one hand, a certain critical 

mass is achieved or, better, exceeded 

and, on the other, that the co-working 

atmosphere is maintained. This, in turn, 

means that decentralized locations must 

also offer some form of urban environment. 

The volume of co-working space 

Developments in 2017/2018. 

Today’s industrial and working world is characterized by two mega-trends 

– a shift towards more flexible, creative project work in 

an urban environment and electro-mobility, which make enormous 

infrastructural adjustments necessary. Both are bringing significant 

change with them, particularly in the real estate sector. 

Strong concepts for the future. 

desired cannot be met in the city centre 

alone, particularly since options there are 

limited. The option of being able to end a 

project at short notice because rental contract 

durations can be handled flexibly and 

adjusted to meet changing framework parameters 

is a further advantage for users. 

Most of the co-working space offered 

by the various providers has been let – a 

further indication that there is continued 

demand. Parallel to changes in forms of 

work, the need for fast data links is greater 

than ever. These requirements have been 

articulated and recognized at the political 

level, implementation is set to take place 

in 2018/2019. 

Thinking about tomorrow today 

The upcoming 5G mobile network standard 

was already a topic for our 2016 report. 

It is a fundamental requirement for 

all self-driving vehicles. According to the 

statements issued to date by the companies 

involved, the first self-driving vehicles 

can be expected by 2020, as can 

the corresponding data links. The trend 

to electro-mobility –also a topic in several 

previous reports – is now a major one. 

All buildings are now being planned with 

the corresponding charging infrastructure; 

many have already been equipped with 

the corresponding technology. Over and 

above this, forward-thinking developers 

must also ensure that building structures 

are suitable for retro-fitting of charging 

infrastructure. This applies both to being 

able to run charging cables through buildings 

as well as to measures to ensure that 

the required electricity supply is available. 

In the past, some project developers have 

been confronted with the painful realization 

that demand far outstripped the supply 

available from the electricity provider. The 

use of intelligent charging technologies 

will thus play a key role in coming years. 

Challenges for everyone 

The digital transformation process which 

industry is undergoing is resulting in 

fundamental changes, whose impact we 

cannot yet fully comprehend. Driven by 

industry’s desire to maintain its global leading 

position and due to the unforeseeable 

speed with which many things are 

currently changing, numerous industrial 

companies have no choice but to pursue 

new and old technologies simultaneously. 

This, in turn, has resulted in additional 

space requirements which should, however, 

become obsolete after a permanent 

shift in technology has occurred. 

Key for the coming years is that industry 

and medium-sized enterprises receive the 

support required to complete the transformation 

process as smoothly as possible. 

We are at the very beginning of this process; 

our task is to further develop existing 

strengths and to further promote business 

diversity. The founding of the Cyber Valley 

Baden-Württemberg, a network comprising 

the universities of Stuttgart and Tübingen; 

the state of Baden-Württemberg; 

The Europaviertel district – The heart of new urban flair. 

The Europaviertel district is increasingly developing its own personality. The central areas are almost 

complete while the periphery is making huge progress. 

A lively district 

McKesson, formerly Celesio AG, moved 

into its new offices in the “Europe Plaza”, 

seeing what is currently the district’s 

last new building project, comprising 

some 10 500 m² floor space, 

handed over to its principle user. This, 

together with an Italian restaurant on 

the building’s ground floor, represents 

a further complementary addition to 

the surrounding office buildings. Hotel 

chain Steigenberger was able to open 

its “Jaz in the City” in the Cloud No. 7 

building on the corner of Heilbronner/ 

Wolframstrasse at the beginning of 

2018. The high-rise block’s residential 

units are scheduled to be completed in 

the second quarter of 2018. Following 

this, the district will have achieved 

the urban flair desired by its planners. 

Generous open spaces and architecturally 

impressive buildings; the many 

and varied restaurants and bars in the 

area and the modern municipal library 

make the Europaviertel district a 

desirable attraction for Stuttgart. High 

pedestrian frequency rates are a clear 

reflection of this. 

Upcoming projects 

Construction company Strabag will be 

realizing a project on the last high-rise 

building plot, located on the corner 

of Türlenstrasse/Heilbronner Strasse. 

An architectural competition has been 

launched and the required tenants 

have already been identified – two 

hotel chains, each with their own 

concept. The Adina Apartment Hotel 

chain has a long-stay concept, while 

the Premier Inn group has a short-stay 

concept. The approx. 18 500 m² office 

and hotel space which will be created 

on the site are thus no longer available 

to the market. The shell of Südwestmetall 

employers’ association’s “Look 

21” project, located opposite, is now 

standing and the building is scheduled 

to be completed in the first quarter of 

2019. In total some 20 000 m² of office 

space will be created, whereby the 

maximum area which will be available 

to the market is the wing along Heilbronner 

Strasse, comprising approx. 

10 800 m². The remaining space will 

be occupied by the association as owner-occupier 

respectively by affiliated 

associations. Parallel to this, around 

120 residential units and a day-care 

nursery are being built on the rear 

section of the plot. 

Up to 60 000 m² of office space could 

be created on Plot A1.4, which is the 

penultimate free plot and located directly 

on Heilbronner Strasse. Its advantages 

are its prime location, just 

a few minutes’ walk from the railway 

station and directly adjacent to what 

will be the completed Europaviertel 

district. 

Hotel users generate frequency 

In addition to the existing hotel sites, 

further operators have decided to establish 

branches in the area round the 

railway station. These will include a 

“Holiday Inn Express” and a “Hampton 

by Hilton” branch of the Holiday 

Inn group; a four-star hotel within Bonatz-Bau’s 

“Me and all Hotels” concept 

and a newly built Motel One branch on 

the site of the former EnBW headquarters. 

In total another approx. 700 beds 

should be available by 2020/2021. 

Excellent public transport 

connections 

The change-over to the winter timetable 

in December 2017 saw the “Budapester 

Platz” light rail transit station taken into 

service. The Europaviertel district thus 

now has 2 stations and a total of 5 light rail 

transit lines linking it to the rest of the city. 

The Europaviertel 2008. 

The Europaviertel 2017.

10 I Developments in 2017/2018 


Office market – Still dynamic. 

