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Frankfurt / Main (dpa / lhe) - The Corona crisis and the trend towards home offices are having a sensitive impact on the Frankfurt office market.
This year, the vacancy rate will rise to 7.8 percent or around 900,000 square meters, estimates the real estate specialist NAI Apollo.
That is around 30 percent more vacant office space than at the end of 2019, according to a conference with the Frankfurt Economic Development Agency and the ABG project developer on Tuesday.
For the first time in many years there has been a decline in employment in Frankfurt, said Oliver Schwebel, managing director of the Frankfurt Economic Development Agency.
With the trade fair and airport, the city is badly affected by the crisis.
In terms of vacancies, the corona crisis on the office market is less serious than the dot-com crisis, but more serious than the global financial crisis, said Andreas Wende, managing director of NAI Apollo.
After the Internet bubble burst, the vacancy rate in Frankfurt offices rose by 150 percent between 2001 and 2002.
After the financial crisis there was an increase of 23 percent between 2008 and 2011. The demand for expensive offices remains robust.
Rents fluctuated over the course of the year, but prime rents were stable.
At the end of the third quarter they were 45 euros per square meter.
"We see some clear effects of the corona pandemic, but expect a recovery as soon as the situation is over," said Wende.
Offices have to become more attractive in order to attract employees after the crisis.
Mobile working will have a stronger impact, jobs could also be relocated to flexible offices close to home.
"Subletting will play a bigger role."
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NAI Apollo