the stuttgart office market 2011 / 2012

BANKHAUS ELLWANGER & GEIGER KG

Real Estate

Börsenplatz 1, 70174 Stuttgart, Germany

Phone +49 (0) 711/2148 297, Fax +49 (0) 711/2148 290

www.privatbank.de

* Data from a survey by BulwienGesa AG + Baasner, Möller & Langwald GmbH Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2011

Year Volume (sq. m)

Representative peak rents

Average central business district rents

Vacancies (sq. m)

Vacancies (%)

Total space available (mill, sq. m)

Completion volume (sq. m)

Pre-leased volume (sq. m)

1994 120,000 €14.83 €13.60 225,000 4.00 5.926 317,000 no data

1995 120,000 €14.32 €13.35 190,000 3.30 6.056 130,000 no data

1996 135,000 €14.32 €12.75 290,000 4.90 6.108 52,000 no data

1997 140,000 €14.83 €12.65 270,000 4.50 6.231 123,000 no data

1998 180,000 €15.08 €13.85 186,000 2.80 6.266 35,000 no data

1999 230,000 €15.85 €14.80 118,000 1.80 6.296 39,000 no data

2000 205,000 €16.87 €14.90 100,000 1.50 6.356 60,000 no data

2001 160,000 €18.41 €15.34 137,000 2.00 6.516 160,000 130,000

2002 127,000 €17.89 €14.80 292,000 4.20 6.828 312,000 220,000

2003 149,000 €17.50 €14.50 379,000 5.30 6.973 145,000 80,000

2004 152,000 €17.00 €14.50 415,000 5.70 7.102 129,000 93,500

2005 145,000 €17.00 €13.50 402,000 5.60 7.170 68,500 51,400

2006 140,000 €17.50 €13.50 467,400 6.50 7.222* 52,500 20,500

2007 169,000 €17.50 €14.50 466,000 6.40 7.253 32,600 23,400

2008 180,000 €18.00 €14.50 460,000 6.20 7.367 117,000 116,000

2009 171,000 €18.00 €13.60 453,000 6.12 7.401 40,000 22,000

2010 194,000 €17.50 €14.30 480,000 6.46 7.425 42,400 22,400

2011 285,000 €18.80 €14.30 424,000 5.7 7.449 45,900 41,200

STUTTGART ON THE MOVE.THE STUTTGART OFFICE MARKET 2011/2012

OVERVIEW OF THE STUTTGART OFFICE MARKET

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DAS QUADRATBüchsenstrasse / HospitalstrasseOffi ce + retail + residentialCompleted in 2011

GERBERMarienstrasse / Tübinger StrasseOffi ce + retail + residentialTo be completed 2nd quarter of 2014

PAULINEPaulinenstrasse 21Offi ceTo be completed at unknown date

THEO 10Theodor-Heuss-Strasse 10Offi ce + retailCompleted in 2011

CASA NOVAAugustenstrasse 1/Paulinenstrasse 41Offi ce + retailCompleted in 2011

CALEIDOTübinger Strasse 41– 43Offi ce + retail + residentialTo be completed 3rd quarter of 2013

GALLION HAUSTheodor-Heuss-Strasse 8Offi ce + retailCompleted in 2011

BÜLOW CARRÉLautenschlagerstrasse 21Offi ce + retailTo be completed 1st quarter of 2013

ELLWANGER & GEIGER REAL ESTATE.

ELLWANGER & GEIGER Real Estate offers you a one-stop shop for a comprehensive range of services relating to the asset class of real estate. With the very highest discretion and integrity, we enable you to keep your bearings in rapidly changing markets. Our success is founded above all on excellent knowledge of the market and decades of experience in the real estate business.

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Extensive research is the basis for our

analyses of locations, portfolios and

cost-effectiveness that refl ect market

conditions. From this, we derive

strat egies whose goal is to capitalize

on potentials for earnings and effi -

ciencies.

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services, our core expertise includes

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We plan individual real estate invest-

ments and create special funds for

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private investors (family offi ces).

Each investment approach is devised

in close consultation with the customer.

An investment volume is selected

that permits niche investments and

individual mandates. By creating

portfolios for single investors or small

groups, we are able to provide indi-

vidual support for the duration of the

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vehicles are selected depending on

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Berlin

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HOSPITALHOFHospitalplatz 20 / Gymnasiumstrasse 36Offi ceTo be completed 4th quarter of 2013

POSTQUARTIERLautenschlagerstrasse 17Offi ce + retailCompleted in 2011

CITYGATEKriegsbergstrasse 11Offi ce + retailTo be completed 2nd quarter of 2014

MARKTSTRASSE 6 + 8Offi ce + retailTo be completed 2nd quarter of 2012

E 65Eberhardstrasse 65Offi ce + retailTo be completed 3rd quarter of 2014

QUARTIER AM KARLSPLATZHolzstrasse 15 + 17Offi ce + retailTo be completed at unknown date


Real Estate


Phone +49 (0) 711/2148 297, Fax +49 (0) 711/2148 290

www.privatbank.de


Year Volume (sq. m)



Vacancies (sq. m)

Vacancies (%)




1994 120,000 €14.83 €13.60 225,000 4.00 5.926 317,000 no data

1995 120,000 €14.32 €13.35 190,000 3.30 6.056 130,000 no data

1996 135,000 €14.32 €12.75 290,000 4.90 6.108 52,000 no data

1997 140,000 €14.83 €12.65 270,000 4.50 6.231 123,000 no data

1998 180,000 €15.08 €13.85 186,000 2.80 6.266 35,000 no data

1999 230,000 €15.85 €14.80 118,000 1.80 6.296 39,000 no data

2000 205,000 €16.87 €14.90 100,000 1.50 6.356 60,000 no data

2001 160,000 €18.41 €15.34 137,000 2.00 6.516 160,000 130,000

2002 127,000 €17.89 €14.80 292,000 4.20 6.828 312,000 220,000

2003 149,000 €17.50 €14.50 379,000 5.30 6.973 145,000 80,000

2004 152,000 €17.00 €14.50 415,000 5.70 7.102 129,000 93,500

2005 145,000 €17.00 €13.50 402,000 5.60 7.170 68,500 51,400

2006 140,000 €17.50 €13.50 467,400 6.50 7.222* 52,500 20,500

2007 169,000 €17.50 €14.50 466,000 6.40 7.253 32,600 23,400

2008 180,000 €18.00 €14.50 460,000 6.20 7.367 117,000 116,000

2009 171,000 €18.00 €13.60 453,000 6.12 7.401 40,000 22,000

2010 194,000 €17.50 €14.30 480,000 6.46 7.425 42,400 22,400

2011 285,000 €18.80 €14.30 424,000 5.7 7.449 45,900 41,200



4

5

CONTENTS.

