德国房地产行业市场前景及投资研究报告-培训课件外文版2024.5恒大碧桂园万达万科

INDUSTRIES

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MARKETSRealestateinGermanyCHAPTER

01RealestatesectorandbuildingpermitsBuildingpermitsindexforresidentialbuildingsinGermanyfrom2008to2022(inindexpoints)Residentialbuildings-buildingpermitsindexdevelopmentGermany2008-2022140130120110100126.7122119.1117.7115.6115.4113.110093.290.1908070605080.277.76460.158.52008*2009*20102011201220132014201520162017201820192020202120224Description:Theindexforbuildingpermitsissuedforresidentialbuildings'constructionincreasedintheperiodbetween2008and2022.In2022,theindexvaluereached117.7indexpoints.Thismeansthatbasedonthenumberofhousingunits,permitsforconstructionactivityincreasedbyalmost18percentbetweenthebaseyear2015and2022.ReadmoreNote(s):Germany;2008to2022Source(s):EurostatBuildingpermitsindexforresidentialbuildingswithtwoormoredwellingsinGermanyfrom2008to2022(inindexpoints)Residentialbuildingswithmultipledwellings-permitsindexGermany2008-2022155135143.7139.3136.8133.5128.2124.91241159510093.787.872.6756552.9554946.9352008*2009*20102011201220132014201520162017201820192020202120225Description:Theindexforbuildingpermitsissuedforresidentialbuildings'constructionincreasedintheperiodfrom2008and2022.In2022,theindexvaluereached139.3indexpoints.Thismeansthatbasedonthenumberofhousingunits,permitsforconstructionactivityincreasedbyabout39percentbetweenthebaseyear2015and2022.ReadmoreNote(s):Germany;2008to2022Source(s):EurostatAnnualpercentagechangeinbuildingpermitsforresidentialbuildingsinGermanyfrom2008to2022Residentialbuildings-buildingpermitsrateofchangeGermany2008-202225%21.4%20%15%15.6%12.3%10%5%7.3%6.5%3.9%20213.4%20143.2%20123.2%20192.7%2.4%20201.9%20180%-2.1%2017-5%-10%-5.2%-7.1%20222008*2009*2010*20112013201520166Description:Therateofchangeofbuildingpermitnumbersissuedforresidentialbuildings'construction(calculatedforthenumberofdwellings)inGermanyfluctuatedsignificantlyfrom2008to2022.In2022,theindexdeclinedby7.1indexpointsfromthepreviousyear.ReadmoreNote(s):Germany;2008to2022Source(s):EurostatAnnualpercentagechangeinbuildingpermitsforresidentialbuildingswithtwoormoredwellingsinGermanyfrom2008to2022Buildingswithmultipledwellings-buildingpermitschangerateGermany2008-202230%24.9%25%20%15%10%5%22.9%20.9%11.7%8%6.7%6.7%5%4.5%4.1%20193.4%20182.5%20200%-0.7%2017-5%-10%-3.1%2022-4.5%2008*2009*201020112012201320142015201620217Description:Therateofchangeofbuildingpermitsissuedforresidentialbuildings'construction(calculatedforbuildingswithtwoormoredwellings)inGermanyfluctuatedbetween2008to2022.Thenumberofnewhousingunitsthatreceivedbuildingpermitsdeclinedby3.1indexpointsin2022.ReadmoreNote(s):Germany;2008to2022Source(s):EurostatCHAPTER

02ResidentialpropertiesHousepriceindexinGermanyfrom1stquarter2016to2ndquarter2023HousepriceindexperquarterinGermany2016-202317516515514513512511510595Q1

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239Description:ThehousepriceindexinGermanyincreasedsteadilyfrom2016to2022,followedbyadeclineuntilthesecondquarterof2023.Theindexamountedto100in2015and,atitspeakinthesecondquarterof2022,exceeded166indexpoints,meaningthathousepriceshadrisenby66percentduringthatperiod.AmongtheleadingresidentialrealestatemarketsinGermany,Munichhadtheꢀhighestsquaremeterpriceforapartments.ReadmoreNote(s):Germany;Q12016toQ22023;*Provisionaldata.2015=100TheHousePriceIndex(HPI)measurespricechangesofallresidentialpropertiespurchasedbyhouseholds(flats,detachedhouses,terracedhouses,etc.),bothnewandexisting,[...]

