Frankfurt Office Market Dynamics, Q4 2024
Summary and analysis of Frankfurt's current office real estate market conditions.
- Artur Mironenko
In the fourth quarter of 2024, leasing volumes for office space reached 88,300 sq.m. in Frankfurt, 33% less than in the same quarter of the previous year (132,000 sq.m.). During the full year of 2024, office take-up was over 370,600 sq.m., which shows a 8% decline compared to 2023 (404,000 sq.m.) and 24% less than the ten-year average (484,690 sq.m.).
The vacancy rate increased from 9.2% in the third quarter of 2024 to 9.7% in the fourth quarter. As of the end of 2024, approximately 1.15 million sq.m. of office space remains vacant in Frankfurt, compared to 1.04 million sq.m. at the end of 2023.
Prime rent increased by €2.00/sq.m./month in the fourth quarter of 2024 and reached a new high of €50.00/sq.m./month.