2017 saw Stuttgart’s office market once again achieve good letting results. Although at approx. 270 

000 m² take-up was some 38 % under the previous year, it must be noted that 2016 was an absolutely 

record-breaking year. The average figure for the previous ten years was around 245 000 m². 

The three largest contracts concluded to 31.12.2016 

Tenant Submarket Total area 

Daimler AG (owner-occupier) Leinfelden-Echterdingen ca. 50,000 m 2 

Daimler AG (Anmietung) Stuttgart-Vaihingen ca. 11,500 m 2 

Take-up is still above average 

Some 270 000 m² of office space in 

Stuttgart was let to companies in the 

period to 31.12.2017. This cannot compare 

to 2016, which easily surpassed 

the 400 000 mark (432 000 m2), however 

in 2017 significantly fewer owner-occupier 

contracts (only approx. 

56 800 m²) were included in the overall 

results. In the previous year this figure 

was around 132 000 m². Daimler AG’s 

decision in the first quarter of 2017 to 

pursue an in-house project comprising 

some 50 000 m² of space in Leinfelden-Echterdingen 

represented the 

largest single transaction of the year. 

The two largest letting contracts were 

concluded in the third quarter – Daimler 

AG took up just under 11 500 m² 

in the Stuttgart-Vaihingen industrial 

park, while law firm CMS Hasche Siegle 

signed a letting contract for approx. 

11 300 m² in a new-build project in 

Stuttgart’s central business district. 

Greatest take-up in Leinfelden-Echterdingen 

Daimler AG’s development project saw 

Leinfelden-Echterdingen become the 

strongest submarket with take-up of 

approx. 61 300 m². Some 52 000 m² 

of office space was let in the Vaihingen/Möhringen 

submarket, whereby 

Daimler AG again took the majority of 

the space. This was followed by Stuttgart’s 

central business district with 

take-up of around 51 600 m². In addition 

to the letting contract signed by 

law firm CMS Hasche Siegle, two large 

contracts with the City of Stuttgart 

and the State of Baden-Württemberg 

contributed to this take-up. There was 

also strong demand for the completed 

new buildings. Large areas of the 

“Lautenschlager-Areal” and “Theo 9” 

projects had thus already been let prior 

to completion. 

CMS Hasche Sigle (Anmietung) Stuttgart-City ca. 11,300 m 2 

Letting performance for office space in Stuttgart from 2006 to 2016 in m² 

Ø letting performance: 244,850 

169,000 

180,000 

171,000 

194,000 

285,000 

191,500 

258,000 

278,000 

290,000 

432,000 

270,000 

2007 

2008 

2009 

2010 

2011 

2012 

2013 

2014 

2015 

2016 

2017 

Letting performance in Stuttgart and its submarkets in m² 

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 

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 

City centre 46,600 41,700 83,800 66,600 97,500 58,400 51,000 44,200 53,500 32.200 39,300 

Vaihingen/Möhringen 13,700 18,500 20,200 26,200 56,300 18,200 62,200 34,700 56,300 141.200 52,000 

Fasanenhof 2,300 10,600 2,700 5,300 12,500 7,400 5,700 9,100 10,300 19.600 18,600 

Feuerbach/Zuffenhausen 6,800 12,300 3,300 28,500 24,800 18,700 27,200 34,700 37,400 64.700 5,800 

Degerloch 7,200 9,200 4,900 2,100 4,000 4,800 1,900 1,500 1,300 7.100 9,700 

Weilimdorf 5,100 12,800 5,900 11,400 5,500 5,300 7,700 30,900 42,900 33.100 18,100 

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 

Leinfelden-Echterdingen 10,400 18,000 3,900 12,800 8,000 5,200 47,900 14,900 7,500 35.800 63,100 

Total 169,000 180,000 171,000 194,000 285,000 191,500 258,000 278,000 290,000 432,000 270,000 

Source for all diagrams: Research E&G Real Estate GmbH ©, current as of: 31.12.2017


Entwicklungen 2015/2016 I 13 

Market drivers – Industry and IT. 

In 2017 industry once again continued to play a key role. The development of electro-mobility in 

particular is noticeable, with car manufacturers taking on increasing numbers of workers in this 

segment. 

IT service providers play an 

important role 

Approximately 107 000 m²or some 

40 % of take-up was accounted for 

by industrial companies, of which 

more than half was in the automotive 

segment. Public organizations 

rented around 32 000 m² of new office 

space; this was due to interim 

letting contracts, in some cases for 

larger areas, concluded in response 

to planned building renovations. 

Thus, for example, the temporary 

relocation of parts of broadcaster 

SWR, making up around 7 000 m². 

In addition to this, there was strong 

Take-up by sector in % 

Media/ 

Communication 

demand from the IT industry, which 

is a reflection of the growing dependency 

of the energy transition and 

electro-mobility sectors on IT-supported 

services. Numerous start-ups 

are springing up in this field, as clearly 

reflected in the corresponding 

figures – companies in this industry 

concluded contracts for some 28 900 

m² of office space.. 

Increased demand from 

consultants 

Demand from consultants also increased, 

with the sector accounting 

for some 24 900 m² or around 9.2 % 

Financial Services 

of total take-up. In addition to this, 

Stuttgart experienced satisfactory 

demand in the education and health 

care segment. Due to their structural 

requirements, training companies 

are, however, continuing to experience 

problems finding suitable premises 

in the city centre. The “Other 

service providers” category includes 

a range of service providers, such 

as architects, engineers and trading 

companies, who accounted for 

around 16.6 % of take-up in 2017. 

Fewer contracts concluded in 2017. 

The largest single transaction in 2017 was a Daimler AG new building project in Leinfelden-Echterdingen. 

The “Daimler Truck Campus” being constructed on the site represents some 50 000 m² of 

floor space and is scheduled for completion in 2020/2021. 

Decline in the small area 

segment 

A total of 261 contracts were concluded 

in the period to 31.12.2017, with 

the third quarter displaying particularly 

strong performance – 92 contracts 

and take-up of approx. 109 000 

m². The < 500 m² segment experienced 

a significant decline in the number 

of contracts concluded – 165 compared 

to 226 in the previous year. This 

represents a reduction of some 30 %. 