Foreword 6

Stuttgart – an attractive and promising location 8

Stuttgart 21 – Section A1 is coming alive 9

Rental volume at an all-time high 10

Increased demand for offi ce space in many sectors 12

Renewed interest in large premises 13

Rental rates exceeding previous year’s level 14

Marked decline in vacant offi ce space 16

Nationwide upturn continuing 18

Central Stuttgart: Persistently strong demand 20

Northern Stuttgart: Mixed trends 21

Eastern Stuttgart: Untapped potential 22

Southern Stuttgart: A top location with a sunny outlook 23

Overview of the Stuttgart offi ce market 25

Forecast: Stuttgart’s offi ce market – stronger than ever 27

Your contact partners 28

ELLWANGER & GEIGER Real Estate 29

FOREWORD.

STUTTGART – MOTOR FOR TOMORROW.

The future of humanity is in cities. Two hundred years ago, about 97 percent of the world’s

population lived in rural areas. Today half of all people live in cities. According to United Nations

predictions, that fi gure will be three-quarters by the middle of this century. Cities are motors

of future growth. Their expansion is driven by factors like quality of life, economic vigour and

education. At the same time, they face a major challenge: while continuing to grow, they must

preserve their quality of life.

How can Stuttgart do this?

The instruments to do so can be found in the many topics that hold promise for the future: a wide

range of sustainable technologies, especially in mobility, construction, tourism, health services

and “knowledge for tomorrow”. Stuttgart is making rapid progress in these areas, and its related

business clusters have become an important source of its economic strength. One major milestone

in the fi eld of “knowledge for tomorrow” was the opening of the large new city library, which

will draw 1.2 million visitors each year. A mobility map will explain Stuttgart’s integrated mobility

services, and sustainable mobility networks will foster the development of public and private

transport. Architects, urban planners, civil engineers and tradespeople are working to supply urban

districts with renewable energy, build zero-energy houses and develop mixed-use residential,

working and leisure areas. By constructing new buildings and expanding its existing ones, the

Stuttgart Clinic is enhancing the city’s healthcare profi le. These are just a few examples of how

the city is promoting the local economy with extensive measures. Because Stuttgart is committed

to being a motor for business development and it intends to stay that way.

We would like to thank ELLWANGER & GEIGER Privatbankiers for their many years of excellent

cooperation and for their continuation of the public-private partnership that has made it possible

to produce a new edition of this publication.

Dr. Wolfgang SchusterMayor of Stuttgart

Ines AufrechtDirector of Business Development, Stuttgart

6

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STUTTGART – THE OFFICE MARKET IS BOOMING.

“If you had another chance to decide, would you select this city as your place of business?” This

was the question that IW Consult put to a number of companies in a survey. “We’d do it again”

is what almost 90 percent of the companies in Stuttgart replied. In terms of positive responses,

Stuttgart took fi fth place among German cities, well ahead of most. So Stuttgart seems to have all

the right ingredients as a business location, and demand for offi ce space is correspondingly brisk.

Established businesses in particular have expanded in Stuttgart and stimulated the market by

renting premises on a large scale. As a consequence, the rental volume for 2011 was the highest

of all time. But current developments should not make landlords and investors complacent: they

must continue to work on meeting modern requirements in areas like energy effi ciency, certifi cation

according to the LEED or DGNB standards and the provision of ample parking space. Expectations

among users of office space are rising, and in some areas, particularly in the central business

district and city centre, premises are still in short supply. Steps should be taken now to renovate

and modernise existing buildings, invest in attractive new construction projects and promote the

development of other locations. Project development is an especially effective way of creating

demand for high-quality premises, and it helps to give the city a fresh and modern appearance.

What is the current situation in the offi ce market and how has it developed? What trends can we

observe and how will they affect the rental situation? This report on the offi ce market will provide

detailed information and give you new things to think about. We hope that you will benefi t from

reading it, and we would be glad to answer any questions you may have about these topics.

Mario Caroli Björn Holzwarth

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STUTTGART – AN ATTRACTIVE AND PROMISING LOCATION.

In Stuttgart the waves of the economic crisis have now receded. The city weathered the crisis well, thanks to its versatility and innovative spirit. During the current period of recovery, its economy is also being boosted by factors like traditionally low unemployment and a highly qualified workforce, creating an attractive market.

VARIETY INSTEAD OF MONOCULTURE

Although the region experienced a sharp rise in un-

employment, it was able to recover very quickly: in less

than twelve months the unemployment rate dropped

by 40 percent, clearly demonstrating that the region is

not exclusively dependent on the automotive industry.

In fact, the diversity of the region’s industries is what

enabled it to respond so quickly to economic fl uctuations.

And business diversity is continuing to increase: bio-

technology and medicine, for example, are growing in

importance.

FORWARD-LOOKING INVESTMENTS

The local automotive industry is also preparing itself for

future challenges, investing in electric vehicles and future

forms of mobility which have considerable potential.

According to a worldwide study carried out by the con-

sulting fi rm Arthur D. Little (ADL), investments in net-

worked urban mobility could almost triple by 2050 from

the current level of 300 billion euros per year. Stuttgart,

the home of major automakers and suppliers, is especially

well positioned to benefi t from these developments.

And its companies have not been napping: the Daimler

project Car2go, for example, has been a major success.

The city of Stuttgart has likewise taken the initiative and

is drafting a master plan for a Mobility Card. Projects like

this make the region more attractive, because mobility

is the key factor for investors seeking a location. In the

ADL mobility check, Stuttgart now holds fourth place

among major German cities.

FRUITFUL INTERACTION BETWEEN ACADEMIA AND

BUSINESS

Companies that are in close touch with events and have

access to corresponding research results are able to

detect trends at an early stage and prepare themselves

better for change. The Baden-Württemberg Cooperative

State University and the University of Hohenheim provide

Stuttgart with the necessary transfer of knowledge between

academia and local business. This fruitful symbiosis fosters

an awareness of systemic risks – a key factor for economic

success.

Data source: GfK GeoMarketing, figures as of November 2011

26,86326,863

23,70823,708

22,92922,929

22,13122,131

21,78821,788

21,32021,320

17,808 17,808

Munich

Düsseldorf

Frankfurt

Stuttgart

Cologne

Hamburg

Berlin

PER CAPITA PURCHASING POWER IN 2011, IN €

CITIES WITH 500,000 OR MORE RESIDENTS

8

9

STUTTGART 21 – SECTION A1 IS COMING ALIVE.

