Office space market Cologne: Demand for office properties in Cologne remains high

The results recorded in Cologne’s office space market at the end of the second year characterised by the pandemic are rather positive: demand was strong, and the impact of the pandemic was less severe than expected by some market participants. At 305,000 square metres, take-up of space was even above the pre-COVID level of 290,000 square metres achieved in 2019.

The conclusion of our preliminary assessment of 2021, which we are presenting to you today, is that compared to the other German top 7 cities, developments in Cologne were among the most favourable. The market situation is backed up in particular by strong demand for space from a number of users requiring large units. Cologne benefits from a high share of public facilities and resilient private sector enterprises, such as educational institutions and law firms.

Rents in Cologne increased considerably in some segments. The prime rent rose from around EUR 26.00 per square metre to about EUR 28.00, and the unweighted average rent increased from EUR 14.00 per square metre to around EUR 15.40.

Our brief report of the office space market includes more information about the most relevant key figures and an outlook for the months ahead.