With 92.6% of all employees in the tertiary sector, the city of Bonn represents a pronounced service location. Since the tertiary sector in particular is dependent on office space, the office property market in Bonn takes on a special significance. Bonn is considered a sought-after B+ location by domestic and foreign investors, not least because of its reliable leasing performance and low vacancy rates.
In total, the Bonn office market has around 3.95 million sqm of leasable space, with the total stock of office space spread over more than 3,700 properties. Compared with other locations, the above-average proportion of space in large properties with more than 10,000 sqm is particularly noteworthy. Bonn thus has a similar size structure to the A-location Düsseldorf.
In coordination with the Gesellschaft für Immobilienwirtschaftliche Forschung (gif) and the real estate brokers and owners, the Bonn Economic Development Office monitors the leasing situation and records the annual figures.
In 2020, a total of 108 office take-ups were registered on the Bonn office market and an office take-up of 133,873 sqm (previous year: 108,595 sqm) was achieved. The highest office space turnover to date was achieved in 2018 and amounted to 137 424 sqm. The Federal Quarter office submarket registered the most office space take-up with a total of 81 298 sqm. The largest single item in office space turnover in 2020 was in the "public administration" sector, with 22 000 sqm.
The following table shows the structure of office take-up in 2020. Above 5,000 sq m, the situation on the Bonn office market remains tense, as there is hardly any immediately available office space in this size segment.
In 2020, the average rent per sqm of office space was €14.85. Compared with the previous year, the average rent has thus risen by €1.64/sqm. In contrast, the top rent realized for Bonn fell by €5.22/sqm to €20.00/sqm compared with the previous year.
The highest rent in 2020 was achieved in the "Beuel-Zentrum" at €31.31/sqm. However, this represents an "outlier" on the upside. The highest rents in Bonn are achieved on average for office properties in the A locations of the Bundesviertel.
The rental price ranges shown in the table reflect the rental prices observed in the various office submarkets in recent years. Lease renewals were not recorded, and the age, quality and structural condition of the properties were not taken into account. In the case of some office properties, higher top rents can be achieved in isolated cases in particularly exposed locations and with extra high-quality fittings.
Compared with the previous year, the vacancy rate in the office property sector fell from 96,526 sqm to 82,739 sqm.
Taking into account the change in the total stock of office space, the proportion of vacant office space as of the reporting date of December 31, 2020 was 2.09% overall. The vacancy rate can still be classified as low.
The supply of leasable existing space is supplemented by projects in planning, development and under construction.
The largest completion in 2020 was the building of the German Aerospace Center on Godesberger Allee with 10,766 sqm, followed by a property in Nordstadt, Am Krähenhorst with 6,200 sqm. In addition, properties on Friesdorfer Straße (former Haribo site) with 6,000 sqm, on Rabinstraße/Hauptbahnhof with 1,800 sqm of proportionate office space, and on Adenauerallee with just under 407 sqm were completed.
The larger projects under construction continue to be Bundeskanzlerplatz by Art Invest Real Estate Management GmbH, where a construction phase of 30,000 sqm - the total area is 66,000 sqm - is expected to be completed in 2021. In addition, another construction phase of the Rhein-Palais at the Bonner Bogen by Ewald Hohr Projektentwicklungen with visionary technical constructions in building construction & Co.KG is to be highlighted. Furthermore, the construction of the project GreenGate in Kurt-Schumacher-Straße by MAG - Grundbesitz Bonn with a size of about 18 600 sqm started. The time span until the realization of the respective projects varies.
Currently, about 138 300 sqm of office space is under construction. Of this, a size of approximately 43,400 sqm can be quantified as foreseeable completion in 2021.
Real Estate Service
The real estate service of the Bonn Economic Development Office cooperates with the Bonn real estate industry and therefore has a comprehensive overview of the market. The Economic Development Office is in close contact with project developers, providers of office space, owners and brokers. It acts as a contact broker between future users and landlords. This close contact results in a continuously updated real estate database. The mediation is tailored to the needs of the client. Inquiries from companies and institutions interested in renting are answered in a targeted manner. In addition, the business development department invites regular meetings between investors and owners on a regular basis. More detailed information on the Bonn real estate market, in particular on the office space submarkets and the industry structure, can be found in the brochure "Büroflächenmarkt Bonn" (Bonn Office Space Market), which is published annually.