A key reason for this is the scarcity of 

properties of this size. There was also 

a significant decline in the number of 

contracts concluded in the 501 to 1 

000 m² segment, while the number of 

larger letting contracts was also modest 

in 2017 – only six contracts were 

concluded in the size segment from 2 

000 to 5 000 m². Nine contracts were 

concluded for premises > 5.000 m², 

however accounted for some 45 % of 

total take-up. The number of lettings 

in the 1 001 to 2 000 m² segment also 

increased, with some 63 % more space 

let than in 2016. 

Education/ 

Health Care 

3.0 % 

2.0 % 

Comparison of contracts by size 

Comparison of contracts by number 

6.9 % 

Consultants 

9.2 % 

39.7 % 

Energy/ 

Industry 

Total figure in 2016: 

432,000 m² 

Total figure in 2017: 

270,000 m² 

228,300 

226 

Total figure in 2016: 

369 

Total figure in 2017: 

254 

IT/ 

Telekommunications 

10.7 % 

120,300 

165 

Public 

Sector 

11.9 % 

16.6 % 

Others 

55,600 

39,800 

58,500 

31,400 

33,600 

54,900 

56,000 

23,600 

< 500 m 2 501–1,000 m 2 1,001–2,000 m 2 2,001–5,000 m² > 5,000 m² 

86 

39 

24 

35 

19 

6 

14 

9 

< 500 m 2 501–1,000 m 2 1,001–2,000 m 2 2,001–5,000 m² > 5,000 m² 

Source: Research E&G Real Estate GmbH ©, current as of: 31.12.2017 

Source of both diagrams: Research E&G Real Estate GmbH ©, current as of: 31.12.2017



Rents in peripheral locations 

continue to rise 

In 2017 the prime rent in the 

southern outlying districts remained 

stable at the previous year’s level of 

€ 16.50/m². This can be attributed to 

further lettings for new-build offices 

in the Airport City area. Parallel to 

this, the letting of new-build premises 

at Stuttgart Engineering Park and 

the Fasanenhof Office Campus resulted 

in a further increase in the average 

rent. In the northern outlying 

districts, the letting of high-quality 

office space also resulted in increases 

in both the prime and average 

rents. The only areas in which rents 

declined were the eastern fringes, 

due to a lack of new-build premises. 

A number of development projects 

are, however, at the planning stage, 

so rents can be expected to rise again 

in coming years, particularly in the 

prime segment. 

Central business district prime and average rents, 2007 to 2017 in €/m² 

17.50 

14.50 

18.00 

14.50 

13.60 

18.00 

14.30 

17.50 

14.30 

18.80 

20.00 

Prime rents 

14.50 

14.40 

20.00 

15.30 

21.50 

15.90 

22.80 

16.20 

23.00 

18.50 24.30 

Average rents 

Dynamic increases – development of rental prices. 

2007 

2008 

2009 2010 2011 2012 2013 2014 2015 2016 


At € 24.30/m² the prime rent in Stuttgart increased by 5.6 % over the previous year. The average rent 

for the entire urban area including Leinfelden-Echterdingen was around € 13.70/m², representing an 

increase of 6.2 % over 2016. 

Prime and average rents in 2017 in €/m² 

New record figures for new 

and existing buildings 

Rents in Stuttgart’s central business 

district experienced significant 

further growth, with rents in the 

new building segment ranging from 

€ 19.00 to € 29.90/m². In some cases, 

however, these prices were influenced 

by special factors such as higher 

quality fixtures and fittings or compensation 

payments for VAT losses. 

The scarcity of offerings in the existing 

building segment also resulted 

in further price increases. This, in 

combination with extensive modernization, 

allowed rents ranging from 

€ 15.00 to € 19.00/m² to be achieved. 

Both resulted in the average rent in 

Stuttgart’s central business district 

rising by 14.1 % over the previous 

year to year to a figure of € 18.50/m². 

Rents also went up in Stuttgart’s city 

centre – the average rent increased 

by 3.9 % over 2016, the prime rent by 

2.7 %. 

Increases in all price segments 

In the price segment up to € 10.00/m² 

35 contracts were concluded, 61 % fewer 

than in the previous year. Rental 

premises in this price category are particularly 

scarce in the city centre, with 

virtually no properties on offer. 109 

contracts were signed in the segment € 

10.01 to € 13.00/m², of which 45 were 

in the central business district and city 

centre while the rest were in peripheral 

locations. The segment € 13.01 to € 

15.00/m² saw 52 contracts concluded; 

21 transactions were achieved for the 

segment € 15.01 to € 17.00/m². The 

number of lettings in the price segment 

over € 17.00/m² rose significantly, 

from 26 in the previous year to 41 in 

2017; almost all were in the central business 

district.Mieten in peripheren 

24.30 

18.50 

Central business 

district 

18.60 

13.40 

City centre 

14.00 

11.30 

Outlying districts 

to the north 

11.00 

10.20 


to the east 

15.90 

12.00 


to the south 

Ø for the entire city: 13.70 

Prime rents 

Average rents 

Source for both diagrams: Research E&G Real Estate GmbH ©, current as of: 31.12.2017



Vacancies reach critical level. 

At some 2.1% the vacancy rate to 31.12.2017 dropped to one of the lowest levels ever recorded since 

the relevant statistics have been kept. Overall only approx. 167 000 m² of office space was still available 

for letting at short notice. High-quality space is in the shortest supply of all. 

Declines in almost all submarkets 

Space is currently scarce not only in 

the central business district and city 

centre but elsewhere too. Demand in 

peripheral locations also continues to 

outstrip supply. The choice of premises 

available to companies searching for 

office space which is available at short 

notice is very limited. In some cases 

this results in existing letting contracts 

being extended because no suitable 

alternatives are available. Results can 

be optimized by using the services of 

a consultant. Leinfelden-Echterdingen 

experienced the largest decline, some 

46.8 %. This was, however, primarily 

due to the fact that upcoming fire protection 

measures meant that a larger 

administrative building with almost 

15 000 m² of space was no longer available 

for short-notice letting. The supply 

of office space in the city centre fell 

by around 43.6 % to a mere 21 900 m², 

while only approx. 22 000 m² are available 

in the central business district. 

This space is located in a diverse range 

of buildings, larger contiguous spaces 

are virtually non-existent. 

