(Essen, 03.05.2023). Office take-up in Q1 2023 reached around 20,000 m², a significant increase compared with the same period last year.

Of the 20,000 m² of office take-up in the first quarter, just over 16,000 m² was brokered. Brockhoff acted as adviser on around two thirds of that total (11,000 m²). Brockhoff also advised on the three largest Q1 2023 deals, which together covered 8,800 m²—more than half of brokered office take-up. Numerous other transactions contributed to the strong overall result.

In line with strong market activity, office rents in Essen are edging upwards. Prime rents in very good locations can reach €17.50/m². The average office rent in Essen is €12.50/m².

“Essen is an attractive business location. Higher vacancy gives companies good opportunities to establish or expand here. We advise owners to invest so that their properties meet modern standards and the highly sought-after ESG criteria. New concepts that meet market needs can significantly boost demand,” says Brockhoff Managing Director Tobias Altenbeck.

Only a few vacant units are in high-quality condition and meet modern office requirements for technical equipment and ESG standards. This puts the roughly 7% vacancy rate into perspective. A significant share of available space is in offices previously leased by large corporations for many years and now requiring modernisation before reletting. In recent years, companies including ALDI NORD, RWE and eon/innogy have relinquished space they had leased from third parties for strategic reasons, returning it to the rental market.

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Über Brockhoff

Brockhoff GmbH is Germany’s largest local commercial property broker and the leading real estate company in the Ruhr region. Founded in Essen in 1987 by Eckhard Brockhoff, the owner-managed company has more than 35 years of real estate experience and extensive expertise in marketing OFFICE, INVEST, RETAIL and LOGISTICS properties. Its portfolio includes nationwide sales of office and investment properties, office lettings focused on the Ruhr region, retail property brokerage in prime 1a locations in German cities of all sizes, and logistics property lettings and sales. Im Jahr 2021 hat sich SORAVIA, a leading real estate group in Austria and Germany with more than 3,300 employees,through its subsidiary ADOMO acquired a 41% stake in the company.