The referendum of 27 November 2011 gave a clear go-ahead for Stuttgart 21, the project to rebuild Stuttgart’s main railway station, putting an end to the uncertainty which had blocked progress in construction, and will allow work to move forward.

The dedication of the new “Library of the 21st Century”

in October breathed new life into Section A1. In the period

up to December alone, the library drew more than

100,000 visitors, and it is expected to attract more than

a million each year in the future. Construction work on

another project, “Pariser Höfe”, is making good progress.

Work on its 250 apartments and the offi ce wing with

approximately 8,000 square metres should be fi nished by

the first quarter of 2012, and this too will bring new life

into the area.

The next planned construction phases have also gained

momentum: Sparkassenakademie, a training institution

run by the German Sparkasse banks, is expected to

complete a training centre by mid-2013. Covering

11,400 square metres, it will provide space for some

26,000 training course participants and have roughly

160 apartments for them too. In addition, the building

will offer 1,200 square metres of offi ce space. There is

also a plan to include a day nursery in this complex,

to serve the new Section A1. Construction of “Milaneo”

has now started, almost at the same time. This is a joint

project of ECE, STRABAG and Bayerische Hausbau with

some 43,000 square metres of retail space, 7,400 square

metres of offi ce space, roughly 417 apartments and a

160-room hotel. For those who will some day live and work

in the new district, this project will be a considerable

enhancement.

Construction of the planned hotel and residential tower

block at the corner of Heilbronner Strasse and Wolfram-

strasse will start in late 2012; completion is expected in

the second half of 2014. The planning for “Europe Plaza”

is now complete, and construction will begin as soon as

suffi cient advance rental agreements are in place. Most of

the projects in Section A1 are thus ready to start or are

already in progress. By late 2014, construction in this area

should be fi nished except in site sections 4/5/12/15, at which

time Stuttgart’s urban scene will have a new addition.

Development model

Under construction or completed

Available space

Wolframstrasse

Wolframstrasse

PARISER HÖFEOffi ce + residentialTo be completed 1st quarter of 2012

SPARKASSENAKADEMIETraining + residentialTo be completed 3rd quarter of 2014

EUROPE PLAZAOffi ceTo be completed at unknown date

CITY LIBRARY

MILANEOOffi ce + retail + residentialTo be completed 3rd quarter of 2014

SITE SECTION 7Hotel + residentialTo be completed 3rd quarter of 2014

SITE SECTION 5

SITE SECTION 15

SITE SECTION 12

SITE SECTION 4

RENTAL VOLUME AT AN ALL-TIME HIGH.

The economic upturn of 2011 allowed the Stuttgart offi ce market to set an all-time record: the total rental volume for office space was 285,000 square metres, of which some 45,500 square metres were used by owner-occupiers. This represented a 47 percent improvement over the previous year’s strong results.

CENTRAL BUSINESS DISTRICT DOUBLES ITS

RENTAL VOLUME

Stuttgart’s central business district, namely the area in the

city ring between the main station, Theodor-Heuss-Strasse,

Hauptstätter Strasse and Paulinenbrücke, almost doubled

its rental volume, which was 32,800 square metres in 2010.

Rental transactions by public institutions, which came to

approximately 35,000 square metres, accounted for a

large part of this increase. The largest single transaction

in this period involved the relocation of the Ministry of

Education to the Postquartier, and amounted to about

14,000 square metres.

OUTLYING AREAS CONTINUE TO SHOW

STRONG DEMAND

Demand was also strong in Vaihingen/Möhringen and

Fasanenhof, the areas to the south. Two transactions

by Bosch, for about 12,000 and 4,000 square metres,

were especially prominent. To the north, Feuerbach and

Zuffenhausen had another good year thanks to large

contracts signed by Bosch and Porsche, which are head-

quartered there. In Bad Cannstatt a 6,000 square-metre

transaction by Deutsche Telekom made a considerable

impact. Thus the eastern area of Stuttgart, which also

includes Wangen and Hedelfi ngen, saw a 61 percent

increase in offi ce space over 2010. In contrast, Leinfelden-

Echterdingen in the south experienced a decline in

demand, as did Weilimdorf in the north.

10

11

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Central business district 25,350 19,000 4,600 55,100 33,300 43,000 61,500 44,400 38,200 32,800 63,000

City centre 25,710 45,000 28,400 21,700 43,200 31,300 46,600 41,700 83,800 66,600 97,500

Vaihingen/Möhringen 50,550 6,300 14,450 30,800 10,400 32,600 13,700 18,500 20,200 26,200 56,300

Fasanenhof 2,700 11,000 72,500 4,000 3,700 3,500 2,300 10,600 2,700 5,300 12,500

Feuerbach/Zuffenhausen 16,700 6,000 8,400 20,600 9,800 2,000 6,800 12,300 3,300 28,500 24,800

Degerloch 5,800 2,700 3,000 6,000 3,400 4,500 7,200 9,200 4,900 2,100 4,000

Weilimdorf 13,150 16,000 750 3,000 6,600 6,000 5,100 12,800 5,900 11,400 5,500

Bad Cannstatt/Wangen 5,000 18,000 14,000 7,700 24,600 13,500 15,400 12,500 8,100 8,300 13,400

Leinfelden-Echterdingen 14,040 3,000 2,900 3,100 10,000 3,600 10,400 18,000 3,900 12,800 8,000

Total 159,000 127,000 149,000 152,000 145,000 140,000 169,000 180,000 171,000 194,000 285,000

Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2011

205

,00

0

159,

00

0

127,

00

0

149,

00

0

152

,00

0

145,

00

0

140,

00

0

169,

00

0

180,

00

0

171,

00

0

194

,00

0

285

,00

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

RENTAL TAKE-UP OF OFFICE SPACE IN GREATER STUTTGART IN SQ. M

RENTAL TAKE-UP OF OFFICE SPACE IN STUTTGART 2000 – 2011 IN SQ. M


INCREASED DEMAND FOR OFFICE SPACE IN MANY SECTORS.

The “industry” category played a signifi cant role in the

2011 offi ce market. Transactions for a total of 45,000

square metres were concluded, including 32,000 square

metres for Bosch alone. Of similar importance was the

public sector, which had a demand of some 39,000

square metres. The reason here was that one ministry

moved to a new location while others reorganised them-

selves on existing premises. As in previous years, however,

the category with the highest demand was “other offi ce

users”, which included service providers like doctors,

architects, engineers and retail companies. With around

115,200 square metres of offi ce space they accounted for

40 percent of the total rental volume.