Outlying districts offer more 

project opportunities 

In the next two years companies looking 

for larger plots will increasingly 

focus on the outlying districts, since 

they offer many more opportunities 

for corresponding development 

projects. This will, in turn, result in 

further price rises in these areas. 

No significant expansion of space is 

expected in the central business district 

and city centre in the next two 

years, with the situation unlikely to 

improve until after 2020, when new 

projects come on stream. The new 

buildings currently under construction 

will not provide more than 15 000 

m² vacant space in the short term. 

Completion volume in m² 

Completion of building Pre-let 

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 

128.600 

110.500 

109.600* 

64.300* 

180.800* 

121.000* 

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 

* foreseeable completions/pre-lets 

Vacant office space as of 31.12.2017 and percentage change over 2016 

– 19.0 % 

Stuttgart-City 

– 

– 30.2 % 

– 

+ 14.2 % 

+ 

– 11.8 % 

– 4.3 % 

– 3.6 % 

+1.3 % 

– 

– 

Total 

167,000 m 2 

– 

– 

+ 

– 46.8 % 

– 39.0 % 

– 

– 43.6 % 

– 

Source for both diagrams: Research E&G Real Estate GmbH ©, current as of: 31.12.2017


Comparison of vacancy rates in Germany in % 

2011 

2012 

2013 

2014 

2015 

2016 


2.2 

2.1 

2.5 

5.1 

4.3 

6.0 

5.2 

7.0 

8.1 

7.4 

3.7 

4.8 

4.3 

5.9 

5.3 

8.4 

8.4 

3.6 

5.1 

5.7 

11.8 

11.6 

10.9 

10.9 

10.4 

9.8 

14.4 

13.9 

13.8 

12.5 

11.8 

11.7 

8.7 

6.9 

7.6 

7.4 

8.2 

3.5 

2.8 

5.7 

5.4 

4.9 

4.3 

7.7 

6.8 

6.3 

5.8 

4.0 

3.7 

Hamburg 

Berlin 

Düsseldorf 

Cologne 

Frankfurt a. M. 

Stuttgart 

Munich 

Top 7 break the four million barrier. 

Rental office space take-up in Germany’s Top 7 locations (Berlin, Düsseldorf, Frankfurt, Hamburg, 

Cologne, Munich and Stuttgart) to 31.12.2017 totalled approx. 4.1 million m², breaking the four-million 

barrier for the first time. This new record-breaking figure exceeded the previous year’s high figure 

by a further 4 %. The vacancy rate in all Top 7 locations further declined to the end of the fourth 

quarter. 

Berlin just ahead of Munich 

Berlin’s office market was the front 

runner with take-up of 880 000 m², 

ahead of Munich. Motors of growth 

were, on the one hand, online retailer 

Zalando, which concluded a number 

of large-scale letting contracts for a 

total of just under 125 000 m², and, on 

the other, co-working space providers. 

Thanks to a strong fourth quarter Munich 

took second place in the national 

ranking, with total take-up of some 

878 000 m². Frankfurt also achieved an 

historic high, namely around 728 300 

m² of take-up. The largest transaction 

in the city was a letting contract for 

two office projects in the Europaviertel 

district for a total of 52 600 m² concluded 

by Deutsche Bahn AG. Hamburg’s 

performance increased by 16 % over 

2016, while Düsseldorf saw a plus of 8 

% over the previous year’s figure. The 

office markets in Cologne and Stuttgart 

were characterized by declines of 30 % 

respectively 38 %. Special factors had, 

however, resulted in 2016 performance 

in both cities being above average. In 

addition to this, the fourth quarter on 

both markets proved to be weak, with 

few major transactions in particular. 

Prime rent soars to € 39.50/m² 

With an increase of 6 % in its prime 

rent Stuttgart was second only to Berlin, 

which experienced 9 % growth. In 

Frankfurt the prime rent went up by 2 

%, reaching the highest figure in the 

country, namely € 39.50/m². The same 

applied to Düsseldorf – prime rents in 

the city rose by 2 % to € 27.00/m². The 

level in Hamburg and Cologne remained 

the same as in the previous year. Munich 

saw a slight decrease of 1 % to € 

35.00/m². The city’s prime rent, the second 

highest after Frankfurt, was due, 

among other things, to large letting contracts 

concluded by WeWork and Amazon. 

The best figures for average rents 

were achieved in Berlin, with an increase 

of some 18 %, and Frankfurt with 13 

%. Munich (+ 9 %), Düsseldorf (+ 7 %) 

and Stuttgart (+ 6 %) also saw single-digit 

increases, whereas rents in Hamburg 

(– 2 %) and Cologne (– 3 %) fell slightly. 

Vacancies reach new low 

Existing office space including sublet 

space in the Top 7 locations currently 

totals 90.7 million m², with the volume 

of vacant office space now at only 

3.7 million m², equating to a vacancy 

rate of 4.1 % in terms of total existing 

office space. The most extreme 

decline in vacant space was experienced 

in Berlin, with a decrease of 39 

%. Munich (– 31 %) and Stuttgart (– 

24 %) are also faced with a scarcity of 

available space. The other cities also 

saw high declines ranging from 18 % 

(Frankfurt) to 15 % (Hamburg). 

This year and next year 259 office 

projects with a total space of some 

2.5 million m² are expected to be 

completed. The majority of this space 

has, however, already ben pre-let 

or is earmarked for owner-occupiers 

and will thus not be available to the 

market. 

Big Seven take-up, 2007 to 2017 in m² 

820,000 

765,000 

540,000 

590,000 

853,000 

716,700 

608,000 

583,950 

755,000 

432,000 764,000 

169,000 

180,000 

171,000 

194,000 

285,000 

191,500 

285,000 

280,000 

290,000 

270,000 

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 

Stuttgart in comparison to other German cities 

Berlin 

Munich 

Frankfurt a. M. 

