Engel & Völkers Licence Partner Commercial Berlin > Blog > Berlin market for office space proves robust

Berlin market for office space proves robust

Berlin, October 17, 2022 | The Berlin market for office space leasing is proving unimpressed by the current difficult circumstances. Despite the rise in interest rates, the energy crisis and inflation, take-up was able to match the results of the third quarter of 2021. This is according to the current market report for office space surveyed by Engel & Völkers Commercial for the third quarter.


While a year ago a space turnover of 198,000 square meters was realized, this was around 200,000 square meters in the third quarter of 2022. In the course of the year, the letting volume in 2022 has so far even exceeded the level of the previous year: Around 569,000 square meters of office space were leased in the first three quarters of this year, compared with 515,000 square meters in the same period in 2021.

"Engel & Völkers Commercial specializes in this space segment and has therefore successfully brokered 83 leases for a total of 44,000 square meters of office space in the current year. The leasing sectors included in particular management consultancies, law firms and IT companies. However, we are also observing that international players are increasingly holding back when it comes to leases in the space segment of 10,000 square meters or more," reports Aissatou Frisch-Baldé, Head of Office Space at Engel & Völkers Commercial Berlin.

 Berlin
- Marktreport Office Berlin 3. Quartal 2022

Vacancy and rent levels

The vacancy rate in Berlin increased slightly, as in other locations. It now stands at 3.7 percent or around 770,000 square meters of office space.

The prime rent recorded a significant year-on-year increase of 3.00 euros/m² and most recently stood at 43.00 euros/m². This is attributable to the strong demand for prime space in sought-after office locations. The average rent increased by around five percent year-on-year to 29.80 euros/m².

"Based on internal analysis, we do not expect the vacancy rate in Berlin to exceed the 5 percent mark. In contrast, however, we are convinced that the high level of rents in Berlin will continue," adds Frisch-Baldé.


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