Il mercato in Germania secondo IVG

The German office property markets are reacting rather sluggishly to the economic momentum in Germany. Sluggishly because, although a certain cyclicality is guaranteed, high correlation with the economy exists only indirectly. No comparison with volatile markets such as London or Madrid. This makes it clear that there is an entirely different view of risks among financers, project developers and ultimately investors here in Germany. However, sluggish does not mean
unattractive, as becomes visible in the current general economic situation. In the last few years, the solution on the investment market was core. However, after five years of “core focus”, a simple question arises: Where are these core properties at the top seven German markets now?
In our view, an extension of the risk-adjusted investment behavior through project developments, which ultimately constitute refurbishments, including a stringent asset management approach is a sensible strategy so as to avoid allowing a new high price level, which, traditionally, could express itself in reduced attractiveness of Germany as a real estate location. Thus, for the current year we expect a considerable increase in importance of an investment strategy that can be boldly described as value add. The feel for a professional relationship between risk and return is back.
What that means in individual cases is made clear by our current IVG Office Market Scoring. We again considered 74 German office locations, analysing those with the greatest opportunities and those that are less attractive and presenting them in a scoring model. Unsurprisingly, the winner is Munich again, a location that has almost become a synonym for German stability. Munich is followed by Hamburg and then – with little separating them – the remaining five major markets of Frankfurt, Cologne, Berlin, Stuttgart and Dusseldorf. Among the regional centres, Hanover, Nuremberg and Wiesbaden were the best performers. At the end of the list are small, little-developed office locations in structurally weak regions, such as Halle an der Saale, Gera, Cottbus and Salzgitter.
In our current IVG Market Report Germany 2013, we present the structure of the German office markets as well as the current key real estate data and our investment recommendation. Here, tactical elements such as Basel III, Solvency II and Wutbürger I are already taken into account.
Source : Company
Market Report Germany