Hamburg 

Düsseldorf 

Cologne 

Stuttgart 

Take-up in m² Prime rent in €/m 2 Average rent in €/m 2 Vacancy rate in % 

2016 2017 2016 2017 2016 2017 2016 2017 

Hamburg 550,000 640,000 26.00 26.00 15.50 15.20 5.1 4.3 

Berlin 820,000 900,000 27.50 30.00 16.10 19.00 3.7 2.2 

Düsseldorf 330,800 358,700 26.50 27.00 14.40 15.35 9.8 8.4 

Cologne 410,000 310,000 21.50 21.50 14.30 13.70 5.1 3.8 

Frankfurt a. M. 563,400 729,100 38.50 39.50 18.50 20.30 11.7 8.7 

Stuttgart 432,000 270,000 23.00 24.30 12.90 13.70 2.8 2.1 

Munich 764,000 877,600 35.25 35.00 15.50 16.90 3.7 2.5 

Source for all diagrams: GPP German Property Partners, current as of: 31.12.2017 

877,600

22 I Kapitelbeschreibung 

Stuttgart – Central I 21 

Prime rent 2 central business district, the scarcity 

park into a service provider location. 

of space has resulted in the average 

rent increasing by 15 % to € 18.50/m², 

while the prime rent has risen by 20 

Stuttgart – Central. 

% to € 24.30. The average rent in the 

city centre went up by 4 % to € 13.30/ 

m² and the prime rent by 13 % to € 

18.60/m². 

A stable letting volume but significantly changed requirements 

regarding quality of space have led to growing 

demand for development projects and optimization of 

buildings. 

Feuerbach 

FFeuerbach and Zuffenhausen are still 

districts which are still characterized 

by the automotive industry. Take-up in 

2017 was 5 800 m², significantly under 

the 10-year average and only 10 % the 

figure for 2016. The previous year was, 

Projekt „URBANIC“, Zuffenhausen; Quelle: Fritz OHG 

however, dominated by a high number 

of large letting contracts in the district. 

Following this, no new space was 

Stuttgart central /city centre – an area with a limited offering. 

completed in 2017 and no large areas 

worth mentioning came onto the market. 

The lack of space which has been 

repeatedly alluded to in previous years 

once again intensified in 2017. The 

situation is expected to improve from 

2020 onwards, when new projects 

come on stream and tenants thus have 

greater choice. At present there is practically 

no vacant space in this area of 

the city. This is a matter of concern since 

premises in Stuttgart’s central business 

district or city centre are key to winning 

new employees not only in the consulting 

sector but in many others too. Public 

organizations and IT companies, for 

example, are also focusing on locations 

in the city centre in response to the recognition 

that an urban environment 

makes workplaces far more attractive. 

This factor is thus influential when selecting 

a location for premises and, for 

example, has resulted in attempts to 

reproduce the urban flair which is so 

popular in the CBD/city centre in new 

campus development projects (Löwentor, 

Vaihingen, Zuffenhausen). 

central business 

A further factor which companies 

seeking new space take into consideration 

is the availability of public 

transport in the area; alternatively, 

they may decide to extend the contract 

for their existing premises if the 

rental price is correspondingly attractive. 

The situation in Stuttgart’s central 

business district and city centre is 

not expected to change significantly 

before 2019/2020. The “Lautenschlager-Areal” 

and “Look 21” complexes, 

which are nearing completion, have, 

in the main, already been let. No large 

contiguous spaces meeting the requirements 

for modern forms of working 

are available. In rare cases space 

is available in centrally located older 

buildings, however, does not offer all 

the facilities expected for today’s working 

world. 

Current developments in the city centre, 

such as the “Eberhardhöfe” project, 

which are approaching completion 

and the refurbished Karstadt building 

in Königstrasse will encourage further 

projects in the vicinity. This phenomenon 

has already been observed in 

the area around the Gerber building, 

where neighbouring buildings have 

now undergone renovation. The same 

is expected to occur in the district 

around the “Eberhardhöfe” complex, 

particularly since an LBBW development 

project is set to transform the 

appearance of the plot on the corner 

of Eberhardstrasse/Steinstrasse. This 

also applies to the new boutique hotel 

at Pierre-Pflümli-Platz behind the 

town hall and the “Rathausgarage” 

new building in combination with additional 

city office space. Both projects 

will be completed in 2018. 

Total take-up in Stuttgart’s city centre/central 

business district was some 

90 900 m², 5 000 m² more than in the 

previous year. The 10-year average is, 

however, approx. 108 000 m². 

The letting transactions concluded in 

2017 included a larger contract with 

a public organization for space in an 

existing building and a contract for 

The low take-up figure can thus 

be attributed to Feuerbach’s extremely 

tight market. 

In the area around Maybachstrasse 

the “MayOffice” project is currently in 

the preparatory stage, with building 

scheduled to commence in 2018. The 

approx. 8 500m² office development 

should be finished in mid-2020. A 

further smaller project in Maybachstrasse 

– around 6 000 m², is also being 

built in direct proximity to the “MayOffice” 

complex and has already been let 

to an automotive industry tenant. The 

full renovation of the Leitz complex, 

announced two years ago, will be delayed 

by some six to nine months, is, 

however, scheduled for completion in 

2018. Work on a start-up campus with 

adjacent amenities such as a gym and 

hotel plus so-called “micro fabs” is still 

underway. 

The “Technologie-Center I” office project 

in Borsigstrasse, with total floor 

space of approx. 23 000 m² was completed 

in the fourth quarter of 2017 

and handed over to Robert Bosch 

district 

< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2 

space in a development project. Some 

GmbH. This construction phase and its 

% share of space 22 % 16 % 16 % 5 % 41 % 30 % of letting contracts were for the 

expansion, the “Technologie-Center II” 

< 500 m² space segment; 39 % for the 

building on the opposite side of the 

m 2 11,337 7,995 8,443 2,415 21,120 

segment 501 to 2 000 m² and approx. 

road are part of the further transformation 

of the Feuerbach’s industrial 

Ø rental price 18.50 €/m 2 

29 % for spaces ≥ 4 000 m². In the 

24.30 €/m 

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 39 % 22 % 27 % 12 % 0 % 

Northern Stuttgart – the office market is virtually exhausted. 

Developments in previous years, also 

by the main user Robert Bosch GmbH, 

have given the area a modern appearance 

when viewed from Siemensstrasse. 

This will be added to in the 

coming years, when the current Daimler 

AG complex in Heilbronner Strasse 

has been replaced with a new-build 

Mercedes-Benz branch. Following 

this, the appearance of the Heilbronner 

Strasse will, with the exception of 

a few buildings/plots, have been fully 

transformed. 

