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Germany Real Estate Report Q3 2011
Business Monitor International, June 2011, Pages: 57
Business Monitor International's Germany Real Estate Report provides industry professionals and strategists, corporate analysts, real estate associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Germany's Real Estate industry.
Recent developments confirm that the generally benign environment foreseen by BMI’s in-country sources in late December 2010 remains intact. A strong rebound in investment, a surge in business for Germany’s exporters and improving consumer confidence are all good news.
This comes after a more challenging environment in 2009-2010, when the various protagonists in Germany’s commercial real estate sector managed to keep markets in equilibrium across sub-sectors and in each of the cities – Munich, Dusseldorf, Berlin and Frankfurt – for which we gathered data. Although there was vacant space, the amounts were neither excessive nor increasing. Yields are also neither excessive nor increasing. Interestingly, there has been a clear upturn in lending by Germany’s Pfandbrief banks, which are an important source of funding, and not just for the commercial Real Estate sector.
Our in-country sources have – fairly, in our view – been cautiously optimistic about 2012. They are looking for no change in office rents in Berlin and Frankfurt; however, rents are expected to rise by 2-3% in Munich and by a little more in Dusseldorf. For retail rents, there should be small increases of 2-3% in Dusseldorf and Frankfurt, with slightly higher rises (perhaps 6% or so) in Munich and Berlin. Our sources have envisaged that industrial rents will remain essentially flat in 2012 – although they may grow by 5% or so in Berlin.
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