Companies in the IT and telecommunications sector leased

27,400 square metres of offi ce space, considerably less

than in the previous year. As a result, their share of the

total turnover came to only 10 percent. The “consultants”

category, which accounted for 22,800 square metres of

rented space, also showed a decline, but the drop was

small and did not refl ect a downward trend. By contrast,

demand by fi nancial service providers rose again, coming

to 24,700 square metres, although their share of the total

turnover remained unchanged. The preferred locations

for offi ce space among both fi nancial service providers

and consultants were in the central business district and

city centre.

Users in the “media/communication” category reacted with

stronger demand for offi ce space as the economy picked

up. Advertising and media agencies profi ted from greater

willingness among businesses to spend money on adver-

tising and marketing, and so increased the size of their

premises, especially in the segment up to 500 square

metres, bringing the total up to 10,900 square metres.

This represented a 38 percent gain over the previous year.

2003 2004 2005 2006 2007 2008 2009 2010 2011

Media/communication 5.02 4 8 6.64 6.27 5.56 6.14 4.07 3.82

Financial service providers 8.04 34 12 9.93 10.36 15.78 8.36 8.41 8.67

Consultants 7.03 5 10 20.29 18.4 13.39 7.72 13.35 8.00

Public sector 4.02 9 21 3.21 17.75 7.22 30.41 8.14 13.68

Other 20.98 29 28 35.21 37.28 36.94 40.94 48.04 40.42

Energy/industry 52.23 9 13 12.86 – – – – 15.79

IT/telecommunications 2.68 10 8 11.86 9.94 21.11 6.43 17.99 9.62

Total 100 100 100 100 100 100 100 100 100


TAKE-UP BY SECTORS IN %

12

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RENEWED INTEREST IN LARGE PREMISES.

Small premises are still the mainstay of Stuttgart’s office market. Once again, most of the contracts signed were for surface areas up to 500 square metres. There were 249 transactions in this segment, 27 more than in 2010. The total for the office market as a whole was 361.

Of the transactions for less than 500 square metres,

142 were in the central business district and city centre.

In Weilimdorf, almost all of the recorded transactions

were in this segment. In all, 21 percent of the total rented

volume was in this size range.

But in 2011 there was also demand for premises larger

than 5,000 square metres, with the main interest coming

from the public sector and Robert Bosch GmbH. The

largest contract of all, for 14,000 square metres, was

signed by the state of Baden-Württemberg. Porsche AG

expanded on its home turf, Zuffenhausen, with a trans-

action for 10,000 square metres. These developments

led to a signifi cant overall increase in demand for spaces

above 5,000 square metres. There were 12 signings as

compared to four the previous year. This segment accounted

for 36 percent of the rental turnover.

Leases in the range from 501 to 1,000 square metres

made up 16 percent of the rental turnover. There were

62 contracts, mainly for premises in the city centre and in

Vaihingen to the south. This is well above the previous

year’s fi gure of 46.

There were 24 signings in the range from 1,001 to 2,000

square metres, and 14 between 2,001 and 5,000 square

metres. Among the major owner-occupiers, AOK,

Ed. Züblin AG and Sparkassenakademie made an impact

by erecting their own buildings, which together account-

ed for 31,000 square metres of space.

Total space 2010:194,000 sq. m

2010

COMPARISON OF NEW CONTRACTS BY SIZE

51,5

00

59,5

00

32,0

00 44

,50

0

21,5

00

35,9

00

< 500 sq. m 501 – 1,000 sq. m 1,001 – 2,000 sq. m 2,001 – 5,000 sq. m > 5,000 sq. m

2011

Total space 2011:285,000 sq. m

Total number 2010:301

2010

22

2 249

46 62

14 24 15 14 4 12

< 500 sq. m 501 – 1,000 sq. m 1,001 – 2,000 sq. m 2,001 – 5,000 sq. m > 5,000 sq. m

2011

Total number 2011:361

COMPARISON OF NEW CONTRACTS BY NUMBER

Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2011

49,

00

0

41,9

00

40,

00

0

103,

20

0

RENTAL RATES EXCEEDING PREVIOUS YEAR’S LEVEL.

The rental rates in Stuttgart’s office market showed an encouraging trend. On 31 December 2011, the city average was 11.60 euros per square metre, 0.60 euros above the level a year before.

In the price segment up to 10.00 euros per square metre,

a total of 149 leases were signed, 65 of which were for

8.00 euros or less per square metre. The latter, however,

were mainly for older offi ce properties with simple fi ttings

and equipment, or for leases with a short duration. A large

proportion of the total contracts, 141, were in the range

from 10.01 to 13.00 euros per square metre. In the range

from 13.01 to 15.00 euros per square metre, there were

46 signings, as compared to only 19 the previous year.

In addition, there were 13 contracts between 15.01 and

17.00 euros per square metre and 12 for more than 17.00

euros per square metre.

CENTRAL BUSINESS DISTRICT AND CITY CENTRE:

PEAK RENTS ON THE RISE

In Stuttgart’s central business district the average rent

stayed at the previous year’s level of 14.30 euros, whereas

the weighted top rent showed a marked increase, from

17.50 euros to 18.80 euros per square metre. In a

favourable development, there were about 12 trans-

actions for premises in new buildings, where rents

between 17.50 euros and 22.00 euros per square metre

were achieved. The peak rent also rose in the city centre,

and at year’s end was at 15.90 euros per square metre.

The average rent, at 11.50 euros per square metre,

remained at the level of the previous year.

FAVOURABLE DEVELOPMENTS IN THE SOUTH,

NORTH AND EAST

Thanks to strong demand, the peak rent in southern

Stuttgart rose to 13.30 euros per square metre, exceeding

the previous year’s value. At the same time the average

rent fell slightly to 10.20 euros per square metre, mainly

owing to rent reductions necessary for older premises

that had been vacant for some time. In northern Stuttgart,

the average rent showed a gratifying increase, thanks

especially to several major transactions in Feuerbach.

Zuffenhausen and Weilimdorf, in contrast, continued to

have low rent levels. In eastern Stuttgart, a new project

contributed to a rise in both the peak rent and average rent.