Robert Bosch GmbH also has further 

plans to construct a new building with 

approx. 50 000 m² of office space on 

what is now a car park directly adjacent 

to the B 295 main road in the area 

Bregenzer Strasse/corner of Leobener 

Strasse. The objective behind this is to 

concentrate widely dispersed company 

departments in one single location. 

Developments in Feuerbach/Zuffenhausen 

are currently largely dominated 

by the extensive upheavals being 

experienced by industry and caused 

by the challenges of digitalization and 

changes in the context of self-driving 

vehicles. 

Zuffenhausen 

m 2 13,318 7,363 9,155 4,120 0 


Prime rent 18.60 €/m 2 

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 

% share of space 53 % 15 % 32 % 0 % 0 % 

m 2 2,973 858 1,850 0 0 



A further development project has 

been expected for some time now and 

has now reached the realization stage. 

An entire office campus is planned on 

the Spedition Fritz complex, located at 

Schwieberdingerstrasse/corner of Lorenzstrasse 

in Stuttgart Zuffenhausen. 

The project will be carried out in several 

construction phases, with a total of 

some 35 000 m² of office space planned. 

The corresponding building permits 

have been applied for and, assuming 

that pre-letting figures are satisfactory, 

work could start in the near future. 

The design concept envisages a number 

of buildings arranged around an open 

space. The combination of existing old 

buildings – for use as restaurants and 

bars – with cutting-edge architecture 

should make this an attractive project. 

This is, incidentally, the only project within 

the boundaries of the city of Stuttgart 

which will be able to provide such a 

large amount of space in the near future. 

Weilimdorf 

With a vacancy rate of 3.2 % or 12 000 

m² the market in the Weilimdorf district 

is also now practically fully let, with 

only 54 % of the previous year’s take-up 

achieved. This is not due to a lack of demand 

but to a lack of properties. Space 

which is still available is distributed 

among several buildings or no longer 

appropriate for current needs and thus 

difficult to position on the market. Letting 

of the final space formerly occupied 

by Ernst & Young in 2017 saw all available 

large spaces in the location taken; 

short-term larger requirements cannot 

currently be met. A new-build development 

project in the industrial park, to-

22 I Stuttgart – Central 

talling some 15 000 m², is at the preparatory 

stage; the space should come 

onto the market in around 24 months. 

The scarcity of space has resulted in an 

increase in rents in Weilimdorf, from 

an average of € 10.50/m² to € 11.40/m². 

auf 11,40 €/m². 

Eastern Stuttgart – a transformation is taking place. 

Bad Cannstatt 

Following the starting signal for the 

“Neckarpark” project in 2016, the 

complex is now gradually being realized. 

The municipal authorities have 

completed the central park; DIBAG’s 

first commercial buildings are under 

construction along Daimlerstrasse 

and have already been let. Further 

development on the Bülow AG Q8 

site and DIBAG’s distinctive corner 

building at Mercedestrasse/Daimlerstrasse 

(Q9) are at the planning stage 

and will be completed by 2021, as 

will the new swimming baths which 

are being built by the state capital. 

Parallel to this, homes for a further 

approx. 3 000 people are being 

created in the Neckarpark district. 

In the Löwentor area various planned 

projects of recent years are now taking 

shaping. On the corner plot 

Pragstrasse/Löwentorstrasse the “Leo 

Business Campus”, a joint SV- 

Versicherung/LBBW Immobilien 

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 % 6 % 22 % 28 % 36 % 

m 2 1,365 1,173 3,931 5,089 6,623 



Bad Canstatt/ 

Wangen/Hedelfingen 

GmbH development project, will create 

a total of 24 000 m² of floor space 

by 2020. In future the complex, comprising 

three buildings with modern 

architecture and façades, will function 

as the “gateway” to the Löwentor 

service industry area. Following successful 

conclusion of a letting contract 

with Telekom for one building 

section, only some 16 000 m² are 

currently still available. 

DIBAG AG is also working on a newbuild 

project comprising a total floor 

space of 10 000 m² in Löwentorstrasse 

(pre-letting approx. 30 %), scheduled 

for completion by 2020. 

It appears that an interesting link 

is developing between the new 

< 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 12 % 27 % 31 % 30 % 0 % 

m 2 1,394 3,070 3,630 3,468 0 



areas of the Leo Business Campus 

and the Wizemann complex, aimed 

at start-up companies and located 

near the Campus, the like of which 

does not exist at other Stuttgart 

office locations. The overall impression 

is complemented by the extremely 

high-end architecture of owneroccupier 

Mahle, who is using a modular 

concept to extend its corporate 

headquarters by 2020. 

Overall the district will be a very modern 

office location with excellent 

prospects for the future thanks to 

its excellent amenities, such as proximity 

to the Rosenstein park and 

planned shopping facilities. 

Wangen/Hedelfingen 

Low vacancy rates and a lack of new 

space meant the Wangen/Hedelfingen 

submarket was not particularly 

dynamic. At approx. 11 000 m² total 

take-up was significantly below 

the 10-year average of 20 500 m². 

Southern Stuttgart – a popular area. Development worthwhile. 

Degerloch 

In 2017 take-up in the area was 9 700 

m², representing an increase of 27 % over 

2016. All of the corresponding contracts 

were, however, for properties around 

the Albplatz square, since space in the 

rest of the district remains very scarce. 

Thanks to its good infrastructure Degerloch 

continues to offer potential and 

probably a decisive factor in the new letting 

transactions which took place. Development 

projects in the Albplatz area, 

which have remained at the planning 

stage for some years now, seem to be 

making progress and the first changes 

can be expected in the next few years. 

The recent announcement that law firm 

CMS Hasche Siegle has signed a contract 

for premises in Stuttgart’s central business 

district will result in further changes 

around Albplatz; they will, however, 

only have an impact from approx. 2022 

onwards. Overall, thanks to its good infrastructure 

and local shopping amenities 

the district remains popular with a 

wide range of users and further positive 

development is expected. 

