At the beginning of the year, experienced and respected investment broker Jörg Langensiepen joined us as Head of Investment and was warmly welcomed to our team. Many colleagues have known him for years through successful collaboration on numerous investment projects. Before joining Brockhoff, the graduate engineer held senior positions at Catella Property and imovo GmbH, and previously worked successfully at Aengevelt. In the Brockhoff newsletter, he explains what motivated him to join and how he views the real estate market in 2023.

As an established real estate professional, you have known Brockhoff for years. What motivated you to make the move?

I find the whole Brockhoff team extremely dynamic, flexible, and professional. I am very much looking forward to working with my new colleagues and combining our strengths. Teamwork is certainly the path to shared success: each person brings different strengths, networks, ideas, approaches, and perspectives. There is always some overlap, of course, but often the complete picture only emerges by putting several “puzzle pieces” together. That combination is what makes success.

In your view, what makes Brockhoff successful?

Thanks to many years of trusted and therefore successful work, Eckhard Brockhoff and his team as a whole have built an impressive, extensive, and resilient network—one of the most important foundations for current and future success. This is combined with high customer satisfaction and loyalty, the flexibility and ability to understand different asset classes and markets, and a strong connection to the local market in Essen, their “hometown,” and the Ruhr region as a whole. There is really no comparable player that has worked with the market and the people in the real estate industry, from private individuals to institutions, for so long and so successfully.

What do you see as the biggest challenges Brockhoff will face in the future?

The often-severe changes of recent months have created many challenges for the real estate industry. All market participants must address them to find sustainable solutions for the future. Key factors include the very rapid interest rate changes of recent months, following the substantial increases in central bank rates by the ECB and the Fed in the United States in response to inflation. Material costs have also continued to rise, partly due to supply bottlenecks, ultimately driving up construction costs for new builds and refurbishments or renovations of existing properties. New challenges also arise from ESG guidelines and acquisition criteria that comply with “Article 8” or “Article 9.” Construction and refurbishment are changing considerably, both technically and economically. Disrupted supply chains and material shortages have made the situation more difficult. Since the war in Ukraine began in February last year, energy and raw material supplies have also become a challenge.

As real estate advisors, our job is to clearly assess the situation and support our business partners in their projects as competent and reliable partners with up-to-date know-how.

What is your forecast for the future performance of the real estate market?

The real estate market is changing and will successfully navigate this transformation. Once “expected selling prices” on the owner side and “possible purchase prices” on the investor side have moved closer together again, transaction volumes will pick up: capital is still available, and so is demand for investment.

Established real estate advisors such as Brockhoff also have a role to play in supporting clients’ strategic property decisions with experience, up-to-date market knowledge, networks, and practical advice. Real estate remains an attractive investment.