Peak rents

Average rents

PEAK AND AVERAGE CENTRAL BUSINESS DISTRICT RENTS 2000 – 2011 IN € / SQ. M

14.9

0 •

16.8

7

15.3

4 •

18.4

1

14.8

0 •

17.8

9

14.5

0 •

17.5

0

14.5

0 •

17.0

0

13.5

0 •

17.0

0

13.6

0 •

17.5

0

14.5

0 •

17.5

0

14.5

0 •

18.0

0

13.6

0 •

18.0

0

14.3

0 •

17.5

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


14.3

0 •

18.8

0

14

15

XX

X

PEAK AND AVERAGE RENTS 2011 IN €/SQ. M

14.3

0

18.8

0

11.5

0

15.9

0

9.6

011.9

0

9.0

011.0

0

10.2

013.3

0

Central busi- City centre Outlying districts Outlying districts Outlying districts ness district to the north to the east to the south

Average rentsPeak rents


In 2011, new premises totalling almost 31,300 square

metres were completed in Stuttgart and 14,600 square

metres underwent core renovation. However, most of this

space was already pre-let or quickly leased to new tenants.

Moreover, a large amount of sub-let space in the central

business district was taken off the market. These two

factors, in conjunction with a surprisingly high rental

volume in some outlying areas, resulted in a shortage of

premises in certain cases. In Stuttgart’s central business

district the available supply declined by about 12,500

square metres to about 60,600 square metres. The city

centre saw an even sharper decrease: here the supply

of offi ce space with short-term availability dropped from

about 116,900 square metres to 93,500 square metres.

MARKED DECLINE IN VACANT OFFICE SPACE.

The supply of vacant office space declined significantly over the year. On 31 December 2011, some 424,000 square metres were unoccupied, including roughly 24,700 square metres of sub-let space. With the total offi ce space being about 7.43 million square metres, this corresponds to a vacancy rate of just under 5.7 percent.

COMPLETION VOLUME IN SQ. M

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

109,

500

50,5

00

55

160,

00

0

130,

00

0

312

,00

0

22

0,0

00

145,

00

0

80,

00

0

143,

500

131,

500

68

,50

0

51,4

00

49,

00

0

28

,50

0

32,6

00

23,

40

0

115,

60

0

104

,90

0

40,

00

0

22

,00

0

42,4

00

22

,20

0

45,9

00

41,2

00

57,0

00

41,5

00

Pre-lettingBuilding completion

16

17

In southern Stuttgart there were some conspicuous shifts:

whereas the available supply was reduced by half in

Vaihingen, Möhringen made considerable gains. In the

north and east, there were no major changes because the

good rental volume was balanced by new vacancies.

In 2012, some 47,500 square metres of offi ce space will be

completed. However, since almost 32,000 square metres of

this is already pre-let, the offi ce market will gain hardly any

new premises. In 2013, the situation might improve some-

what because 110,000 square metres will be completed,

of which about 50,500 square metres is currently pre-let.

VACANT OFFICE SPACE AS OF 31 DECEMBER 2011

Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2011

Leinfelden-Echterdingen > 73,500 sq. m

Stuttgart city centre > 93,500 sq. m

Weilimdorf > 42,100 sq. m

Möhringen > 41,900 sq. m

Fasanenhof > 31,000 sq. m

Feuerbach, Zuffenhausen > 22,500 sq. m

Bad Cannstatt, Wangen etc. > 19,300 sq. m

Degerloch > 11,800 sq. m

Vaihingen > 27,800 sq. m

Stuttgart central business district > 60,600 sq. m q

rr

e

a

m

0

s

e

Feuerbach,

Bad Cannstatt, Wange

qs WeiWeilimlimdordorf f > 42,100 sqs s disdistritrict ct > 60,600 sq. m

rr

a

MöhMöhrr

Vaa

m

00 sq. mmmmmm

22%

100%(corresponds

to approx. 424,000 sq. m)

17%

0 sq m0

17%17%7%

00 sq m00 sq m

14% 10% M

0 sq. m)

M

sq. m)q )

0M

0%%%% M

10%

7%

sss

7%

FFF

5%

B

5

BB

55

5% 3%

The “Big Seven” showed a continued upward trend of

15 percent. In 2011, the rental turnover for Berlin, Düssel-

dorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart

came to a total of 3.28 million square metres. The boom

was strongest in southern Germany, with Stuttgart post-

ing an increase of about 47 percent over the previous

year and Munich an increase of 45 percent. Düsseldorf

and Frankfurt each showed declines in turnover of about

14 percent from the previous year.

Most cities benefi ted from a positive trend in rental rates.

Increases in rental volume, coupled with a decline in

vacant offi ce space, caused rates to rise at many locations

or allowed them to stay at the previous year’s level.

The peak rents in Berlin, Cologne, Munich and Stuttgart

increased by 1.00 euro and more per square metre.

Average rents held steady as well.

As expected, vacancy rates in the “Big Seven” fell sharply

from the levels of the previous year. The main factor here

was increased demand for modern offi ce space, plus the

fact that premises in older buildings increasingly found

tenants, albeit at much lower rates. Some areas are again

experiencing a shortage of offi ce space owing to a rather

low completion rate for new premises. This improves the

prospects for construction in 2012. Thanks to a positive

economic forecast and steady demand, most locations

can currently reckon with favourable conditions for the

rapid implementation of new building projects.

NATIONWIDE UPTURN CONTINUING.

In 2011, the positive trend from the previous year continued: throughout Germany, the rental turnover in most office markets increased considerably. The supply of vacant office space declined at almost all locations.

18

19

Turnover of space in sq. m. Peak rent in € Average rent in the central business district in € Vacancy rate in %

2011 2010 2011 2010 2011 2010 2011 2010

Berlin 572,000 503,000 21.70 20.50 16.00 14.50 8.4 8.9

Düsseldorf 365,000 375,000 23.50 23.50 17.00 16.50 11.8 11.5

Frankfurt a. M. 410,000 475,000 36.00 35.60 21.50 22.00 14.4 15.1

Hamburg 515,000 485,000 23.00 23.00 13.50 13.50 8.1 9.8

Cologne 280,000 220,000 21.00 20.00 11.00 11.25 8.2 8.9

Munich 853,000 590,000 30.50 28.00 14.20 14.20 7.7 8.3

Stuttgart 285,000 194,000 18.80 17.50 14.30 14.30 5.7 6.5

Frankfurt Düsseldorf Cologne Munich Berlin Hamburg Stuttgart

COMPARISON OF VACANCY RATES IN GERMANY IN %

15.0

13.9

14.3 15

.1

14.4

10.3

9.6

8.3 8

. 9

8.2

7.9 9.

1 9.7

8. 3

7.7

9.4

8.2 8.4 8. 9

8.4

7.2

6.7 7.

