"The Dusseldorf market has grown well and steadily in recent years, establishing a long-term basis for even greater achievements. According to our forecasts, 2017 was just the prelude for an even stronger 2018, which is now becoming apparent", summarised Marcel Abel, Managing Director and Regional Manager of JLL Düsseldorf, in his end of year review of the local office market.This year JLL selected our trivago campus as the setting for the annual press conference, in which real estate experts not only review the past year, but also provide forecasts. The office project, which is scheduled to be fully completed and handed over to the tenant, trivago, in the third quarter of 2018, is an architectural landmark at the Dusseldorf Medienhafen.
And the attraction of this as a location for offices is further increasing, whereas in the city development sites for new offices have been used up, according to the JLL experts. And furthermore: "Dusseldorf scores highly both nationally and internationally due to its good links, infrastructure and urban appeal. In particular, the market is very resistant to volatility, which many view as an additional advantage in these unsettled times. Dusseldorf has found its niche and is now benefiting from it for the long-term", said Marcel Abel.
A few facts and figures from JLL on the Dusseldorf office market in the past year:
The office rental market increased to 391,000 sqm, while the investment market for commercial real estate again exceeded the EUR 3 billion mark, and at EUR 3.08 billion was just above the previous all-time high of EUR 3.06 billion in 2015.
The vacancy rate declined from 8.1% to 7.9% and JLL expects a further reduction to 7.5% by the end of 2018.
IMMOFINANZ is in the meantime firmly established in Dusseldorf: Alongside our fully let office building Panta Rhei in Airport City, we are at present undertaking two large projects at the same time in the Medienhafen, and consequently currently rank among the largest real estate developers and investors in Dusseldorf. Both properties - the trivago campus and the FLOAT office complex - are scheduled to be completed this year. At trivago the facade is currently in its final stages.