ReadmoreSource(s):EurostatAveragetransactionpriceforthepurchaseofnewresidentialpropertiesinGermanyfrom2016to2022,bycity(ineurospersquaremeter)TransactionpriceforthepurchaseofnewhousingunitsinGermancities2016-2022MunichFrankfurtHamburgBerlin12,50011,50010,5009,5008,5007,5006,5005,5004,5003,5002,500201620172018201920202021202210Description:TheaveragetransactionpriceforthepurchaseofnewresidentialpropertiesincreasedinthemaincitiesinGermanybetween2016and2022,withtheexceptionofFrankfurtwhereitdeclined.By2022,Munichhadthehighestaveragetransactionpricefornewdwellingsofapproximately11,400eurospersquaremeter.Frankfurtrankedsecondwithanaveragetransactionpriceof8,000eurospersquaremeter,followedbyHamburgandBerlin.

ReadmoreNote(s):Europe,Germany;2016to2022Source(s):DeloitteAveragerentpriceofresidentialpropertyinselectedcitiesinGermanyfrom2012to2022(ineurospersquaremeter)AveragerentpriceofresidentialpropertyinGermany2012-2022,bycityMünchenFrankfurtamMainStuttgartHamburgKölnDüsseldorfBerlin19171513119752012201320142015201620172018201920202021202211Description:In2021,theaveragerentinMunichwasapproximately18eurospersquaremeter.Thiswasanincreasefromthe17.3eurosreachedinthepreviousyear.Buthowdoesrentingcomparetobuying?Accordingtothehousepricetorentratio,housepricesinGermanyhaverisenfasterthanrentsinrecentyears,makingrentingmuchmoreaffordablethanbuying.ReadmoreNote(s):Germany;2012to2022;

asofQ3quarterofeachyearSource(s):empiricaHousepricetoincomeratioinGermanyfrom1stquarter2012to1stquarter2023QuarterlyhousepricetoincomeratioinGermany2012-2023145135125115105958512Description:ThehousepricetoincomeratioinGermanyfluctuatedbetween2012and2023.Theratiomeasuresthedevelopmentofhousingaffordabilityandiscalculatedbydividingnominalhousepricebynominaldisposableincomeperhead,with2015setasabaseyearwhentheindexamountedto100.Germany'sindexscoreinthethirdquarterof2022amountedto121,whichmeansthathousepricegrowthhasoutpacedincomegrowthby21percentsince2015.ThiswasmuchhigherthantheEuro[...]

ReadmoreNote(s):Germany;Q12012toQ12023Source(s):DeutscheBundesbank;OECDHousepricetorentratioindexinGermanyfrom4thquarter2015to2ndquarter2023QuarterlyhousepricetorentratioinGermany2015-202315514513512511510595Q4

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Q2201520162016201620162017201720172017201820182018201820192019201920192020202020202020202120212021202120222022202220222023202313Description:ThehousepricetorentratioinGermanyincreasedsince2015,peakingat151indexpointsinthesecondquarterof2022,beforedecliningto133indexpointsinthesecondquarterof2023.Thehousepricetorentratioiscalculatedbydividingnominalhousepricesbyrentprices,with2015chosenasabaseyearandtheindexvaluesetto100.Avalueof133showsthathousepricegrowthhasoutpacedrentalgrowthby33percentsince2015.GermanywasoneoftheꢀOECDcountries[...]

ReadmoreNote(s):Germany;Q42015toQ12022Source(s):DeutscheBundesbank;OECDGrossresidentialmortgagelendinginGermanyfrom2ndquarter2014to2ndquarter2023(inbillioneuros)GrossresidentialmortgagelendingperquarterinGermany2014-2023908070605040302010014Description:ThevalueofresidentialmortgagelendinginGermanydeclinednotablyin2023,reachingthelowestquarterlyvaluesince2014.Inthesecondquarterof2023,grossresidentialmortgagelendingreachedavalueof41billioneuros.Theworseningeconomicconditions,ꢀhigherinterestrates,andthelackofaffordablehousingareamongthefactorsleadingtothedeclineinmortgagelending.Nevertheless,GermanyisamongthelargestmortgagemarketsinEurope.Moreinformationonthe[...]