5

9.8

8.1

6.4

6.2

6.1 6.5

5.7

9.8 10

.3 11. 5

11.8

10.3

2007

2008

2009

2010

2011



TURNOVER OF SPACE OF THE “BIG SEVEN” 2003 – 2011 IN SQ. M

2003 2004 2005 2006 2007 2008 2009 2010 2011


149,

00

0

152

,00

0

145,

00

0

140,

00

0

169,

00

0

180,

00

0

171,

00

0

194

,00

0

28

0,0

00

510

,00

0

48

0,0

00

58

0,0

00

62

0,0

00

82

0,0

00

765

,00

0

54

0,0

00

59

0,0

00

853

,00

0

Munich

Frankfurt

HamburgBerlin

Düsseldorf

CologneStuttgart

STUTTGART COMPARED TO OTHER GERMAN CITIES

CENTRAL STUTTGART:

PERSISTENTLY STRONG DEMAND.

Demand for office space in Stuttgart’s central business district and city centre received a new boost in 2011. There was an 18 percent increase in new leases over the previous year’s level of 165.

The state of Baden-Württemberg attracted attention by

renting space in the Postquartier and the Königin-Olga-Bau

at Königstrasse 9. Thanks to some major transactions, the

rental volume increased by approximately 61,000 square

metres compared to 2010. Whereas there was only one

contract for more than 5,000 square metres in 2010,

the year 2011 saw seven, with a total volume of about

62,000 square metres. Of this space, 25,700 square metres

went to three owner-occupiers in the insurance industry.

The segment up to 500 square metres also benefi ted

from stronger demand. However, the 142 leases account-

ed for only about 21 percent of the premises, while the

previous year had 137 leases in this segment, making up

33 percent.

In 2010, 37 percent of the premises in the central business

district were in the price segment up to 14.00 euros per

square metre. In 2011, the fi gure rose to 49 percent, while

38 percent of the premises were in the range between

14.01 and 16.00 euros per square metre. The segment

above 16.01 euros per square metre had a share of 13 per-

cent, the same as in the previous year. In the city centre,

93 percent of the newly rented premises went for less

than 14.00 euros per square metre, an increase of one

percent over the year before. Eight percent of the city

centre premises were rented in the range between

14.01 and 16.00 euros per square metre.

Along with the persistently strong demand for offi ce

space, one can also observe an increase in tenants’ expec-

tations. The need for high-quality or newly renovated

premises is high, and the supply is limited. As a conse-

quence, projects like the Bülow Carré and the City Gate

were, for the fi rst time ever, launched without waiting for

the usual advance rental agreement ratio to be achieved.

Even so, there will continue to be a scarcity of premises

in the short term for 2012. The forecast is considerably

better for 2013 and 2014, when new projects will be

completed and the volume of available space will in-

crease. Owing to the large number of new and ongoing

projects, Stuttgart’s central business district and city

centre are taking on a much more modern appearance.

20

21

FEUERBACH/ZUFFENHAUSEN

The recovery in the automotive and component supply

industries continued in 2011, and this had a considerable

impact in Feuerbach/Zuffenhausen. Large-scale users like

Bosch and Porsche were responsible for a major part of

the rental turnover. However, the strongest demand was

in the segment up to 500 square metres, which accounted

for 68 percent of the leases. Even so, the unusually high

turnover of 2010 could not quite be matched. The fi gure

for 2011 was 24,800 square metres, 3,700 less than in

2010. Averaged over ten years, the turnover for this area

was 14,000 square metres, or just 56 percent of the result

achieved in 2011, so there is good reason to be satisfi ed.

Most of the premises, 72 percent, were in the range from

8.01 to 10.00 euros per square metre. The range from

11.01 to 12.00 euros per square metre accounted for

27 percent, all of which were in the immediate vicinity

of Heilbronner Strasse.

In the period up to 2013, new and modern offi ce premises

can only be expected from the OASIS II project. Here

50 percent of the space has already been let in advance,

a positive signal that permitted construction to begin.

WEILIMDORF

In 2012 there were 15 leases, a gratifying 50 percent in-

crease over the previous year. Nevertheless, the turnover

of 2010, which included two large transactions, was not

matched. In view of the high vacancy rate, which will rise

even more with the departure of the headquarters of

Ernst & Young, the newly achieved continuity in demand

can be seen for now as a positive sign. But Weilimdorf

will need to make systematic efforts to market itself as a

business location.

The total rental turnover came to approximately 5,500

square metres, or 48 percent of the previous year’s mark.

The results for 2011 are thus at the level of 2007 and

2009. The ten-year average of 7,800 square metres was

not however achieved. The trend in this location is

towards smaller premises. Only one lease was signed for

more than 1,000 square metres, and most, 61 percent,

were in the segment below 500 square metres.

NORTHERN STUTTGART: MIXED TRENDS.

EASTERN STUTTGART: UNTAPPED POTENTIAL.

BAD CANNSTATT/WANGEN/HEDELFINGEN

Modern office premises are currently not easy to find

in eastern Stuttgart. For this reason, planners of new

projects have good chances of pre-letting their premises.

In addition, the market in this area benefi ts from excellent

access to the public transportation network. This factor,

along with the outstanding retail infrastructure, can be

crucial for attracting and winning over additional users.

Last year, the turnover of offi ce space already came to

13,400 square metres, a 38 percent increase over 2010.

As in previous years, tenants were most easily found for

low-cost premises, the Kodak Areal being an important

example. In this same area, however, a telecommunica-

tions company also signed a lease for a project com-

prising 6,000 square metres at a price of 12.50 euros per

square metre.

The number of completed transactions rose to 18, contin-

uing the upward trend of recent years. The total rental

volume in 2011, 13,400 square metres, was about 13 per-

cent above the ten-year average of 11,700 square metres.

The segment up to 500 square metres accounted for

31 percent of the rented premises. In the range between

2,000 and 3,000 square metres there was one large lease,

which accounted for 18 percent of the total, while another

lease for 6,000 square metres accounted for 45 percent.

Rates of up to 8.00 euros per square metre were obtained

for 44 percent of the premises, and 50 percent went for

10.01 to 13.00 euros per square metre.

Development has now resumed at Neckarpark, a new

mixed-use residential and offi ce district on the site of the

former goods station. The coming year could bring visible

results, since it is possible that a number of plans will now

be implemented.

22

23

SOUTHERN STUTTGART: TOP LOCATION, SUNNY OUTLOOK.

DEGERLOCH

After experiencing a setback in 2010, Degerloch reaped

the benefi ts of its attractive location: the rental volume

rose by 90 percent to a total of 4,000 square metres.

With the exception of 1,300 square metres, there was no

space available from new construction, so the turnover

was achieved almost exclusively in existing buildings.