Leinfelden-Echterdingen 

At the end of 2017 the new-build space 

created by the “SkyLoop” and “SkyPort” 

projects at Stuttgart Airport had been 

almost fully let. In response to this, the 

possibility of further development of currently 

vacant plots around the airport is 

under consideration. A number of development 

projects in recent years have 

resulted in a significant upgrading of Echterdingen’s 

industrial park. January 2017, 

for example, saw the opening of the 

Moxy Hotel in Dieselstrasse, while the 

neighbouring former “Brixner Complex”, 

located directly adjacent to the Leinfelden-Echterdingen 

motorway exit, was 


In previous years take-up has been tes will allow higher-quality use in 

characterized by projects which are the form of modern office space to 

currently under construction. Changes 

take place. 

in take-up are not expected to A further project, whose industrial 

occur until new projects commence. character makes it unusual, is underway 

Two developments are currently foreseeable 

in neighbouring Obertürk- 

in Ulmer Strasse, where heim – the “Hammerwerk”. 

the demolition of old production si- 

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 0 % 0 % 15 % 0 % 85 % 

m 2 0 0 1,466 0 8,190 


With rental take-up of 18 600 m² in 2017 

Fasanenhof’s industrial park was able to 

achieve almost match its performance of 

the previous year. The upturn which was 

already being forecast some years ago appears 

to be making steady progress, with 

the co-working concept established in 

2016 proving very popular. In combination 

with the GFT AG start-up incubator Fasanenhof 

now has two buildings serving 

young start-up companies at different stages 

of their development. A diverse range 

of restaurants offer many options for workers’ 

daily needs. 

At 22 the number of contracts concluded 

is similar to the statistics for previous ye- 

Leinfelden- 

Echterdingen 

sold in 2016. Scheduled for completion 

in 2018 the modern new office complex, 

comprising three buildings with a total 

area of approx. 26 000 m², will function 

as a “gateway” to the industrial park and 

looks set to give the area a smarter appearance. 

One building, accounting for 

some 30 % of the total area, has already 

been fully let even before construction 

has begun. Completion of the campus is 

scheduled for 2020/2021. 

In 2017 Daimler AG acquired a plot in 

the Leinfelden area, with the objective 

of developing the “Daimler Truck Campus”, 

a central site for its entire truck division 

which will have a total of some 50 

000 m² floor space and is scheduled for 

completion by 2021. A total of 63 100 

m² of office space was let in the entire 

Leinfelden-Echterdingen district, which 

also includes Stuttgart Airport, in 2017. 

This represents an increase of 76 % over 

the previous year, whereby the 10-year 

< 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 1 % 4 % 13 % 0 % 82 % 

m 2 257 2,561 8,671 0 51,500 



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 

% share of space 22 % 0 % 26 % 0 % 52 % 

m 2 3,985 0 4,807 0 9,648 



average for the district is around 16 400 

m². Pressure on the market makes shortterm 

development in this location an interesting 

option. 

Fasanenhof 

Projekt „leo BUSINESS CAMPUS STUTTGART“ Stuttgart Nord; Quelle: LBBW Development GmbH

ars, demonstrating that demand is not 

reliant solely on a small number of contracts 

but rather has a broad base. Areas 

becoming vacant are immediately absorbed 

by the market. An entire office 

building with some 9 000 m² of space 

was, for example, let to the State of Baden-Württemberg. 

Consistent demand 

in the district has, among other things, 

resulted in two new development projects. 

The “Bürocampus Fasanenhof” 

office complex with a total floor area of 

14 000 m² is currently being constructed 

in two phases. 30 % of space had already 

been let before building began, completion 

is scheduled for the end of 2019. 

A further building is under construction 

in the direct vicinity; 50 % of its approx. 

3 800 m² space has already been let. 

This project should be completed by the 

end of 2018. The Fasanenhof district will 

thus once again have new-build space 

available from the end of 2018 onwards; 

low vacancy rates mean that letting of 

the remaining space should have been 

completed before the building has been 

finished. The first construction phase for 

the extension of the U6 light rail transit 

line to the exhibition centre and airport, 

a subject of discussion for some years, 

is now underway. Current information 

is that the line should be completed by 

the beginning of 2020. 

Vaihingen/Möhringen und STEP 

Changes in Daimler AG and Allianz AG 

premises, already announced in 2016, 

are now very apparent, with a higher 

public awareness of the Vaihingen/ 

Möhringen industrial park thanks to 

the extension of the U12 light rail transit 

line. The completion of various new 

office projects has given the district, formerly 

characterized by industry, a new 

appearance and it is increasingly beco- 


Overview of the Stuttgart office market. 

Take-up 2017 

< 10.000 10,000 m² m 2 

10.001 < 10,001 bis - 20,000 20.000 m² 

2 

NEO, Stuttgart Vaihingen; Quelle: W2 Architekten 

20.001 < 20,001 bis - 30,000 30.000 m² 

2 

ming a modern office location. Further or to completion, showing once again 

projects which are currently at the planning 

or construction stage will further as an office location. Completion of this 

how attractive the STEP is to its users 

30.001 < 30,001 bis - 40,000 40.000 m² 

2 

consolidate this trend. The changes are 

most obvious at the corner of Industriestrasse/Wallgraben, 

building project will see the last plot 

available at the STEP fully developed 

A 81 

Direction Heilbronn 

above 40.001 40,001 m² 

were excavation for and the office park project successfully 

the Daimler Campus’ new underground ended. The STEP’s success story as the 

Gewerbe-/ 

industrial/office locations 

car park are taking place. In addition blueprint for an office complex with 

Bürostandorte 

to approx. 75 000 m² floor space, the corresponding infrastructure has carried 

Stammheim 

overall project will create some 4 500 

new jobs when it has been completed 

over into its take-up rates, with demand 

for modern office space in a professional 

Mühlhausen 

in 2020/2021. Building 1A of the KNV 

environment unbroken in 2017. 

Zuffenhausen 

complex, completed at the end of 2017 

and with a total area of 10 800 m², could 

be let to Daimler AG in the long term. 

Overall approx. 7 100 m² of office space, 

including new-build areas, was (re-)let 

at the park. Despite its limited offering, 

A 81 

Direction Singen 

Münster 

Allianz AG’s parallel project, which will a total of 52 000 m² of office space was 

Weilimdorf 

create some 120 000 m² of office space, let in the Vaihingen/Möhringen district 

Feuerbach 

Bad Cannstatt 

is currently in the planning phase, however 

minor delays are expected. Trelleborg 

in 2017. This represents some 14 % 

above the 10-year average. The signi- 

AG’s new building and a hotel are ficant decline over 2016 was caused by 

Stuttgart 

North 

scheduled for the first half of 2018. Unfortunately, 

the fact that the previous year’s perfor- 

Untertürkheim 

in this case also no additiomance 

was characterized by exceptional 

Stuttgart 

Botnang 

Stuttgart 

nal new space will be available. Within market activity. A total of approx. 40.000 

City East 

Obertürkheim 

the scope of the industrial park’s transformation, 

planning for the widening of 1.0 million m² of office space in the area, 

West 

m² is available out of a total of approx. 