ReadmoreNote(s):Germany;Q22014toQ22023Source(s):EuropeanMortgageFederationMortgageinterestrateinGermanyfrom1stquarter2013to2ndquarter2023MortgageinterestrateinGermanyQ12013-Q220233.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%15Description:ThemortgageinterestrateinGermanydecreasednotablybetween2013and2022,fallingbelow1.5percent.ThiswaspartofanoveralltrendoffallingmortgageinterestratesinEurope.ThemortgageinterestrateinGermanyhassinceincreasedto3.28percentinthesecondquarterof2023.ReadmoreNote(s):Germany;Q12013toQ32022Source(s):EuropeanMortgageFederationDistributionofthepopulationinGermanyfrom2015to2022,bydwellingtypeGermany:housingconditionsbydwellingtype2015-2022DetachedhouseSemi-detachedhouseFlatOthers70%60%50%40%30%20%10%0%62.5%57.3%57.1%56.7%56.4%56.3%56.2%56.1%27.5%13.6%27.5%13.7%26.1%15.5%26.4%15.7%26.4%15.8%26.4%15.9%25.5%15.8%24.4%12.1%2.7%20202.7%20211.4%20151.3%20161.2%20171.5%20181.3%20191%202216Description:ThedistributionofthepopulationinGermanyintheperiodbetween2015and2022variedgreatlyamongdwellingtypes.In2022,approximately62percentoftheGermanpopulationlivedinapartments(flats)whileonly12percentlivedinsemi-detachedhousing.ReadmoreNote(s):Germany;2015to2022Source(s):EurostatHomeownershiprateinGermanyfrom2010to2022HomeownershiprateinGermany2010-202260%53.2%53.4%53.3%52.6%52.5%51.9%51.7%51.4%51.5%51.1%50.5%49.1%50%40%30%20%10%0%46.7%201020112012201320142015201620172018201920202021202217Description:Between2008and2022,thehomeownershiprateinGermanydecreasedslightly.In2022,about46.7percentofthepopulationlivedinanowner-occupieddwelling.ThismakesGermanyoneofthecountrieswiththelowesthomeownershiprateandthebiggestrentalresidentialrealestatemarketinEurope.ReadmoreNote(s):Germany;2010to2022Source(s):EurostatCHAPTER

03OfficepropertiesPrimerentforofficerealestateinMunichfrom2013to2022(ineurospersquaremeterperyear)PrimerentofofficerealestateinMunich2013-20226005405165004744744684444324264144024003002001000201320142015201620172018201920202021202219Description:TheprimerentforofficerealestateinMunich,Germany,significantlyincreasedbetween2013and2022.Theprimerentincreasedby138euros,toatotalof540eurospersquaremeterperyearattheendof2022,thehighestvaluerecordedforthisperiod.WhilenotthemostexpensiveEuropeanofficemarket,Munichwasthecitywithoneofthelowestofficevacancyrates.ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstatePrimerentforofficerealestateinBerlinfrom2013to2022(ineurospersquaremeterperyear)PrimerentofofficerealestateinBerlinin2013-20226005005285164804804323964003423003002001000276264Q42013Q42014Q42015Q42016Q42017Q42018Q42019Q42020Q42021Q4202220Description:TheprimerentforofficerealestateinBerlin,Germany,doubledbetween2013and2022.Asofthefinalquarterof2022,thesquaremeterrentforofficespaceinGermany'scapitalreached528eurosperyear,upfrom516eurosin2021.WhilenotthemostexpensiveEuropeanofficemarket,Berlinwasthecitywithoneofthelowestofficevacancyrates.ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstatePrimerentforofficerealestateinHamburgfrom2013to2022(ineurospersquaremeterperyear)PrimerentofofficerealestateinHamburg2013-2022450400350420396384372348318312306300300300250200150100500201320142015201620172018201920202021202221Description:TheannualprimerentforofficerealestateinHamburg,Germanyincreasedfrom300eurospersquaremeterin2013to420eurospersquaremeterin2022.Thelargestincreaseinprimerentswasseenbetween2017and2018.WhilenotthemostexpensiveEuropeanofficemarket,Hamburghadoneofthelowestvacancyrates.ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstatePrimerentforofficerealestateinFrankfurtfrom2013to2022(ineurospersquaremeterperyear)PrimerentofofficerealestateinFrankfurt2013-20227006005005765645645405284924624564564564003002001000201320142015201620172018201920202021202222Description:TheprimerentforofficerealestateinFrankfurt,Germany,hasincreasedsince2013.Bytheendof2022,primerentforofficerealestateinFrankfurthadincreasedto576eurospersquaremeterperyear,thehighestvaluerecordedinthistimeperiod.WhiletheofficevacancyrateinFrankfurtismuchhigherthaninmanyotherEuropeanmarkets,thecityrankedinthetoptenmostexpensiveofficemarkets.ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstatePrimeofficeyieldsinGermanyin3rdquarter2023,bycityPrimeofficeyieldsinGermany2023,bycity5.0%4.5%4.0%3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%4.75%4.4%4.4%4.42%4.35%4.2%DusseldorfHamburgBerlinFrankfurtMunichTotal23Description:TheprimeofficeyieldsvariedslightlyamongfiveofGermany'slargestcitiesinthethirdquarterof2023.Overall,Germany'sprimeofficepropertyhaslowerthantheaverageyieldsforEurope.Ofthefivecitiesincluded,MunichinthesouthofGermanyhadthelowestprimeofficeyields.ReadmoreNote(s):Germany;2ndquarter2022Source(s):Cushman&WakefieldVacancyrateforofficerealestateinFrankfurt,Germanyfrom2013to2022VacancyrateofofficerealestateinFrankfurt2013-202214%12%12%10%8%11.4%10.8%10%8.9%8.5%8.5%7.8%7.4%6.8%6%4%2%0%201320142015201620172018201920202021202224Description:ThevacancyrateforofficerealestateinFrankfurt,Germany,remainedunchangedin2022.Itcanbeseenthatbetween2013and2019thevacancyratenearlyhalved,toatotalof6.8percentbutin2021and2022,itstoodat8.5percent.Theincreasewaslargelyduetotheeffectsofthecoronavirus(COVID-19)pandemicontheofficesector.AcrossthemajorEuropeanmarkets,Berlin,Luxembourg,andHamburghadsomeofthelowestofficevacancyrates.

ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstateOfficerealestatevacancyratesinBerlin,Germanyfrom2013to2022VacancyrateofofficerealestateinBerlin,Germany2013-20226%5.4%5%4%3%2%1%0%4.7%4.2%3.4%3.2%2.8%2.4%2%1.7%20181.5%20192013201420152016201720202021202225Description:ThevacancyrateforofficerealestateinBerlin,Germany,declinedslightlyin2022.In2019,theofficesectorintheGermancapitalreachedthelowestrateat1.5percent.At3.2percent,theshareofvacantofficespacein2022wastwicehigher.Oneofthemajorreasonsfortheriseinthevacancyratesisthecoronaviruspandemicwhichledtoadecreaseinthedemandforofficesduetomanybusinessestransitioningtohybridwork.AcrossthemajorEuropeanmarkets,Berlin,Luxembourg,and[...]

ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstateVacancyrateforofficerealestateonthecommercialpropertymarketinMunich,Germanyfrom2013to2022Vacancyrate:officerealestateinMunich2013to20227%6.4%6.2%6%5%4%3%2%1%0%4.7%4.5%4.3%4.2%3.3%3%2.4%20192.3%20182013201420152016201720202021202226Description:ThevacancyrateforofficerealestateinMunich,Germany,roseforafourthyearinarowin2022.Itcanbeseenthatbetween2013and2018thevacancyratedecreasedby4.1percent,toatotalof2.3percentbutin2022,itreached4.7percent.Theincreasewaslargelyduetotheeffectsofthecoronavirus(COVID-19)pandemicontheofficesector.AcrossthemajorEuropeanmarkets,Berlin,Luxembourg,andHamburghadsomeofthelowestofficevacancyrates.

ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstateOfficerealestatevacancyratesinHamburg,Germanyfrom2013to2022VacancyrateofofficerealestateinHamburg,Germany2013-20227%6.3%6.2%5.9%5.9%6%5%4%3%2%1%0%5.1%4.5%4.1%4.1%4.1%3.9%201320142015201620172018201920202021202227Description:ThevacancyrateforofficerealestateinHamburg,Germany,decreasedforthefirsttimein2022afterremainingunchangedforthreeyearsinarow.Itcanbeseenthatbetween2013and2019thevacancyratedecreasedby2.1percent,toatotalof4.1percentandremainedstableuntil2021.In2022,approximately3.9percentofofficeswerevacant.ThevacancyrateinBerlindecreasedslightly,whileinMunich,itfollowedtheoppositetrend.ReadmoreNote(s):Germany;2013to2022;Q4ofeachyearSource(s):BNPParibasRealEstateTake-upofofficerealestateinthetheofficemarketinMunich,Germanyfrom2013to2022(in1,000squaremeters)Take-upofofficerealestateinMunich,Germany2013-20221,2009959751,0008006004002000778770741746661603597568201320142015201620172018201920202021202228Description:ThegrossvolumeofofficerealestateleasedorsoldinMunich,Germany,peakedat995,000squaremetersin2018buthassincedecreased.In2022,theofficerealestatetake-upamountedto746,000squaremeters,whichwasanincreasefromthepreviousyearbutstilllowerthanthetake-upbeforethecoronavirus(COVID-19)pandemicbrokeout.ThistrendwasobservedacrossmostofthemajorEuropeanmarkets.

ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstateTake-upofofficerealestateonthecommercialpropertymarketinHamburgfrom2013to2022(in1,000squaremeters)Take-upofofficerealestateinHamburg2013-20227006136005004003002001000563554543529513512477440333201320142015201620172018201920202021202229Description:ThegrossvolumeofofficerealestateleasedorsoldinHamburg,Germany,peakedat613,000squaremetersin2017buthassincedecreased.In2022,theofficerealestatetake-upamountedto554,000squaremeters,whichwasanincreasefromthepreviousyear.ThistrendwasobservedacrossmostofthemajorEuropeanmarkets.ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstateTake-upofofficerealestateonthecommercialpropertymarketinFrankfurt,Germanyfrom2013to2022(in1,000squaremeters)TakeupofofficerealestateinFrankfurt,Germany2013-20229008108006787006005004003002001000635551538493472438411385201320142015201620172018201920202021202230Description:ThegrossvolumeofofficerealestateleasedorsoldinFrankfurt,Germany,peakedat810,000squaremetersin2017buthassincedecreased.In2022,theofficerealestatetake-upamountedto472,000squaremeters,whichwasadecreasefromthepreviousyear.Conversely,mostofthemajorEuropeanmarketsobservedanincreaseinofficetake-upin2022.

ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstateTake-upofofficerealestateonthecommercialpropertymarketinBerlinfrom2013to2022(in1,000squaremeters)Take-upofofficerealestateinBerlin,Germany2013-20221,2001,0001,0169138388348318147738006004002000710609453201320142015201620172018201920202021202231Description:Thetotaltake-upofofficerealestateinBerlin,Germanydeclinedin2022,reaching773,000squaremeters.Thedecreasecanbeexplainedwiththeweakeningeconomy,risinginterestrates,andtheeffectofRussia'swaronUkraine.AcrossEurope,Germany'sbigfour(Berlin,Munich,FrankfurtandHamburg),wereamongthemarketswiththelargestofficetake-up.ReadmoreNote(s):Germany;2013to2022Source(s):BNPParibasRealEstateCHAPTER

04IndustrialrealestateShareoflogisticsrealestateinvestmentsinGermanyin2022,bybuyergroupShareoflogisticsrealestateinvestmentsinGermany2022,bybuyergroup35%30.6%30%25%19.6%20%15%10%5%11.4%11%10.9%9.2%3.8%3.6%0%Special-purpose

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fundsPropertydevelopersOtherinvestorsRealestatecompaniesCorporates33Description:Special-purposefundsaccountedforthelargestshareofindustrialandlogisticsrealestateinvestmentinGermanyin2022.Accordingtothesource,thetotalvalueofinvestmentintothesectorexceeded10millioneuros,withspecial-purposefundsaccountingforaboutone-thirdofthatsum.InEurope,onlytheUnitedKingdomattractedmoreinvestmentintothesectorin2022.ReadmoreNote(s):Germany;2022Source(s):BNPParibasRealEstateLeadingrentcostsinimportantlogisticsmarketsinGermanyin3rdquarter2023,bycity(ineurospersquaremeter)RentcostsinleadinglogisticsmarketsinGermany2023,bycityRentineurospersquaremeterAveragerentPrimerent6024810128.5MunichHamburgBerlin10.56.258.16.76.57.9FrankfurtDüsseldorfCologne7.756.17.57.55.55.6RuhrregionLeipzig6.94.955.834Description:InGermany,thelightindustrialandlogisticssectorhasbeengrowingandrespectivelyoccupyingmorerealestatespace.ThatisespeciallyvalidforBerlin,thecitywiththehighestlogisticstake-upin2022.Berlinwasalsoamongthetop-threemostexpensivemarketsintermsofrenting,withtheprimerentat7.9eurospersquaremeterandaveragerentat6.7eurospersquaremeter.Munichtoppedtherankingwithprimeandaveragerentsof10.5eurosand8.5eurospersquaremeter,[...]

