The Stuttgart Office Market 2014/2015

BANKHAUS ELLWANGER & GEIGER KG
Real Estate
Börsenplatz 1, 70174 Stuttgart
Phone +49 (0)711 2148 300, Fax +49 (0)711 2148 290
www.ellwanger-geiger.de
Stuttgart District Court, HRA 738, Personally liable shareholders: Dr Volker Gerstenmaier, Mario Caroli
STUTTGART – A REVITALISED MARKET
THE 2014/2015 STUTTGART OFFICE MARKET REPORT
CONTENTS.
Foreword6
AN OVERVIEW OF THE STUTTGART OFFICE MARKET
Year
Volume
Representative
Average central
in sq.m
prime rents
business district in sq.m
Vacancies
per sq.m
rents per sq.m
Vacancies
Total space
Completion
Pre-let volume
in %
in million sq.m
­volume
in sq.m
160,000
€ 18.41
€ 15.34
137,000
2.00
6.516
160,000
130,000
2002
127,000
€ 17.89
€ 14.80
292,000
4.20
6.828
312,000
220,000
2003
149,000
€ 17.50
€ 14.50
379,000
5.30
6.973
145,000
80,000
2004
152,000
€ 17.00
€ 14.50
415,000
5.70
7.102
129,000
93,500
2006
145,000
140,000
€ 17.00
€ 17.50
€ 13.50
€ 13.60
8
Urban flair in the Europaviertel district
9
in sq.m
2001
2005
Stuttgart is investing in the future
402,000
467,400
5.60
6.50
7.170
7.222*
68,500
52,500
The Stuttgart office market is experiencing high demand
10
Strong demand from industry, IT and telecommunications
12
Owner-occupiers dominate contract signings
13
Rent levels are increasing
14
The vacancy rate is continuing to fall
16
Stuttgart: Nationwide the best price development
18
Stuttgart central business district / city centre: New attractive locations
20
Northern Stuttgart: Record take-up
21
Eastern Stuttgart: Further new construction sites planned
22
51,400
20,500
2007
169,000
€ 17.50
€ 14.50
466,000
6.40
7.253
32,600
23,400
2008
180,000
€ 18.00
€ 14.50
460,000
6.20
7.367
117,000
116,000
2009
171,000
€ 18.00
€ 13.60
453,000
6.12
7.401
40,000
22,000
2010
194,000
€ 17.50
€ 14.30
480,000
6.46
7.425
42,400
22,400
Southern Stuttgart: Experiencing a boom
23
2011
285,000
€ 18.80
€ 14.30
424,000
5.70
7.449
45,900
41,200
Overview of the Stuttgart office market
25
2012
191,500
€ 20.00
€ 14.50
399,000
5.40
7.416
37,000
36,300
Continued high demand expected in 2015
26
2013
258,000
€ 20.00
€ 14.40
365,000
4.87
7.496
81,200
62,700
Your contacts
28
2014
278,000
€ 21.50
€ 15.30
325,000
4.30
7.536
72,500
91,500
ELLWANGER & GEIGER Real Estate
29
* Data from a survey by BulwienGesa AG + Baasner, Möller & Langwald GmbH
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
4
5

MILANEO
Office (10% take-up)
Retail + residential
Completion Q4 2014 + Q1 2015

Completion in 2018
PA RISER HÖFE
100% take-up
Completed 2013
Q1 2015
Europe Plaza
 Milaneo
 Project,
17,000 sq.m
Construction Area 5
Completion n.a.
 Project,
17,000 sq.m
IHK
Jägerstr. 30
Office (100%), own use
Completed in 2014
CITY GATE
Kriegsbergstr. 11
Office + retail
(40% take-up)
­Completion in Q1 2015
Construction Area 4
 City Gate
 Project,
68,000 sq.m
 IHK
Sparkassenakademie
 100%
LOOK21
own use
 Project,
25,000 sq.m
Completion
BÜ L OW CARRÉ
Lautenschlagerstr. 21
Office + retail
(95% take-up)
­Completed in Q1 2014


L AU TE NSCHL A GE R ARE A L
Friedrichstr.
Project, 8,100 sq.m
Completion in Q4 2016




H O SP I TA L H OF
Hospitalplatz/Gymnasiumstr.
Office (100%), own use
Completed in 2013
D O RO T HE E N Q U A RT I E R
Dorotheenstr./Holzstr.
Office (95% take-up)
Retail + residential
Completion in Q4 2016
D A S G E RB E R
Marien-/Tübinger-/Paulinenstr.
Office (20% take-up)
Retail + residential
Completion in
Q3 2014 + Q1 2015
PAU L INE
Paulinenstr. 21
Office (100% take-up)
Completed in 2013
C A LE I D O
Tübinger Str. 41– 43
­Office (95% take-up)
Retail + residential
­Completed in 2013
© BANKHAUS ELLWANGER & GEIGER KG
6
7
FOREWORD.
Stuttgart: An industrial and services city in a green setting.
Stuttgart is growing beyond its limits.
Fantastic topography combined with the “canny” Swabian character make Stuttgart one of
2014 was a peak year for Stuttgart’s office space market. Not only because the second-best take-up
­G ermany’s most attractive cities. Although a major German industrial centre it is also one of the
rate of all time was achieved but also because the increased price level for both prime and average
country’s greenest cities. Half of the entire urban area consists of vineyards, woods, parks and
rents speaks for itself and because the vacancy rate has continued to decrease.
­orchards. This coexistence is based on a tradition going back centuries. The will to preserve such
green spaces has always been pronounced. Despite the fact that there have been frequent
One thing in particular was clear – virtually all of the state capital’s submarkets experienced move-
­struggles with local industry over this, in the final instance everyone has always agreed that
ment and regeneration, or put succinctly a boom. Both real estate and infrastructure saw many
­expansion of the city must take environmental-economic factors into consideration. As a result
new projects take shape and existing properties were continuously optimised. And it is already
Stuttgart is t­ oday a pioneer in many fields, such as knowledge-based business services or environ-
clear now that the trend will continue during this year.
mental ­technologies.
The stimulus for this new upswing was, once again, the region’s strong automotive industry.­
A brief survey of the local business landscape shows that the number of knowledge-based business
­Numerous companies in the sector have carefully evaluated their manufacturing and administrative
service providers is increasing steadily. This report underlines this fact – the most recently completed
sites and have made a clear commitment to Stuttgart as a location. Expansion will also take place
modern office properties, all DGNB-certified and in some cases with their own mobility concepts, are
in the city in the future.
all fully let. There is sustained demand for such modern office space, particularly since medium-­sized
companies in the service sector are growing quickly.
