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Germany Real Estate Report Q2 2011
Business Monitor International, March 2011, Pages: 59
Germany Real Estate Report Q2 2011 - The commercial real estate market in Germany has remained broadly stable despite the volatility experienced in the broader economy.
Germany's GDP contacted by 4.7% in 2009 and then grew by a greater than expected 3.6% in 2010, the highest growth recorded since reunification. The critical gross fixed capital formation (GFCF) measure swung even more, contacting by 10.1% in 2009 only to rebound by 5.5% in 2010. Even so, the commercial real estate market remained in a state of virtual equilibrium. There appears to be a very even balance between supply and demand. While there is a level of vacant space that amount is neither excessive nor increasing. Yields have remained almost unchanged and we expect only quite small lifts in yield over the forecast period.
In much the same way, rents are essentially stable and seem likely to remain so through the coming period. Through 2012, in office space we expect to see no change in rents for Berlin and Frankfurt, a small 2-3% rise in Munich and a somewhat larger rise of 2-5% in Dusseldorf. For retail rents we are looking for small rises in the order of 2-3% in Dusseldorf and Frankfurt, with slightly higher rises of up to 6% in Munich and especially Berlin. Industrial rents will remain essentially flat through 2012 except in Berlin where rises of around 5% can be expected.
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