Stuttgart 

Wangen 

Nord-Süd-Strasse have made progress, representing a vacancy rate of some 4.0 

Stuttgart South 

with the first changes – a second intersection 

for Breitwiesenstrasse – approved 

%. These vacant areas include a certain 

amount of long-term vacant property 

Hedelfingen 

and scheduled for implementation and comprise small areas spread across 

in early 2018. Parallel to this, the local many buildings. The largest contiguous 

Vaihingen 

Sillenbuch 

council has approved the funds required vacant space is 4 000 m² in size, larger 

Degerloch 

to make changes to Nord-Süd-Strasse spaces are not available in the area in 

A 8 

in its double budget for 2018/2019. The the short term. The next development 

Direction Karlsruhe 

Möhringen 

final new building at Stuttgart Engineering 

which will bring space (some 17 700 m²) 

Birkach 

Park (STEP), Building 8.3, is cur- 

onto the market is the “Neo” project in 

Interchange 

Stuttgart 

Fasanenhorently 

under construction and should Ruppmannstrasse, scheduled for completion 

in 2019. 

A 81 

be finished in the first quarter of 2018. 

Plieningen 

This project has also been fully let pri- 

A 8 

Direction München 

Vaihingen/ 

Möhringen/STEP 

< 500 m 2 501 - 1,000 m 2 1,001 - 2,000 m 2 2,001 - 5,000 m 2 > 5,001 m 2 

Leinfelden- 

Echterdingen 

% share of space 8 % 11 % 20 % 10 % 51 % 

Fair Stuttgart 

m 2 3,990 5,762 10,232 4,874 27,094 

Ø rental price Vaihingen: 12.80 €/m 2 , Möhringen: 10.40 €/m 2

2018 forecast I 27 

Prospects for 2018. 

In recent years Stuttgart’s attractiveness has again increased. 

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, be able to rest on their laurels. 

All signs point to prosperity; the task will be to maintain, 

shape and develop it. 

Prospects for 2018 – lack of space versus potential. 

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 furnishings. 

The transformation of the automotive 

industry, already referred to above, 

is in full swing. It is impacting 

not only manufacturers, but also the 

entire supplier and mechanical engineering 

industry located in the 

region and directly in Stuttgart. The 

changes in the energy sector initiated 

by politicians and a move away 

from the diesel engine have resulted 

in the increasing acceleration of the 

development of electro-mobility and 

alternative power concepts. This, in 

turn, is leading companies to make 

huge investments in both IT development 

and also in mobility concepts. 

Re-thinking processes in the 

field of project management are resulting 

in many new ideas. Heuristic 

methods such as “trial and error” are 

coming back into fashion, resulting 

in much shorter development cycles 

and, in some cases, the decision not 

to pursue a project. In this context 

it is crucial that companies are able 

to provide a creative space and the 

corresponding required flexibility of 

use. In some cases, this need is met 

by existing co-working space providers, 

who attempt to react flexibly to 

clients’ needs. The current offering in 

this sector is, however, insufficient 

and, in line with these requirements, 

further co-working agglomerations 

could be set up. Demand exists, the 

only thing that is missing is the required 

space in an urban environment. 

The market in the central business 

district and city centre continues to 

be tight, while space in peripheral 

areas is also scarce. The choice 

of premises available to companies 

searching for office space which is 

available at short notice is currently 

very limited. The result, particularly 

where large volumes of space are required, 

is a shift of focus to outlying 

districts, where various projects are 

scheduled for completion in the next 

24 months. No expansion of the offering 

in central business district and 

city centre locations can be expected 

in the coming two years. 

We forecast that the total volume of 

office space take-up in 2018 will be 

in the range of 230 000 to 250 000 

m² and that rents will continue to increase 

due to the scarcity of space.

28 I Your contacts 

Kapitelbeschreibung I 31 

Your contacts. 

E & G Real Estate. 

E & G 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, 

Ulrich Nestel 

Head of Office Letting and 

Retail Stuttgart 

Fon +49 711/20702-710 

Ulrich.Nestel@eug-re.de 

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.: +49 711/20702-700 

Fax: +49 711/20702-702. 

Sebastian Degen 

Office Letting Consultant 

Fon +49 711/20702-711 

Sebstian.Degen@eug-re.de 

Informationen on the Internet: 

www.eug-immobilien.com 

Helga Schöner 

Office Letting Consultant & Research 

Fon +49 711/20702-714 

Helga.Schoener@eug-re.de 

E & G 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. 

E & G Real Estate. 

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. 

Our services. 

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 & Investment Market Report 

Our offices. 

Stuttgart 

Börsenplatz 1 

70174 Stuttgart 

Fon +49 711/20702-700 

Munich 

Herzog-Rudolf-Straße 1 

80539 München 

Fon +49 89/17 95 94-0 

and other information materials may be obtained free of charge from: 

info@eug-re.de or www.eug-immobilien.com. 

GERMAN PROPERTY PARTNERS: LOCAL COMPETENCE NATIONWIDE. 

Matthias Hägele 


Fon +49 711/20702-712 

Matthias.Haegele@eug-re.de 

Jessica Naschke 


Fon +49 711/20702-713 

Jessica.Naschke@eug-re.de 

Katharina Barwind 

Commercial Property Assistant 

Fon +49 711/20702-704 

Katharina.Barwind@eug-re.de 

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. 

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. 

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/

E & G Real Estate GmbH 

Börsenplatz 1, 70174 Stuttgart 

Tel.: +49 711/20702-700 

Mail: stuttgart@eug-re.de 

Web: www.eug-immobilien.de 

Amtsgericht Stuttgart, HRB 733293, Geschäftsführer: Mario Caroli, Björn Holzwarth

E & G The 2017-2018 Office Market Report

Create successful ePaper yourself

Delete template?

Save as template?