The development of city centre areas to the rear of the main train station is ongoing; the lively
heart of the city is expanding northwards. A completely new district is being generated through
One of the tasks of municipal politicians is to develop good concepts to promote the transformation
infrastructure which has now stabilised.
of old commercial areas into innovative industrial sites. Industrial sites need to meet business’
­increasing demand for faster data links, and the desire of people working in these districts is to be
The only bad news is that the floor space available in the city is already limited; large contiguous
in pleasant surroundings. The successful relaunch of the Weilimpark commercial district shows that
areas will be in short supply in future, particularly in the central business district. In addition to
the strategy jointly chosen by the municipal council and local companies is the right one.
­ongoing city centre development projects there will, as a consequence, also be demand for
­properties requiring refurbishment.
The goal of municipal politicians and business must be to develop ideas about what, seen from
the environmental-economic perspective, is desirable and to define the corresponding concepts
The following pages present detailed facts and figures on developments in Stuttgart’s office market.
and strategies.
We hope that you will find the report informative and will be glad to respond to any questions you
may have, to provide more detailed explanations or simply to hear your feedback.
Fritz Kuhn
Ines Aufrecht
Lord Mayor of Stuttgart
Director of Business Development, Stuttgart
Mario Caroli
Björn Holzwarth
8
9
STUTTGART IS
INVESTING IN
THE FUTURE.
URBAN FLAIR
IN THE
EUROPAVIERTEL
DISTRICT.
Stuttgart is actively engaged in various fields to ensure the city remains an attractive location in the
­future and to retain highly skilled workers. Approaches include the expansion of cutting-edge technologies,
the further development of the transportation infrastructure and the creation of affordable housing.
The Europaviertel district is gaining an urban character. The opening of the Milaneo building underlines
that the district has been invigorated. Achievement of the next milestone is already imminent.
HIGH FREQUENCY THANKS TO MILANEO
is primarily required for the association’s own use. A
INDUSTRIAL AND TECHNOLOGY COMPANIES ARE
buses is also being considered to improve links between
The new Europaviertel district first truly became invigorated
­further 25,000 square metres are planned in a second
FULLY COMMITTED TO STUTTGART AS A LOCATION
the state capital and the surrounding region. The new
when the library opened its doors in October 2011. The
building ­located along Heilbronner Strasse and will be
Industry – and in particular the automotive sector – is
Rosenstein Tunnel is a further factor which will contribute
opening of the Milaneo building in October 2014 has
placed on the open office space market. Approximately
currently subjecting its manufacturing sites to careful
to improving traffic flows. Overall, the idea of a cross-trans-
­r esulted in a sharp rise in the district’s frequency rates.
100 apartments will be built at the rear of the site in a
evaluation with regard to their future viability. Many
portation mode, the integrated traffic guidance system,
At the end of last autumn the area was thus already able
prime r­ esidential location. Completion of the overall
companies have made a clear commitment to Stuttgart
so-called intermodality, will become increasingly important
to present itself as a lively urban quarter. The 450 apart-
­project cannot be expected until 2018 at the earliest.
as a location. Robert Bosch GmbH has been investing in
in the future. Such considerations should not, however,
ments incorporated into Milaneo and the Cloud 7 hotel
the state capital and the surrounding area for many years.
overlook the fact that commercial traffic must continue to
and apartment high-rise are scheduled for completion in
In addition to the existing Stadtbibliothek underground
In addition to this, the technology and services company
be allowed, as it ensures the delivery of s­ upplies to the
2015 and in early 2016, respectively. The district’s develop-
station, work is currently under way to connect the Europa­
is currently building a new research and development
city. Initial corresponding strategies in the form of the
ment will be rounded off by the opening of a 4-star Aloft
viertel district to the U12 light rail transit system. This will
centre in Renningen. Daimler AG is expanding its sites in
­development of a truck guidance network are already
hotel and an A&O hostel in the former Südmilch head
allow the entire district to be accessed via an additional
Untertürkheim and Sindelfingen. And in the last three
­being implemented to ensure that the flow of commercial
­office building in the Rosenstein district, scheduled for
centrally located underground station from 2016. With
years Porsche AG has almost doubled the size of its site in
traffic can be improved in the future.
the second half of 2015. The Sparkassenakademie training
the exception of Construction Areas 4, 5 and 15, the
centre opened its new building in 2014, offering course
­entire area within the Europaviertel district has thus been
assembly line open now that the new paint line has been
DEVELOPMENT OF AFFORDABLE HOUSING
participants a total of 12,600 square metres of space and
converted to new use since building work commenced
completed.
The preservation and further expansion of Stuttgart’s
148 apartments. Further urban flair in the Rosensteinstrasse
in 2010. Construction Areas 4 and 5 still offer reserves
­attractiveness is dependent on the availability of affordable
area will be created by the building of new student
totalling some 85,000 square metres of office space in
EXPANSION OF THE TRANSPORTATION INFRA-
housing for young families. An initial programme has
­accommodation, scheduled for completion in 2017.
an extremely central location.
STRUCTURE
been developed to provide an i­ncreased number of
One of the key issues with regard to equipping the city
modern residential units in line with demand over the
MORE PROJECTS SET TO BE REALISED SOON
for the future is the handling of an increasing volume of
coming years.
A further centrally located office space project is planned
Zuffenhausen – thus keeping the option of building a new
traffic. An approximately 20 per cent reduction in traffic
in the heart of the Europaviertel district – the Europe Plaza,
PER CAPITA PURCHASING POWER IN 2014, IN €:
LARGE CITIES OF 500,000 OR MORE RESIDENTS
is planned for the Stuttgart Basin area. Rapid transit railway
All of these measures are intended to enable Stuttgart
sited directly adjacent to the library. It has already been
Munich
links, the region’s backbone, will be further improved to
and the region to continue to take advantage of their
granted planning permission and, as the project ­located
Düsseldorf
facilitate this goal. The objective is to introduce longer
good preconditions in the future. An unemployment rate
closest to the central business district, could get underway
Frankfurt
trains travelling more frequently. In addition to this, so-
of four per cent and a per capita BIP of 36,000 euros are
directly following signing of a letting contract. The Look21
Stuttgart
called tangential lines making it possible to bypass the
figures which are significantly over the German average,
development project, located on the former Türlenstrasse
city centre and shorten journey times are planned in order
demonstrating the achievement potential of the city and
site, is being driven forward. Realisation looks set to begin
to make public transport more attractive. Stuttgart also
the region.
in 2015. The Südwestmetall (Baden-Württemberg’s metal
Hamburg
Cologne
29,085
25,763
24,939
24,297
23,664
23,380
wishes to expand car-sharing offerings, which have already
industry association) is ­having a total of some 10,000
Berlin
19,649
been successfully established. The introduction of express
square metres of office space built on the site. The space
Source: GfK GeoMarketing, current as of: January 2015
10
11
21,000 square metres – which was the second largest
highest take-up rate of some 54,900 square metres in total.
