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Office space market and real estate services

The service location Bonn is considered a sought-after B+ location by domestic and foreign investors. 92.8 % of all employees work in the tertiary sector. In addition, Bonn's office market is characterized by low vacancy rates and a continuously high letting performance. 

Overall, the Bonn office market currently has more than 4 million sqm of leasable space, with the total stock of office space spread over more than 3,700 properties. Compared with other cities, Bonn has a high proportion of office space over 5,000 sqm and thus has a similar size structure to the A location Düsseldorf. Due to the brisk construction activity in recent years, Bonn has a high proportion of very modern office space compared with other cities. 

Rental performance

In coordination with the Gesellschaft für Immobilienwirtschaftliche Forschung (gif) and the real estate agents and owners, the Bonn Economic Development Agency monitors the leasing situation and records the annual values.

In 2021, a total of 158,504 sqm was taken up on the Bonn office market. The overall result is made up of a total of 98 registered contract conclusions. Despite the Corona crisis, the Bonn office market was once again more agile compared to the previous year and rose to its highest level since the cooperation with gif. In 2020, there were 108 office space sales with 133,873 sqm. 

The largest single item in office take-up in 2021 was around 22,000 sqm of usable space. This was an office building in the center of Bonn formerly used by an insurance company and leased by the University of Bonn in the middle of the year. 

The following table shows the structure of office take-up in 2021. Above 5,000 square meters, the situation on the Bonn office market remains tight, as there is hardly any immediately available office space in this size segment.

Rental prices 

In 2021, the average rent per sqm of office space was €16.73. Compared with the previous year, the average rent has thus risen by €1.88 per sqm. The top rent realized for Bonn, on the other hand, rose by €1.50/sq. m. to €21.50/sq. m. compared with the previous year.

The highest rent in 2021 was achieved in "Beuel-Nord" at €49.18/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. 

Vacancy rate

Compared with the previous year, the vacancy rate in the office sector rose from 82,739 sqm to 84,235 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, 2021 was 2.1% overall. The vacancy rate continues to be classified as comparatively low.

Projected construction projects

The supply of leasable existing space is supplemented by projects in planning, development and under construction.

The largest completion in 2021 was the New Federal Chancellor Square (building 2 and 3) with 30 115 sqm, followed by the office building of the project management agency of the German Aerospace Center at Godesberger Allee 138 with 10 766 sqm and the UN extension building at the UN Campus with 8 400 sqm. In addition, properties at Am Krähenhorst with 6,487 sqm, at Dickobskreuz 10 with 5,000 sqm, at Rabinstrasse/Hauptbahnhof with 1,800 sqm of proportional office space, and at Poststrasse 7 with 1,050 sqm were completed.

The larger projects under construction continue to be Bundeskanzlerplatz by Art Invest Real Estate Management GmbH. Here, the remaining office space of the total planned 66,000 sqm is expected to be completed in 2022. The planned completion of the GreenGate project on Kurt-Schumacher-Strasse by MAG - Grundbesitz Bonn will add a further 18,600 sqm to Bonn's office supply. Other expected completions in 2022 are The LOOP project at Fritz-Schäffer-Strasse 11-13 with 4 000 sqm and the new building at Mainzer Strasse 34 with around 3 900 sqm. 

The time spans until the realization of the respective projects vary. Currently, approximately 138,000 sqm of office space is under construction. Of this, approximately 46,300 square meters are expected to be completed in 2022.

Real Estate Service

The real estate service of the Bonn Economic Development Agency cooperates with the Bonn real estate industry and therefore has a comprehensive overview of the market. The Economic Development Agency 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 thus answered in a targeted manner. The Economic Development Agency also invites investors and owners to regular meetings. 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.

Mr. Stefan Sauerborn
Mr. Thomas Heindl