• Brockhoff brokers 15,700 m², more than half of the space let
• Deals of up to 500 m² dominate market activity

(Essen, 10.7.2024.) Office take-up in Essen was subdued in the first half (H1) of 2024, totalling 29,240 m² and falling short of the same period last year. This was to be expected, explains Brockhoff Managing Director Tobias Altenbeck: “Global conditions and the resulting uncertainty have reduced overall demand. This affects all asset classes, not just office property. We continue to see strong letting performance for sustainably refurbished office buildings in very good locations, such as Essen-Rüttenscheid.” No vacant, modern space is available in these prime locations for units larger than 2,000 m². Companies seeking more than 3,000 m²—or even more than 5,000 m²—have only a few options around Essen’s main railway station.

Space requirements of up to 500 m² dominated activity in the first half (H1) of 2024: 36 of the 51 leases signed were for less than 500 m². Property expert Altenbeck notes: “There are always many enquiries for space of this size. What is unusual is that overall take-up was not boosted by large deals.” At 15,700 m², more than half of the office space brokered in Essen in H1 of the year was handled by Brockhoff.

Essen’s prime rent remained below €20/m² in the first half (H1) of 2024, the threshold at which new construction becomes attractive to investors. In view of the available space, Altenbeck recommends further modernisation. Much of the vacant stock is difficult to re-let in its current condition. Sustainable refurbishment pays off: “We specialise in advising owners and investors on repositioning their properties and then marketing them. This approach has already delivered strong results in Essen, where we have quickly let several existing properties in full, some of which had been vacant for a long time,” says Altenbeck.

________________________________

About Brockhoff

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.