take-up on the Stuttgart market. The largest letting
2005
2006
258,000
285,000
191,500
Cannstatt/Hedelfingen/Wangen was able to record the
194,000
Vector Informatik’s site in Weilimdorf – approximately
171,000
site in Untertürkheim, Stuttgart’s eastern submarket Bad
180,000
7,500 square metres – and the expansion of IT company
169,000
new Porsche training centre in Zuffenhausen – some
40,000 square metres of new real estate on its production
140,000
Thanks to a car manufacturer’s plans to construct some
145,000
owner-occupier lettings such as the decision to build the
152,000
The northern submarkets benefited from several large
DISTRICT ACHIEVE TOP FIGURES
149,000
EASTERN STUTTGART AND CENTRAL BUSINESS
RENTAL TAKE-UP OF OFFICE SPACE IN STUTTGART 2002–2014 IN SQ.M
127,000
As of 31 December 2014 take-up on Stuttgart’s office market was some 278,000 square metres. Owneroccupiers accounted for 84,000 square metres of this floor space. Not only was the extremely high demand
from the previous year continued, but the office market also achieved the second-best results of all time.
278,000
THE STUTTGART
OFFICE
­M ARKET IS
­E XPERIENCING
HIGH DEMAND.
­contract, for around 10,000 square metres, was concluded
Rental take-up in Stuttgart’s central business district
by Mercedes-Benz Bank AG in Pragsattel.
­totalled 53,100 square metres, representing an i­ncrease in
excess of 53 per cent over the previous year. The largest
TAKE-UP LEVELS IN THE SOUTHERN AREAS AVERAGE
letting contract, for some 5,800 square metres, was con-
Southern Stuttgart proved itself to still be a popular area.
cluded with the City of Stuttgart for premises at the
In comparison to the previous year, however, significantly
­Zeppelin Carré. Approximately 5,000 square metres at
fewer large contracts were concluded, meaning that take-
the Caleido office and commercial building, completed
up reverted back to an average level. Construction of the
in 2013, were let to Elo Digital Office GmbH. Demand in
Baden-Württemberg Centre for Solar Energy and Hydrogen
both the small and large-area sectors was excellent in
Research (ZSW) commenced at Stuttgart Engineering Park.
the central business district, whereby new premises were
The owner-occupier contract, covering around 10,000
in particular demand.
square metres, was the largest transaction concluded in
Vaihingen. In addition to this, almost 100% l­etting of
Rental take-up in Stuttgart’s city centre was some 44,200
the STEP 7.2 office building, still under construction, was
square metres, below the level for 2013. The main reason
achieved.
was a lack of major transactions. Sixty-eight letting ­contracts
were however concluded in the segment up to 500 square
metres. The new building project for a foundation in
eastern Stuttgart achieved the largest take-up, at around
4,500 square metres.
2 002
2003
2004
2007
2008
2009
2010
2011
2012
2013
2014
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
RENTAL TAKE-UP IN STUTTGART AND SUBMARKETS IN SQ.M
Central business district
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
55,100
33,300
43,000
61,500
44,400
38,200
32,800
63,000
61,500
34,600
53,100
City centre
21,700
43,200
31,300
46,600
41,700
83,800
66,600
97,500
58,400
51,000
44,200
Vaihingen/Möhringen
30,800
10,400
32,600
13,700
18,500
20,200
26,200
56,300
18,200
62,200
34,700
Fasanenhof
4,000
3,700
3,500
2,300
10,600
2,700
5,300
12,500
7,400
5,700
9,100
Feuerbach/Zuffenhausen
20,600
9,800
2,000
6,800
12,300
3,300
28,500
24,800
18,700
27,200
34,700
Degerloch
6,000
3,400
4,500
7,200
9,200
4,900
2,100
4,000
4,800
1,900
1,500
Weilimdorf
3,000
6,600
6,000
5,100
12,800
5,900
11,400
5,500
5,300
7,700
30,900
54,900
Bad Cannstatt/Wangen
7,700
24,600
13,500
15,400
12,500
8,100
8,300
13,400
12,000
19,800
Leinfelden-Echterdingen
3,100
10,000
3,600
10,400
18,000
3,900
12,800
8,000
5,200
47,900
14,900
Total
152,000
145,000
140,000
169,000
180,000
171,000
194,000
285,000
191,500
258,000
278,000
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
12
13
STRONG
­D EMAND FROM
INDUSTRY AND
IT/­TELECOMMUNICATIONS.
OWNER-­
OCCUPIERS
DOMINATE
CONTRACT
­S IGNINGS.
In 2014, the contracts with the largest volumes were
COMPARISON OF NEW CONTRACTS BY SIZE
concluded with owner-occupiers. Daimler AG’s new
112,489
119,685
The greatest demand for office space came from the “industry” and “IT/telecommunications” sectors,
making a decisive contribution to the strong rental take-up in 2014. A total of 353 contracts were
concluded, whereby the largest letting contracts were with owner-occupiers.
building project at its production site in Untertürkheim,
for some 40,000 square metres of space, thus represented
the largest take-up on the Stuttgart office market. The
otal space 2013:
T
258,000 sq.m
otal space 2014:
T
278,000 sq.m
square metres, since transactions in this sector were
The highest demand in 2014 came from “industry”,
­primarily in the up to 500 square metres category. Only
­accounting for a total of some 78,000 square metres of
five letting contracts with consultants were for areas in
take-up. The automotive industry alone accounted for
­e xcess of 1,000 and 2,000 square metres. Demand in
­approximately 69,000 square metres of this take-up, with
the “education / health care” segment in 2014 amounted
Daimler AG’s new building at its production site in
to some 17,000 square metres. Stuttgart experienced
­Untertürkheim the largest transaction. The significant
particular growth and relocations of training companies in
­increase in demand from the “IT/telecommunications”
the “vocational training” sector as well as an ­expansion of
­sector must be seen in relation to the boom in the
areas by institutions offering academic degree courses and
­automotive industry and the resulting new technological
by the Duale Hochschule Baden-Württemberg university,
metres. This represented 64 contracts more than in the
developments. At 60,300 square metres rental take-up in
already located in the city. Following above-­average
previous year and a plus of some 9,280 square metres.
this sector almost trebled in comparison with the previous
­demand from the public sector in the p
­ revious year,
year. The “consultants” sector in comparison ­accounted
­demand in 2014 was for only 16,500 square metres,
for only eight per cent of the total volume, or 23,500
­representing just under six per cent of o
­ ffice space take-up.
