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| 5-year average of a turnover is clearly surpassed again |
| In Duisburg, in total about 61.300 square metres of
office space were absorbed in 2005. That is equivalent
to a change of 6 % as compared with the previous
year. Of that space, approx. 53.300 square metres were
let, hence some 16 % more than the year before, 2004,
with round about 45.000 square metres of space let
to third parties. On the other hand, the share of internal
users decreased from 20.000 square metres to
approximately 8,000 square metres in the year 2005. |
| Turnover of rental space |
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| Infineon Development Center in Duisburg |
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Hence, once again the 10-year average of a turnover of approximately 46.000 square metres of office space and the 5-year average of about 58.200 square metres were clearly surpassed.
The biggest demander of space was SPAETER Stahlhandel which, as a result of the building of Duisburg's 'Forum', has abandoned its old location and rented about 5.400 square metres in Duisburg's Inner Harbour. The new head office of the company is now at the 'Speicher Allgemeine' (former General Warehouse). The Employment Placement Central Office Joint Venture North has rented some 4.700 square metres in Duisburg-Hamborn. Citibank has rented, in the immediate vicinity of Citibank's high-rise building, 4.300 square metres in the 'Silver Palace'. The municipal administration has signed for about 3.300 square metres, and, directly next to Citibank, the Deutsche Bank subsidiary Kreditservice GmbH has rented 2.000 square metres of office space of newbuilding, first-occupier quality in GEBAG's 'Neudorf Gate'.
Duisburg's city centre attracted about 32 % of the rental performance in 2005; but in 2004 about 36 % of all rented space was still registered in the city centre. In the rest of the area of the city, on the other hand, about 33 % was in demand in 2005. On the edge of the city centre, with a figure of about 6.000 square metres of rented space, no noteworthy changes as against the previous year were observed. In the Inner Harbour, too, there were no extreme changes as compared with the previous year. In the submarket for offices by the waterside about 125.000 square metres found new users in 2005, approx. 17.000 square metres alongside the Inner Harbour were let in 2004.
With 9.800 square metres of rented office space, the segment "Commercial, trading and transport companies“ was the segment with the highest demand in Duisburg, corresponding to a rise as compared with the previous year of about 17 %. On the other hand, this year only by the public sector ; in 2004 it still rented 16.300 square metres. On the same scale, the segment of company-related services occupied office space. The financial service sector absorbed more than 8.500 square metres of office space – gratifying, as this segment was more or less not represented at all the previous year (0.64 %).
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| Completion rate |
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| Business Center Ruhrort in Duisburg |
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During 2005, a total of about 25.100 square metres
of office space were completed in the Duisburg real
estate market with an advance letting rate of more
than 90 %. That is 55 % less than the amount of office
space constructed in 2004 (56.000 sq. m). The reason
for this is the very high completion volume in 2004.
The forecast completion volume for 2006 is about
15.000 square metres of office space.
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| Vacancy rate and rents |
Vacancy rate
The vacancy rate rose at the end of 2005 to
approximately 3.5 % including sub-letting offers and
rose as compared with the vacancy rate for 2004 (2.90
%) by about 21 %. Hence Duisburg is more than
50 % below the vacancy rate for Essen and thus has
the lowest rate in the region.
The top rent was - as in the previous year - achieved
in Duisburg's Inner Harbour. The highest rent is valued
at EUR 12.20 /sq. m. and thus increased by 1.6 % as
compared with the previous year. The average rent,
on the other hand, decreased by about 3.8 % from
¤EUR 7.80 in 2004 to EUR 7.50.
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| Outlook 2006 |
Due to the good demand in the first quarter of 2006,
total sales above the decade average at approximately
46.200 square metres will probably be achieved. As
also in the years before, the top rent will only vary
within very narrow variation ranges and also again be
concluded in a newly constructed property. Due to
the low completion volume of about 15.000 sq. m.
and the positive net absorption recorded in the previous
years we assume that there will only be a slight
fluctuation of the supply reserve.
Referencies: "Office Market Report Duisburg 2006", (Summary), Consulticon GmbH, Mülheim
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