ReadmoreNote(s):Germany;Q32023Source(s):BNPParibasRealEstateAnnualtake-uprateforwarehousesinGermanyfrom2014to2022,bycity(in1,000squaremeters)Take-uprateforwarehousesinthelogisticsmarketinGermany2014-2022FrankfurtHamburgDüsseldorfBerlinCologneMunichLeipzig20142015201620172018201920202021202235Description:Theannualtake-uprateforwarehousesover5,000squaremetersintheoccupierlogisticsmarketinGermancitiesdeclinedin2022.Nevertheless,therewasamajorincreaseintake-upinBerlin.Approximately880,000squaremetersofwarehousespacewasnewlylet,pre-let,sold,orpre-soldin2022-upfrom400,000squaremeterstheyearbefore.AcrossEurope,themarketswiththemosttake-upwereBirmingham,Madrid,andGreaterParis.

ReadmoreNote(s):Germany;4thquarter2014to4thquarter2022;Warehousessizedover5,000squaremeters.Source(s):BNPParibasRealEstateTake-upoflightindustrialandlogisticsrealestateinGermanyfrom2018to2022,byregion(in1,000squaremeters)Take-upoflogisticsrealestateinGermany2018-2022,byregionBerlinRuhrregionHamburgLeipzigFrankfurtCologneStuttgartDüsseldorfMunich1,2501,050850650450250502018201920202021202236Description:BerlinisthefastestgrowingindustrialandlogisticsmarketinGermany,withtheannualtake-upontherisesince2020.Thoughallmarketsexperiencedanincreaseinthevolumeofspacetransactedin2021,onlyBerlincontinuedtheupwardtrendin2022.Inthatyear,warehousetake-upexceededonemillionsquaremeters.Intermsofcostofrent,itwasnotasurprisethatBerlinrankedinthetopthreemostexpensivecitiesforwarehouseleasing.

ReadmoreNote(s):Germany;2018to2022Source(s):BNPParibasRealEstateBreakdownofthetotaltake-upoflightindustrialandlogisticsrealestateinGermanyin2022,bysectorDistributionoftake-upoflogisticrealestateinGermany2022,bysector35%32.6%31.2%29.6%30%25%20%15%10%5%6.6%0%LogisticsfirmsManufacturingWholesale/RetailOthers37Description:LogisticsfirstaccountedforthehighestshareofindustrialandlogisticsrealestatetransactedinGermanyin2022.Thatincludesanyspacethatisnewlyrentedorpurchasedduringtheperiod.Thetake-upoflogisticsfirmswasaboutonethirdofthetotaltake-up.Manufacturingtookthesecondspot,with31percent,whilewholesaleandretailoccupierstookup30percent.In2022,BerlinwasGermany'sbiggestmarket.ReadmoreNote(s):Germany;2022Source(s):BNPParibasRealEstateNetprimeyieldsforwarehousesover5,000squaremetersinleadingcitiesofGermanyfrom2014to2022,bycityNetprimeyieldsforwarehousesover5,000squaremetersGermany2014-2022,bycityBerlinFrankfurtHamburgMunich7.0%6.5%6.0%5.5%5.0%4.5%4.0%3.5%3.0%2.5%20142015201620172018201920202021202238Description:NetprimeyieldsforwarehousesinGermancitiesdeclinedforsevenconsecutiveyears,beforepickingupin2022.Fromoversixpercent,thenetprimeyieldsforwarehousesover5,000squaremetersdroppedtothreepercentasofthefourthquarterof2021.Asofthefourthquarterof2022,thenetyieldinallfourmajormarketsamountedto3.85percent.AmongdifferentEuropeancities,Munich,Berlin,Hamburg,andFrankfurthadsomeofthelowestyields.ReadmoreNote(s):Germany;2014to2022;asofQ4ofeachquarterSource(s):BNPParibasRealEstateCHAPTER

05RetailrealestateNumberofshoppingmallsinGermanyfrom1965to2023NumberofshoppingmallsinGermany1965-20236005094934934894835004003002001000476479479460463453444428363279179938165501421965

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