­expansion of IT company Vector Informatik’s head office
in Weilimdorf – approximately 21,000 square metres –
was the second largest letting contract concluded by an
65,754
owner-­occupier.
31,302
22,141
34,298
24,733
TAKE-UP BY SIZE
34,157
37,183
54,258
AUTOMOTIVE INDUSTRY DRIVES DEMAND
Overall 353 contracts were concluded last year. In the
segment up to 500 square metres there were 261 transactions with a total rental volume of some 64,800 square
Of these, 145 contacts were in the central business district
< 500 m²
501 – 1,000 m²
1,001 – 2,000 m² 2,001 – 5,000 m²
> 5,000 m²
and city centre alone, for a total area of approximately
36,600 square metres. For premises in the range from
501 to 1,000 square metres there were 51 transactions.
TAKE-UP BY SECTOR IN %
Other
261
2,001 to 5,000 square metres declined from 14 in the
contract concluded by Mercedes Benz Bank AG for
previous year to nine, the number of transactions achieved
otal number 2013:
T
314
.6
9%
otal number 2014:
T
353
four to nine, with the total area let increasing to a total of
Companies in the “media/communication” segment re-
112,489 square metres. The largest share of transactions,
quired some 5,500 square metres. ­Letting contracts by
40.5 per cent, was thus achieved in the ­segment above
accounted for a total of 59,200 square metres of space.
9
8
9
23
18
5,000 square metres. This figure was achieved with just
four lettings for premises from 10,000 to 40,000 square
viders such as architects, engineers and trading companies,
< 500 m²
501 – 1,000 m²
1,001 – 2,000 m² 2,001 – 5,000 m²
IT/
telecommunications
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
in the segment above 5,000 square metres increased from
10,000 square metres in the new S
­ kyline ­o ffice building.
6
21
metres. Central to the increase in 2014 was the letting
“other office users”, which includes various service pro-
21
.2
9%
8.45%
up on the previous year’s new lettings of just 7,100 square
51
0
Industry
53
.
28
6%
While the number of contracts concluded for the segment
COMPARISON OF NEW CONTRACTS BY NUMBER
229
%
7%
%
12
Consultants
6.4
metres totalled 23 contracts for 34,297 square metres.
some 17,000 square metres, or 6.12 per cent, this was still
1.98%
6.
Education/
health care
5.94
Financial services
Trans­actions in the segment from 1,001 to 2,000 square
Demand from the “financial services” sector increased
over 2013. Although their share of total take-up was only
Media/communication
Public sector
INCREASED DEMAND FROM FINANCIAL SERVICES
Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©,
current as of: 31.12.2014
> 5,000 m²
metres.
14
2011
14.40 
14.30 
2010
14.50 
14.30 
13.60 
14.50 
14.50 
13.60 
13.50 
14.50 
14.50 
14.80 
Prime rents
15.30 
•20.00
•20.00
•18.80
•17.50
•18.00
•18.00
•17.50
•17.50
•17.00
•17.00
RENT LEVELS
ARE
­I NCREASING.
•17.50
•17.89
CENTRAL BUSINESS DISTRICT PRIME AND AVERAGE RENTS, 2002–2014 IN €/SQ.M
•21.50
15
Average rents
2 002
2003
2004
2005
2006
2007
2008
2009
2012
2013
2014
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
10.10
13.50
9.70
12.90
12.80
12.10
14.40
18.50
15.30
21.50
PRIME AND AVERAGE RENTS IN 2014 IN €/SQ.M
Prime rents
Numerous lettings in newly built and refurbished properties in 2014 resulted in an increase in prime
rents. As of 31 December 2014 the prime rent was 21.50 euros per square metre. The average rent has
also increased over the previous year – by 0.50 euros per square metre to 12.50 euros per square metre.
Central ­­
City centre
b usiness district
Average rents
Outlying districts Outlying districts Outlying districts
to the north
to the east
to the south
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
TAKE-UP BY PRICE SEGMENTS
PRIME RENTS IN THE CBD AND CITY CENTRE
EXCEPTIONAL PERFORMANCE IN THE OUTLYING
This can be attributed to the fact that the majority of
In 2014 a total of 128 contracts were signed in the price
After prime rents in the last two years remained at the
DISTRICTS TO THE NORTH
contracts were concluded for premises in the under
segment up to 10.00 euros per square metre in the
20.00 euros per square metre mark, in 2014 this figure
In the northern outlying districts of Feuerbach/Zuffen-
10.00 euros per square metre segment.
Stuttgart urban area (including Leinfelden-Echterdingen).
increased by 1.50 euros to 21.50 euros per square metre.
hausen/Weilimdorf the prime rent was 14.40 euros per
In the range from 10.01 to 13.00 euros per square metre
The average rent in Stuttgart’s central business district
square metre, significantly higher than the figure for the
The prime rent for the southern fringe areas was 13.50
122 contracts were concluded. This segment thus accounted
also increased significantly due to the fact that around
previous year. This was largely on account of two large
euros per square metre. It was thus lower than the
for 32.2 per cent of office space take-up, making it the
half of the contracts concluded were in the segment
transactions for new-build projects in the Feuerbach
­p revious year’s figure of 15.00 euros per square metre.
largest segment. Fourty-four contracts were signed in the
above 15.00 euros per square metre. At 15.30 euros per
­district, making 2014 an exceptional year. As a result the
Since, however, a large transaction had a key influence on
13.01 to 15.00 euros per square metre segment. There
square metre the average rent achieved the highest figure
average rent also increased to the unusually high level of
the prime rent for 2013, the current figure is more in line
was a significant increase over the previous year in the
for 13 years. At 12.10 euros per square metre the average
12.80 euros per square metre.
with the market and at a level which can be sustained in
segment 15.01 to 17.00 euros per square metre – while
rent for Stuttgart’s city centre increased only slightly over
in 2013 only 16 contracts were signed, in 2014 this figure
the previous year. Due to a number of lettings in new
In the eastern submarkets, the figure of 12.90 euros per
led to an average rent of 10.10 euros per square metre,
almost doubled to 30. In the over 17.00 euros per square
buildings the prime rent for this area, however, increased
square metre was also significantly higher than for the
also below the previous year’s figure of 10.60 euros per
metre segment 20 letting contracts were concluded, all
to 18.50 euros per square metre.
previous year. In contrast, the average rent decreased
square metre.
for premises located in Stuttgart’s central business district
and, in most cases, in new-build properties.
future. A large number of contracts concluded in 2014
from 10.60 euros per square metre in 2013 to 9.70 euros.
16
17
THE VACANCY
RATE IS
­C ONTINUING
TO FALL.
