(Essen) Essen remains the Ruhr region’s office hub. According to a Brockhoff analysis, the city’s office stock grew by a further 29,400 m² over the previous year to more than 2.9 million m². Take-up in 2011 totalled 110,000 m², while the vacancy rate of 4.5% was the lowest in years.

Average rents in the city centre and the office hubs in southern Essen were €9.50 per m², with prime rents reaching €13.50 per m². The trend of businesses preferring to rent rather than buy continued in 2011. “People want to invest in their business, not in bricks and mortar,” says Eckhard Brockhoff.

One of the most attractive spaces currently available on Essen’s office market is in the Rü-Karree, formerly home to Starbucks’ head office. A 200 m² unit has already been separated and re-let, and there is interest in the remaining 700 m². High ceilings, wide staircases, existing air conditioning and ample courtyard parking make the Rü-Karree one of the city’s most sought-after property locations.

The persistent shortage of parking in Rüttenscheid was also a key consideration in planning the “Rü 62” development at the Stern. The car park adjoining the complex on Bertoldstraße will soon provide more than 250 spaces, an important factor in successfully marketing the office space.

The office space is being built to an exceptional standard to meet tenants’ rising expectations. Features include sandstone façades, large windows overlooking landscaped courtyard roofs, CAT 7 cabling and concrete core cooling ceilings. There is currently no comparable high-quality offering on Essen’s property market, as the first tenants confirmed after reviewing other options. Around half of the approximately 6,700 m² of office space has been let to City Jung, Kölbl Kruse and patent attorneys RWHS. A further 420–840 m² remains available, and Brockhoff & Partner is already in detailed discussions with prospective tenants.

Demand for office space is strong in both Rüttenscheid and Bredeney. Doctors looking to relocate are often among those seeking space in southern Essen.

Huyssenallee, once Essen’s elegant promenade, could soon become a sought-after mixed-use district close to both the city centre and Rüttenscheid. Eckhard Brockhoff sees a mix of ground-floor shops or restaurants with offices or apartments above, overlooking the Aalto Theatre and Philharmonie, as a promising marketing concept. Some owners would first need to invest in their decades-old buildings to improve their appeal.

In the city centre, the “Kennedy Tower”, sold by Brockhoff & Partner, has become a property landmark. The newly opened “Motel One” has further enhanced Kennedyplatz, which already has a strong range of restaurants. Some space is available to rent in the banking district, but it was designed for large tenants and would need a complete conversion, requiring substantial investment.

Demand for buildings on Ruhrallee has increased considerably, with the vacancy rate falling noticeably. By contrast, demand for office space in northern Essen remains limited. The most attractive options there are offices combined with storage or service space in business parks. The development at the M 1 site is positive.