(Dortmund, 6.2.2024.) Unlike the previous year, 2023 did not set a record for office take-up. However, comparison with the national average shows that the decline in office lettings was only moderate. A total of 81,000 m² of office space was let in Dortmund.

“The decline in office take-up after the record years is due in part to market saturation following strong activity in previous years, and cannot be attributed solely to economic conditions. The renewed increase in lettings in the fourth quarter suggests that the market is moving again,” says Brockhoff property adviser Phillip Mersmann . More than one-third of lettings took place in the final quarter, an above-average share. Public administration accounted for the largest leases.

The city centre recorded by far the highest take-up, further increasing letting pressure in this submarket for the current year, particularly for modern office space. The vacancy rate of around 4.5% needs to be viewed in context: “There is strong demand for offices that meet the needs of modern workplaces. The sought-after city centre has too little of this kind of space,” the property expert points out.

In 2023, prime office rent in Dortmund was around €17. Given the limited availability of modern space, moderate rent increases are expected in the preferred office districts of Phoenix-See, Phoenix-West and Stadtkrone Ost.

Moves planned for this year, including those by Materna and Continentale, will bring tens of thousands of square metres to the lettings market. Re-letting these properties is both an opportunity and a challenge for Dortmund’s office market: some spaces were occupied by a single major tenant for decades and are often no longer suited to today’s new-work models.

Brockhoff specialises in advising owners and investors on redesigning their properties and has achieved strong results in marketing them. Sustainable building technology and modern floor plans are combined in an overall concept that often enables a multi-tenant layout, since letting to several tenants improves a property’s marketability. “Sustainable building systems and a modern layout are often basic requirements. Shared amenities such as a fitness area or communal meeting spaces can make buildings even more attractive,” says Mersmann , drawing on his experience repositioning existing properties.

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Brockhoff GmbH is one of Germany’s leading commercial real estate brokerages and the market leader in the Ruhr region. The owner-managed company, based in Essen, was founded by Eckhard Brockhoff in 1987. With more than 35 years of experience in the property industry, it has extensive expertise in marketing properties across OFFICE, INVEST, RETAIL and LOGISTICS. Its services include the nationwide sale of office and investment properties, office lettings focused on the Ruhr region, brokerage of retail properties in prime 1A locations in small, medium-sized and major German cities, and the letting and sale of logistics properties. In 2021, ADOMO Beteiligungs GmbH acquired a 41% stake in the company.