VACANT OFFICE SPACE AS OF 31 DECEMBER 2014 AND PERCENTAGE CHANGE OVER 2013
Degerloch  10,600 sq.m
Feuerbach, Zuffenhausen  13,500 sq.m
6%
-4
5%
5.1
Weilimdorf  25,000 sq.m
.5
6%
2
1.
-3
Bad Cannstatt, Wangen etc.  24,400 sq.m
The supply of vacant office space for the Stuttgart market is continuing to decline. On 31 December 2014
it t­ otalled only around 325,000 square metres, approximately 12.3 per cent less than in the previous
year. This equates to a vacancy rate of 4.3 per cent. Only around 5,200 square metres of this space are
­available for sub-letting.
Stuttgart City  67,000 sq.m
3.92%
-4.2
Fasanenhof  16,500 sq.m
7%
-45.65%
COMPLETION VOLUME IN SQ.M
312,000
-12
Completion
of building
25
Pre-let
%
.53
.82
%
Stuttgart central
business district  61,900 sq.m
91,500
119,000
Möhringen  30,600 sq.m
Leinfelden-Echterdingen  46,000 sq.m
33,600
72,500
62,700
81,200
36,300
37,000
41,200
45,900
23,200
42,400
22,000
40,000
104,900
23,400
32,600
28,500
49,000
51,400
68,500
115,600
131,500
143,500
80,000
%
145,000
-5.
-8.91
26
%
220,000
Vaihingen  29,500 sq.m
2002 200320042005200620072008200920102011201220132014 2015
Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©, current as of: 31.12.2014
In Stuttgart’s city centre the vacant space available was
­business district in the next two years. Genuine shortages
Two contradictory developments took place in southern
commercial district, for example, reduced the amount of
approximately 9,100 square metres less than in the
in the medium-price segment and the small-area segment
Stuttgart: while the high vacancy rate in Leinfelden-­
vacant space by 31 per cent over 2013.
­previous year. Despite the completion of a number of
are already apparent today.
Echterdingen decreased by ten per cent, the supply of
new construction projects such as City Gate, Gerber or
­vacant office space in Vaihingen increased, primarily due
The supply of office space in the eastern submarkets of
Milaneo, the amount of office space available in the
A number of large unit lettings in the first half of the year
to the release of a number of large units in older existing
Bad Cannstatt/Wangen/Hedelfingen remained by and
­central business district decreased by 3,200 square metres.
resulted in a significant decrease in the vacancy rate in
buildings.
large the same as in the previous year. Although this
High demand for premium office space in these areas
Weilimdorf, which has been above average for some
means that vacant premises should not remain unlet for
years. The northern submarkets of Feuerbach and Zuffen-
The submarkets of Möhringen and Fasanenhof saw the
high level of take-up, this was primarily due to a project
any significant period of time. There will only be a small
hausen have, in contrast, remained stable since a large
space available decline overall in comparison to the
being ­c onstructed for an owner-occupier; the space was
number of new construction projects in the central
percentage of new premises had already been pre-let.
­previous year. The letting of large units in Fasanenhof’s
not placed on the open market.
­market produced a surprise in 2014 with an unusually
AT A GLANCE:
The most recent developments in Stuttgart’s
office market
18
19
STUTTGART:
NATIONWIDE
THE BEST PRICE
DEVELOPMENT.
COMPARISON OF VACANCY RATES IN GERMANY IN %
2008
2011
Düsseldorf
Cologne
Munich
2014
6.2
6.1
6.5
5.7
5.4
4.9
4.3
6.0
7.4
7.0
8.1
9.8
Berlin
6.7
7.5
5.9
5.3
4.8
8.9
8.4
8.2
8.4
9.1
9.7
8.3
7.7
6.8
6.3
5.8
2013
9.6
8.3
8.9
8.2
7.6
7.4
6.9
9.8
10.3
Frankfurt
11.5
11.8
11.6
10.9
10.9
2012
12.5
13.9
2010
13.8
15.1
14.4
14.3
13.9
2009
Hamburg
Stuttgart
Source*: GPP German Property Partners, current as of: 31.12.2014
Düsseldorf experienced above-average losses of 31.4 per
of 1.00 euro over the previous year.
cent, as did Frankfurt at 18 per cent. The lack of large
2007
2009
608,200
630,000



2011
2012
2013
Frankfurt
Stuttgart
Cologne
Düsseldorf
2014
STUTTGART COMPARED TO OTHER GERMAN CITIES
particularly noticeable in Hamburg and Stuttgart, at
Frankfurt this figure was approximately 82,000 square
around 14.3 per cent and 11 per cent, respectively. The
metres. Munich also experienced a slight decline in take-
highest volume of vacant space available at short notice
up of four per cent. Cologne recorded the second-lowest
was in Frankfurt and Munich, namely 1.5 million and
performance in a comparison of the Top 7 locations.
1.3 million square metres. In 2014 construction of a total
Frankfurt
of some 1.01 million square metres of office space was
Hamburg
Cologne
280,000
260,000
Munich
608,000
583,950
Stuttgart
258,000
278,000
20.00
furt and 220,000 square metres in Munich.
2010
Berlin
Munich
Hamburg
Source*: GPP German Property Partners, current as of: 31.12.2014
square metres under the five-year mean average; in
completed. Of this, 295,000 square metres was in Frank-
716,700
853,000
2008
Vacancy rates in all Top 7 locations decreased. This was
furt remained the highest nationwide. The second-highest

540,000

2006
transactions meant that Düsseldorf was some 60,000
The prime rent of 38.00 euros per square metre in Frank-
590,000


765,000

620,000

580,000

480,000
510,000


2005
238,000 
was in Frankfurt and Berlin, which e
­ xperienced growth
2004
258,000
contract in Hamburg were signed by owner-occupiers.
2 003

level as in 2012. The highest growth in average rents
191,500 
the two largest contracts in Stuttgart and the second-largest
285,000 
dorf stabilised at 26.00 euros per square metre, the same
194,000 
21.50 euros per square metre. The prime rent in Düssel-
The percentage of owner-occupiers was, however, high –
171,000 
approximately 19 per cent and eight per cent, respectively.
180,000 
Stuttgart achieved the highest growth in prime rent to
169,000 
in Munich. With an increase of 1.50 euros per square metre
and Stuttgart experienced significant gains in take-up of
140,000 
the highest growth in 2014 – some 21 per cent. Hamburg
145,000 
figure of 34.40 euros per square metre was again recorded
152,000 
After experiencing a downturn in 2013, Berlin recorded
149,000 
At the close of 2014 office space take-up in Germany’s Top 7 locations (Berlin, Düsseldorf, Frankfurt,
Hamburg, Cologne, Munich and Stuttgart) totalled some 2.88 million square metres and, with a slight
decrease of approximately 0.7 per cent, had remained almost at the previous year’s level. After deducting
the owner-occupier share of 10.4 per cent the “Big Seven” had a take-up of some 2.58 million square metres.