The COMPAS Commerce Park and the area directly around

Albplatz accounted for 70 percent of the turnover, and

the Tränke industrial estate for 30 percent.

Premises in the segment up to 500 square metres domi-

nated the transactions; 53 percent of the leases were in

this category. One lease was signed in the range between

501 and 1,000 square metres, and one in the range

between 1,001 and 2,000 square metres.

The price segment between 10.01 and 12.00 euros per

square metre accounted for 41 percent of the rental

transactions. Whereas 32 percent were in the range

between 12.01 and 13.00 euros per square metre, only

15 percent were in the range between 13.01 and 15.00

euros. The segment below 10.00 euros per square metre

had 12 percent.

New offi ce space is being created in the COMPAS offi ce

complex in response to persistently strong demand on

Albplatz. This complex will provide the market with ap-

proximately 13,000 square metres of new space by 2014.

LEINFELDEN-ECHTERDINGEN

Leinfelden-Echterdingen showed low turnover in offi ce

space and poor demand: the rental volume fell by

38 percent and there were only 21 new leases, a decline

of 33 percent. Of the leases, 58 percent were in the

segment up to 500 square metres and 16 percent in the

range from 501 to 1,000 square metres. One was signed

in the segment up to 2,000 square metres.

60 percent of the premises were in the rent segment

below 9.00 euros per square metre, and 37 percent were

in the range between 9.01 and 10.00 euros per square

metre. The range from 10.01 to 11.00 euros per square

metre had few leases, and that up to 12.00 euros per

square metre had 13 percent.

Airport City, which is currently under construction, is

generating much excitement. The fi rst prominent user is

Ernst & Young, which expects to complete its new build-

ing by 2015. Airport City has a capacity of 250,000 square

metres of office and service space. If users come to

appreciate the advantages of this site, it may become

an important new offi ce location at the airport.

FASANENHOF

Fasanenhof can look back on a decade of strong fl uctua-

tions in letting. In the past two years however, demand

has improved and the 12,500 square metres of rented

space achieved in 2011 was the best result since 2004.

The urban railway, which is now in service, has added to

the attractiveness of this location.

In 2011, 18 leases were signed, a gain of 80 percent over

the previous year. Of these, 23 percent were in the segment

up to 500 square metres and 17 percent were in the range

between 501 and 1,000 square metres. There were two

leases in the segment from 1,001 to 2,000 square metres.

A large rental transaction by Bosch, amounting to 4,000

square metres of offi ce space, had a strong impact on the

fi nal result.

Rates up to 9.00 euros per square metre were paid for

23 percent of the premises, and the segment between

9.01 and 10.00 euros accounted for 67 percent. One

lease was signed for 10.50 euros per square metre.

VAIHINGEN/MÖHRINGEN AND STEP

In 2011, Vaihingen/Möhringen and the Stuttgart Engi-

neering Park (STEP) once again performed outstandingly,

and again the crucial factors were their proximity to the

motorway, excellent infrastructure connections and an

interesting user environment.

Offi ce space totalling 56,300 square metres was let, an

increase of 114 percent. This record result for the area

was the consequence of major transactions with auto-

motive suppliers, software developers and construction

companies, among other users.

The Vaihingen/Möhringen industrial estate accounted for

78 percent of the leases. Seven percent were in the seg-

ment up to 500 square metres, 19 percent were in the

range from 501 to 1,000 square metres, and 18 percent

were in the range from 1,001 to 5,000 square metres.

Two leases were signed in the segment from 5,001 to

10,000 square metres, and another for roughly 12,000

square metres. For 21 percent of the premises, the rates

were in the range up to 9.00 euros per square metre.

For 28 percent they were in the range from 9.01 to 10.00

euros per square metre, and for 49 percent they were in

the range from 10.01 to 11.00 euros per square metre.

There were two leases, together totalling about 600 square

metres, in the range between 13.60 and 16.90 euros per

square metre, signed for premises in the Colorado building.

STEP, which is continuing to develop, accounted last year

for 16 percent of the leases in the combined area of

Vaihingen/Möhringen and STEP. Fewer new leases were

signed than in the previous year, but this is because there

were almost no vacant premises in STEP. An increase in

the rental volume cannot be expected until marketing

begins for the new buildings STEP 7.1 and STEP 7.2.

Of the new signings, 63 percent were in the range

between 11.50 and 12.00 euros per square metre and

18 percent in the range between 12.01 and 13.00 euros

per square metre.

24

25

A 8 towards Karlsruhe

Motorway intersectionStuttgart

A 81towards Singen

A 81

A 8 towards Munich

A 81towards Heilbronn

NorthernStuttgart

EasternStuttgart

CentralStuttgart

SouthernStuttgart

WesternStuttgart

Feuerbach

Vaihingen

Bad Cannstatt

OVERVIEW OF THE STUTTGART OFFICE MARKET.

< 10,000 sq. m

10,000 – 20,000 sq. m

20,000 – 30,000 sq. m

30,000 – 40,000 sq. m

> 40,000 sq. m

Industrial /office locations

Turnover of offi ce space in 2011

26

27

In view of the current demand in the market for offi ce

space, which extends over all size segments and business

sectors, the coming year could well see a turnover level

of 200,000 square metres. The economy has recovered

following a period of consolidation. New companies are

being founded and the automotive industry, which is so

important for Baden-Württemberg, is giving positive signals.

OPPORTUNITIES FOR NEW PROJECTS

The demand predicted for 2012 stands in contrast to a

continued short supply, especially in the central business

district and city centre. This shortage is now even spread-

ing to the southern areas of the city. Given this situation,

2012 holds especially good prospects for projects that

have received building permits but have been waiting

for some time in the drawer. For some areas of the city,

improved development will however depend more than

ever on government and property owners joining forces.

This applies to areas like Weilimdorf and Leinfelden/Ober-

aichen, which have had vacancy problems for years owing

to deficiencies in infrastructure, often being unable to

compete with areas that are better developed.

FOCUS ON QUALITY

The trend continues towards buildings with high-quality

fittings and equipment that are in keeping with the

demands of the modern workplace. The development of

rental rates has demonstrated that users are more than

ready to pay for quality. It has also been observed that

up-to-date premises stay on the market for a much shorter

time. The demand for high-quality offi ce space can be

expected to continue. However, few newly built premises

will come onto the market in 2012, presenting excellent

opportunities for owners who plan to raise the quality of

their property to modern standards.

STUTTGART’S OFFICE MARKET – STRONGER THAN EVER.

In 2011, the office market in Stuttgart delivered its best performance of all time. The momentum from this success can be expected to carry through the coming year, leading once again to strong turnover results.

