The service location Bonn is considered a sought-after B+ location by domestic and foreign investors. 93 percent of all employees work in the tertiary sector. In addition, Bonn's office space market is characterized by low vacancy rates and a continuously high letting performance.
Overall, the Bonn office market currently has around four million square meters 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 square meters and thus has a similar size structure to the A-location Düsseldorf. Due to the brisk construction activity in recent years, Bonn is characterized by a high proportion of very modern office space compared with other cities.
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 figures.
In 2022, a total of 104,591 square meters were transacted on the Bonn office market. The overall result is made up of a total of 71 registered contract conclusions. Leasing performance has been slowed by global uncertainties. Also due to the currently prevailing energy price trend and the resulting economic risks, the expansion of existing companies has been restrained. In 2021, there were still 98 office space sales with 158,504 square meters.
The largest single item in office space turnover in 2022 was around 23,000 square meters of usable space. This relates to an office building in the Federal Quarter, which was leased by the Federal Real Estate Agency (Bundesanstalt für Immobilienaufgaben).
The following table shows the structure of office space take-up in 2022. 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 on the market.
In 2022, the average rent per square meter of office space was 17.65 euros. Compared with the previous year, the average rent has thus risen by 0.92 euros per square meter. The top rent realized for Bonn, on the other hand, rose by 0.15 euros per square meter to 21.65 euros per square meter compared with the previous year.
The highest rent in 2022 was achieved in the "Bundesviertel" at 31.70 euros per square meter, although this represents an "outlier" on the upside.
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 included. The age, quality and structural condition of the properties were also 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 to the previous year, the vacancy rate in the office sector increased from 84,235 square meters to 110,142 square meters.
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, 2022 was 2.72 percent overall. The vacancy rate can still be classified as low.
Projected construction projects
The supply of leasable existing space is supplemented by projects in planning, development and under construction.
The largest completion in 2022 was the New Federal Chancellor Square (Houses 2 and 3) with 30,115 square meters, followed by the first construction phase of the Rhein-Palais office building in Joseph-Schumpeter-Allee with around 10,500 square meters and the new VEBOWAG headquarters at Godesberger Allee 20 with 2,500 square meters. In addition, a new office building with 3,600 square meters was completed in Mainzer Straße.
An expected completion in 2023 is The Loop project at Fritz-Schäffer-Strasse 11-13 with around 4,000 square meters.
Currently, more than 100,000 square feet of office space is under construction. Of this, a size of approximately 57,000 square meters can be quantified as a foreseeable completion in 2023.
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.
Translated with www.DeepL.com/Translator (free version)