820,000
BIG SEVEN TAKE-UP 2003–2014 IN SQ.M
Take-up in sq.m
Prime rent in €
Average rent in the CBD in €
Vacancy rate in %
2013
2014
2013
2014
2013
2014
2013
Berlin
521,000
630,000
22.00
22.50
12.20
13.20
5.3
2014
4.8
Düsseldorf
347,000
238,000
27.50
26.00
14.95
13.80
10.9
10.9
449,500
367,500
38.00
38.00
18.50
19.50
13.7
12.5
440,000
525,000
24.00
24.50
14.00
14.50
7.0
6.0
21.25
21.25
11.90
11.90
7.4
6.9
32.50
34.40
15.10
14.60
6.3
5.8
21.50
12.00
12.50
4.9
4.3
Source*: GPP German Property Partners, current as of: 31.12.2014
Note: Source for Cologne figures: Greif & Contzen, Source for Frankfurt figures: Colliers International
20
21
STUTTGART
CENTRAL
­B USINESS
­D ISTRICT / CITY
CENTRE: NEW
ATTRACTIVE
LOCATIONS.
NORTHERN
STUTTGART:
RECORD
­TAKE-UP.
Demand for new, efficient office space in the central
Thirty-three per cent of take-up in the central business
FEUERBACH/ZUFFENHAUSEN
The segment over 5,000 square metres accounted for
business district and city centre remained as strong as e
­ ver.
district was in the segment under 500 square metres and
Demand in the Feuerbach/Zuffenhausen district in 2014
three contracts or 80 per cent of the total volume. Some
Despite all doubts, the majority of space in the new projects
17 per cent in the range from 501 to 1,000 square metres.
was healthy, with over 15 contracts concluded. Thanks
31 per cent of the rented space was let for rents between
completed in 2014 was let. Both large contiguous areas as
A surprising 30 per cent was in the segment from 1,001 to
to take-up of 34,700 square metres it was possible to top
10.01 and 11.00 euros per square metre. Rents between
well as small areas of differing qualities have b
­ ecome very
3,000 square metres. Two contracts were concluded for
the previous year’s figures by 27 per cent. Successful
13.01 and 15.00 euros per square metre were achieved
scarce. The only spaces available are at City Gate, Rosen-
premises over 4,000 square metres in size. The majority of
­lettings were thus significantly above the ten-year average
for 60 per cent of the rented space. The majority of these
berghöfe, Milaneo and the almost completed Gerber.
letting contracts in 2014 were signed by companies in the
at approximately 15,400 square metres.
contracts were concluded for new buildings.
Strong demand has, for example, seen the amount of
services sector. Twenty-six per cent of the premises were
­office space available at Gerber decline to only approxi-
let for prices between 12.01 and 14.00 euros per square
In addition to Mercedes-Benz Bank AG, which rented
WEILIMDORF
mately 5,600 square metres.
metre. A further 42 per cent went for between 14.01 and
premises in the new Skyline building, this good rate of
First visual changes and improvements in local facilities
17.00 euros. Twenty per cent of premises achieved prices
take-up was again due to the automotive suppliers, who
are now raising the profile of the WEILIMPARK initiative,
over 17.01 euros per square metre.
play a key role in the area. Robert Bosch GmbH alone
launched in 2012. Work to find alternatives to existing
The opening of the Gerber shopping centre at the end
of September and the relocation of outdoor specialist
rented a further 13,000 square metres of office space at
building heating systems is continuing. The goal is to
Globetrotter’s flagship store to the Tübinger Carré has
In the city centre four premises with a total of 6,500 square
three locations in Feuerbach. Porsche AG will be moving
­install a communal combined heat and power plant for
seen the area around Tübinger Strasse / Obere Marien-
metres were occupied by owner-occupiers. ­Premises in
into its new training centre at Porscheplatz – some 7,500
Weilimdorf and the office buildings located there. A further
strasse transformed into a lively, popular city centre
the segment under 500 square metres – 71 contracts and
square metres – in 2015. Full occupation of the Oasis II
focus is on the improvement of the transportation infra-
­location. There is very little prospect of further possible
50 per cent of total take-up – were in particular demand.
project at Heilbronner Strasse upon completion in the
structure and the availability of parking.
sites for projects since most of the properties requiring
Thirty-four per cent was in the range from 501 to 2,000
first quarter of 2015 is guaranteed. The main tenants will
­refurbishment have already been demolished to make
square metres. Contracts for premises between 2,001 and
also be companies in the automotive industry.
way for a development or have been fully renovated.
3,000 square metres played only a minor role, accounting
In 2014 the district also benefited from the development
of the company Vector Informatik, which constructed a
for only 16 per cent of total take-up. Some 29 per cent of
There is currently almost no modern office space ready
further 21,000 square metres of office space for its own
The LöwenTor-Center project, which will bring approxi-
premises achieved prices between 9.01 and 11.00 euros,
for occupation; only small areas of a basic quality are
use. Total take-up including the owner-occupier was some
mately 6,000 square metres of office space, some 2,600
while a further 42 per cent was let for between 12.01 and
available. A project including 25,000 square metres of
30,900 square metres, thus significantly higher than the
square metres of residential apartments and a childcare
14.00 euros per square metre.
space is being planned at Borsigstrasse and realisation
ten-year average of 7,400 square metres. The range of
will begin as soon as 40 per cent of this space has been
space available is good; from 2016 large contiguous areas
pre-let.
will become available again. In contrast to other districts
centre covering around 1,000 square metres onto the
market in 2016, is currently being speculatively developed
The price level in the central business district and city
at Heilbronner Strasse in the vicinity of the Bülowturm
centre increased overall due to lettings in new premises
high-rise. The opening of the Milaneo building and the
or refurbished properties.
this space will also be available in the mid-price segment.
Only ten contracts or 11 per cent of the space let was in
Fifteen per cent of the rented premises were under 1,000
resulting improvement in local facilities at this location
the under 500 square metres segment. One contract was
square metres. Thirteen per cent was in the range between
will see Heilbronner Strasse developing into an extension
concluded for premises in the range 1,001 to 2,000
3,001 and 4,000 square metres. Rents for 88 per cent of all
of the city centre once and for all.
square metres.
space were between 9.00 and 11.00 euros per square metre.
22
23
EASTERN
STUTTGART:
FURTHER NEW
CONSTRUCTION
SITES PLANNED.
SOUTHERN
STUTTGART:
EXPERIENCING
A BOOM.