YOUR CONTACT PARTNERS.

ELLWANGER & GEIGER Privatbankiers is the ideal partner for marketing your office properties. Our many years of experience and unique range of services enable us to move the market and proactively identify trends. For us, having a sixth sense isn’t a supernatural ability but simply part of the service we offer you. Our team in Stuttgart is looking forward to your call or visit. Contact us: Phone +49 (0) 711 2148 297 or Fax +49 (0) 711 2148 290. On the Internet: www.privatbank.de · www.bueroflaeche-stuttgart.de

Sebastian Degen

Consultant Offi ce Letting

Phone +49 (0) 711 2148 166

[email protected]

Alice Disam

Assistant Offi ce Letting

Phone +49 (0) 711 2148 297

[email protected]

Ulrich Nestel

Head of Offi ce Letting and

Retail Projects, Stuttgart

Phone +49 (0) 711 2148 291

[email protected]

Matthias Hägele

Consultant Offi ce Letting

Phone +49 (0) 711 2148 292

[email protected]

Helga Schöner

Market Research and Offi ce Letting

Phone +49 (0) 711 2148 269

[email protected]

DISCLAIMER:

Although this study has been prepared

with all due care, ELLWANGER & GEIGER

Privatbankiers accepts no liability for the

correctness of the assessments presented.

We are sure that you will understand this.

ILLUSTRATIONS:

Manfred Storck: Pages 2, 3

Stuttgart Marketing GmbH: Page 8

28

29

Pho

tog

rap

h:

Man

fred

Sto

rck

DAS QUADRATBüchsenstrasse / HospitalstrasseOffi ce + retail + residentialCompleted in 2011

GERBERMarienstrasse / Tübinger StrasseOffi ce + retail + residentialTo be completed 2nd quarter of 2014

PAULINEPaulinenstrasse 21Offi ceTo be completed at unknown date

THEO 10Theodor-Heuss-Strasse 10Offi ce + retailCompleted in 2011

CASA NOVAAugustenstrasse 1/Paulinenstrasse 41Offi ce + retailCompleted in 2011

CALEIDOTübinger Strasse 41– 43Offi ce + retail + residentialTo be completed 3rd quarter of 2013

GALLION HAUSTheodor-Heuss-Strasse 8Offi ce + retailCompleted in 2011

BÜLOW CARRÉLautenschlagerstrasse 21Offi ce + retailTo be completed 1st quarter of 2013

ELLWANGER & GEIGER REAL ESTATE.

ELLWANGER & GEIGER Real Estate offers you a one-stop shop for a comprehensive range of services relating to the asset class of real estate. With the very highest discretion and integrity, we enable you to keep your bearings in rapidly changing markets. Our success is founded above all on excellent knowledge of the market and decades of experience in the real estate business.

COMMERCIAL PROPERTY

Extensive research is the basis for our

analyses of locations, portfolios and

cost-effectiveness that refl ect market

conditions. From this, we derive

strat egies whose goal is to capitalize

on potentials for earnings and effi -

ciencies.

Apart from comprehensive leasing

services, our core expertise includes

project consulting and transaction

business. We adopt a holistic approach

in consulting on real estate invest-

ments: we partner you all the way –

from the development of market ing

strategies, to preparation of data on

properties, to implementation of

marketing processes.

OUR SERVICES

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of offi ce, retail, industrial and

logistics facilities

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We put and keep your real estate on

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lifecycle concepts – and accompany

you throughout its life. We are on

hand to help you at fi ve locations

throughout Germany.

OUR SERVICES

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management

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management

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FUNDS & ASSET MANAGEMENT

We plan individual real estate invest-

ments and create special funds for

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private investors (family offi ces).

Each investment approach is devised

in close consultation with the customer.

An investment volume is selected

that permits niche investments and

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portfolios for single investors or small

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vidual support for the duration of the

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vehicles are selected depending on

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You can obtain these free of charge from:[email protected]

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HOSPITALHOFHospitalplatz 20 / Gymnasiumstrasse 36Offi ceTo be completed 4th quarter of 2013

POSTQUARTIERLautenschlagerstrasse 17Offi ce + retailCompleted in 2011

CITYGATEKriegsbergstrasse 11Offi ce + retailTo be completed 2nd quarter of 2014

MARKTSTRASSE 6 + 8Offi ce + retailTo be completed 2nd quarter of 2012

E 65Eberhardstrasse 65Offi ce + retailTo be completed 3rd quarter of 2014

QUARTIER AM KARLSPLATZHolzstrasse 15 + 17Offi ce + retailTo be completed at unknown date


Real Estate


Phone +49 (0) 711/2148 297, Fax +49 (0) 711/2148 290

www.privatbank.de


Year Volume (sq. m)



Vacancies (sq. m)

Vacancies (%)




1994 120,000 €14.83 €13.60 225,000 4.00 5.926 317,000 no data

1995 120,000 €14.32 €13.35 190,000 3.30 6.056 130,000 no data

1996 135,000 €14.32 €12.75 290,000 4.90 6.108 52,000 no data

1997 140,000 €14.83 €12.65 270,000 4.50 6.231 123,000 no data

1998 180,000 €15.08 €13.85 186,000 2.80 6.266 35,000 no data

1999 230,000 €15.85 €14.80 118,000 1.80 6.296 39,000 no data

2000 205,000 €16.87 €14.90 100,000 1.50 6.356 60,000 no data

2001 160,000 €18.41 €15.34 137,000 2.00 6.516 160,000 130,000

2002 127,000 €17.89 €14.80 292,000 4.20 6.828 312,000 220,000

2003 149,000 €17.50 €14.50 379,000 5.30 6.973 145,000 80,000

2004 152,000 €17.00 €14.50 415,000 5.70 7.102 129,000 93,500

2005 145,000 €17.00 €13.50 402,000 5.60 7.170 68,500 51,400

2006 140,000 €17.50 €13.50 467,400 6.50 7.222* 52,500 20,500

2007 169,000 €17.50 €14.50 466,000 6.40 7.253 32,600 23,400

2008 180,000 €18.00 €14.50 460,000 6.20 7.367 117,000 116,000

2009 171,000 €18.00 €13.60 453,000 6.12 7.401 40,000 22,000

2010 194,000 €17.50 €14.30 480,000 6.46 7.425 42,400 22,400

2011 285,000 €18.80 €14.30 424,000 5.7 7.449 45,900 41,200



the stuttgart office market 2011 / 2012

Real Estate

real estate business

residential ofce

individual real estate

different investment

offshore ofce

gmbhof ofce

real estatebrsenplatz

asset class of real