A key factor in the overall development of eastern Stutt-
The Bad Cannstatt/Wangen/Hedelfingen market is tra­
DEGERLOCH
The office space under construction for Ernst & Young is
gart is the Neckarpark. The project will, for the first time,
ditionally characterised by the automotive industry and
Degerloch’s advantageous location between the city
scheduled for completion by 2016, as is completion of a
include the realisation of the concept of “Working and
Daimler AG is currently constructing a new office building
centre and the airport on the edge of the Stuttgart Basin
further approximately 8,000 square metres of space in
Living” in one and the same place.
with a total area of 40,000 square metres at its production
in southern Stuttgart as well as the comprehensive infra-
the same building complex, which will then be available
site. Due to the fact that these premises will be used by
structure around Albplatz make the area an attractive
on the market. The volume of space available at this
Following further development of the land-use plan the
the owner this space will not, however, be taken into
­location. ­Unfortunately, there continues to be a lack of
­location will certainly increase in the coming years, since
first results were presented in 2014. Building permits have
consideration when discussing the market in this location.
new, ­modern office space. There is currently no demand
additional projects are already at the planning stage.
for the existing premises with open-plan structures.
thus now been granted for two office building projects
Following an exceptionally good performance in 2013,
with a total area of 15,000 square metres at Daimlerstrasse
Forty-nine per cent and thus almost half of all contracts
which were not previously included in the main land-use
concluded for the Bad Cannstatt/Wangen/Hedelfingen
This is also reflected in the rate of take-up for 2014, which
2014 was also a good year, with 14,900 square metres of
planning procedure. Assuming the corresponding pre-­
market were for premises in the segment under 500 square
amounted to around 1,500 square metres. This f­ igure is
office space rented – 21 per cent more than the ten-year
letting these projects could be realised from 2015 onwards.
metres. Some 12.75 per cent of transactions were for
significantly under the ten-year mean average of 4,800
average of 12,290 square metres.
spaces ranging from 501 to 1,000 square metres. New
square metres. All the contracts concluded were in the
A large residential development project by SWSG, in-
leases for premises between 2,000 and 4,000 square
segment below 500 square metres. The premises rented
Twenty-two per cent of the premises rented were in the
cluding 65 subsidised apartments, has already begun.
­metres were taken out by companies in the automotive
were in the “Tränke” area and in the vicinity of A
­ lbplatz.
segment below 500 square metres. One contract was
The construction of adjacent office buildings will serve
supplier sector in particular, accounting for 26 per cent
Ninety-five per cent of the rented space went for prices
concluded for office space in the range 1,001 to 2,000
to deflect noise coming from the corresponding main
of take-up.
between 9.01 and 11.00 euros per square metre.
square metres. The segment over 5,001 square metres
traffic arteries. Completion is scheduled for 2018/2019.
saw one transaction with a company in the construction
Rents for three quarters of the space let were in the
LEINFELDEN-ECHTERDINGEN / AIRPORT CITY
industry, representing a proportion of 43 per cent of the
The development of high-quality, large, contiguous office
­segment 8.00 to 10.00 euros per square metre. Small
The Airport City area of the Leinfelden-Echterdingen district
total volume. Fifty-six per cent of contracts concluded
spaces is highly relevant to the development of Stuttgart’s
modern spaces in the Cannstatter Carré building achieved
has been growing continuously since 2013. The location
were for rents between 8.00 and 9.10 euros per square
easterly districts since reserves of vacant space are almost
prices in excess of 11 euros per square metre.
clearly benefits from its proximity to the motorway and
metre, a and a further 25 per cent were in the price range
completely exhausted. Simple, small ­areas of office space
the airport, while the long-distance coach terminal and
from 11.01 to 13 euros per square metre.
are, however, still available on existing premises in Bad
planned ICE train station further increase its attractiveness.
Cannstatt and Wangen/Hedelfingen.
Following completion of the Stuttgart 21 construction
In common with other districts, it was only possible to
project, travel time to Stuttgart Main Train Station will be
let older office premises with correspondingly outdated
just ten minutes. Additional development work to expand
standards and facilities by offering extremely high discounts
the exhibition centre and establish it as a conference
on the rent, and marketing times to take-up were very
venue are also contributing to the Airport City’s increased
long.
attractiveness.
Western
Stuttgart
Southern
Stuttgart
24
25
Vaihingen
A 8 towards
Karlsruhe
Möhringen
A 81
FASANENHOF
STEP office buildings 7.1 and 7.2, with a total area of some
The Fasanenhof market is becoming increasingly dynamic.
11,900 square metres, were completed in 2014. Both
In addition to a significant increase in take-up last year,
­properties are almost fully let. Demand for premises at
the sale of several properties which will most probably
STEP is generally high, a reflection of the overall concept
be refurbished is the most obvious indication of this. The
which has, for many years, met users’ requirements for
Alphahaus, an office building which has been vacant for
modern office premises. The take-up volume for office
years, is also scheduled for total refurbishment. High-­
premises in 2014 was thus some 7,300 square metres.
quality modern office space will be available to let from
­Including owner-occupier ZSW total take-up was approxi-
January 2016. Over and above this, one owner is planning
mately 17,300 square metres.
Stuttgart
motorway
intersection
A 8 towards Munich
OVERVIEW OF THE STUTTGART OFFICE MARKET.
Office space take-up in 2014
< 10,000 m2
10,000 – 20,000 m2
an office project with a total area of 15,000 square metres
which will be realised as soon as corresponding pre-letting
Autumn 2014 saw work to demolish the former KNV site
has been achieved. The area’s proximity to the airport
in Vaihingen’s industrial park begin. The new construction
and access in both directions to the B27 main road are
project for the site, which covers 80,000 square metres,
now already clear advantages. The planned extension of
will result in a major change in the industrial park’s
the rapid transit system from Fasanenhof to Stuttgart
­appearance. The planned office buildings are a continuation
­Airport by 2018 and the construction of the ICE long-­
of the development of a modern office district around
distance train station at Stuttgart Airport by 2021 will
Vaihingen’s rapid transit system station. The site will be
see the area connected to all forms of public transport.
redeveloped in several phases of construction, beginning
20,000 – 30,000 m2
30,000 – 40,000 m2
above 40,000 m2
A 81
towards Heilbronn
Industrial parks / Office locations
at Ruppmannstrasse. Completion of the first buildings is
In 2014 take-up increased by 60 per cent to 9,100 square
scheduled for mid-2016. Within the scope of this develop-
metres and over 20 contracts were concluded in total.
ment it can be expected that the improvements required
With the exception of 2011, this was the district’s best
at the Synergiepark, as defined by a survey in 2012, such
­year since 2008. Forty-two per cent of total take-up was
as more pleasant public areas, will be carried out. The
in the segment below 500 square metres. Fifty-seven per
location already has good local facilities. The extension of
cent of the rented space was in the segment from 501 to
the U12 underground line to Dürrlewang will make the
2,000 square metres. Two contracts were signed for
area around Am Wall more attractive. The new line includes
­p remises over 1,000 square metres. The market’s small-
two additional stops in the district. In addition to an
area segment in particular appears to be in great demand
optimised public transport network the functionality of
with the IT and software industry. Forty-four per cent of
private transport must, of course, also be ensured. This is
the premises let achieved rents of between 8.01 and 9.00
the precondition for user acceptance of an industrial park.
Zuffenhausen
A 81
towards Singen
Weilimdorf
Northern
Stuttgart
Thirty-one contracts for 31 per cent of the total area were
four per cent of rented space was able to achieve a rent
concluded in the segment below 500 square metres. Half
between 10.01 and 12.00 euros per square metre. The
the space was let in the range 501 to 1,000 square metres.
average rent was a­ pproximately 9.10 euros per square
Three transactions, or 19 per cent of take-up, were for
metre.
premises from 1,001 to 2,000 square metres. Thirty-four
per cent of leases were in the segment 8.01 to 10.00 euros
VAIHINGEN/MÖHRINGEN AND STEP
per square metre. Fifty-seven per cent of rents were bet-
Although take-up in 2014 declined by 44 per cent over
ween 11.00 and 13.00 euros per square metre. The
the previous year to 34,700 square metres, this was still
­number of contracts varied only slightly from the figure
significantly above the ten-year average of 28,900 square
for the ­previous year.
metres. This figure includes office space for owner-­
Central
Stuttgart
Western
Stuttgart
euros per square metre; a further 48 per cent went for
between 9.01 and 10.00 euros per square metre. Only
Bad Cannstatt
Feuerbach
Eastern
Stuttgart
Southern
Stuttgart
Vaihingen
A 8 towards
Karlsruhe
Möhringen
A 81
Stuttgart
motorway
intersection
A 8 towards Munich
occupier Baden-Württemberg Centre for Solar Energy
and Hydrogen Research (ZSW), which is currently
­constructing a building with some 10,000 square metres
for research labs, workshops and offices at Stuttgart
­Engineering Park (STEP). This contract was not taken into
consideration when calculating rents.
© BANKHAUS ELLWANGER & GEIGER KG
26
27
CONTINUED
HIGH DEMAND
EXPECTED IN
2015.
After the Stuttgart office market had a fantastic year in 2014, all the signs for the coming year 2015
­indicate that there will be further growth. This is due, not least, to the strong economic climate in the
region’s automotive industry. Provision of the required space will, however, be a challenge, particularly in
the central business district.
district in the last two years, there is already a noticeable
lying districts will become increasingly important. One
scarcity of modern, new premises.
good example of this trend is the development of a new
­c omplex on the former KNV site in Vaihingen.
It goes without saying that a healthy market must, however, also be able to offer basic premises in the lower and
We forecast that take-up in 2015 will total 220,000 to
medium-price segments. In addition to large contiguous
230,000 square metres.
In 2014 the Stuttgart office market achieved the second-­
true not only for industrial companies themselves but also
spaces, small areas in the segment below 500 square
best results since the recording of statistics began. As in
for their service providers in the engineering and IT sectors.
metres are of particular importance in Stuttgart.
In the future, the office market in Stuttgart will be faced
Due to Stuttgart’s topography – i.e. its location in a basin
with major challenges in terms of provision of premises.
– the options for expanding the central business district
This trend looks set to continue in 2015. The positive
Although a number of new projects fulfilling the increasing
are limited. Very few sites are available for further new
­development of this industrial sector will also have a
demands of modern companies with r­ egard to the sustain-
projects; the Europaviertel district is one of the few. For
­highly beneficial influence on the demand for office space
ability, certification and cost-effectiveness of the operation
this reason the refurbishment of buildings and the develop-
in Stuttgart and the region in the coming year. This is
of buildings have been completed in the central business
ment of both adjacent city centre districts and also out-
the previous year, the automotive industry made a key
contribution to this success, acting as a driver of growth.
28
29
YOUR CONTACTS.
ELLWANGER & GEIGER REAL ESTATE.
ELLWANGER & GEIGER Real Estate is your competent partner for the marketing of your office space.
Thanks to our many years of experience and our unique range of services we are in a position to move
the market and recognise trends early. For us, a sixth sense is not a supernatural talent but part of the
service we offer our clients.
Our team in Stuttgart would be happy to receive your call or visit. You can contact us on:
Phone +49 (0)711 2148 300 or Fax +49 (0)711 2148 290.
On the Internet: www.ellwanger-geiger.de · www.bueroflaeche-stuttgart.de
ELLWANGER & GEIGER Real Estate offers you a one-stop shop for a comprehensive range of services
­r elating to the asset class of real estate. With the very highest discretion and integrity, we enable you
to keep your bearings in rapidly changing markets. Our success is founded above all on excellent
­k nowledge of the market and decades of experience in the real estate business.
COMMERCIAL PROPERTY
and special funds for institutional
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Systematic research forms the basis for
and professional private investors.
Stuttgart Head Office
our analyses of locations, portfolios
We select different investment
Börsenplatz 1
and cost-effectiveness that reflect mar-
­v ehicles depending on the needs
70174 Stuttgart
ket conditions. From these, we derive
and product preferences of each
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strategies aimed at capitalising on po-
investor:
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tentials for earnings and efficiencies.
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In addition to comprehensive leasing
services, our core expertise includes
project consulting and transaction
business. We adopt a holistic approach
in consulting on real estate: we partner
you all the way – from the developUlrich Nestel
Sebastian Degen
Helga Schöner
ment of marketing strategies to the
Head of Office Letting and Retail Stuttgart
Office Letting Consultant
Research and Office Letting Consultant
preparation of data on properties and
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Phone +49 (0)711 2148 166
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the implementation of marketing
processes.
the German Investment Code
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­p ursuant to the German Invest-
80539 München
ment Code
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Fax +49 (0)89 1795 9455
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We select investment volumes that
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vid­ual mandates. We also limit the
Research
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Investment analysis and consulting
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Transactions, renting and leasing of
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Our service naturally includes trans-
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parent reporting with detailed reports
on funds, monthly financial reports
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We develop, plan and manage custom-
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ised real estate investment products
Matthias Hägele
Jessica Naschke
Laura-Teresa Seiler
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Commercial Property Assistant
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new national real estate network of
professional support for real estate
The compilation of this study was conducted with the greatest of care. We cannot accept any liability for the
­ELLWANGER & GEIGER,
customers throughout Germany.
correctness of the estimates. Your understanding in this matter is appreciated.
Grossmann & Berger and ANTEON.
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