Avison Young in Munich
Avison Young opened its Munich office in January 2015. The Munich office offers direct access to the real estate markets of greater Munich and beyond. The team provides local and global clients with solutions for their investment and space requirements, with a focus on office and retail leasing and investment.
Munich and its greater metropolitan area rank as one of Europe’s most dynamic and prosperous business regions. The Bavarian Capital is located in southern Germany and is home to some 1.47 million inhabitants, making Munich the third largest city in Germany after Berlin and Hamburg. Currently some 6 million people live in the Munich metropolitan area.
Munich is world famous not only for its Oktoberfest, but for its strong economic development and a diversified economic base. In addition to the strong high tech industry, automotive and aerospace, consulting, trade and the growing media and IT sector play significant roles. A variety of elite universities and institutions help secure the region’s competitiveness. Famous cultural institutions and proximity to the Alps make Munich one of the most desirable cities in which to live in Germany.
Munich is persistently one of the most sought-after office locations in Europe. With its office stock of some 21.1 million square meters, Munich is the largest office market in Germany and the third largest in Europe, outranked only by Paris and London.
Munich’s office space market is characterized by high and stable take-up figures and low vacancy. Prime rents are under pressure and so are the average rents. Munich’s most favored office submarkets are CBD, City Fringe, Arnulfpark and Parkstadt Schwabing. Munich International Airport’s dynamic development also supports the many new office locations in Munich’s North. Munich will continue to grow in the north and east part of the city.
Munich is Germany’s top retail destination and attracts shoppers from around the globe. The city regularly achieves the highest countrywide purchasing power index among German cities and its turnover index is unmatched. The focus is clearly on inner city shopping as shoppers value the historic scene, the numerous pedestrianized streets and relaxed and inviting atmosphere. Munich’s Maximilianstrasse is home to the world’s luxury brands. Rent levels recorded in Munich’s Kaufingerstrasse and Neuhauserstrasse are unparalleled across Germany. These highly-frequented retail locations target the mid-market segment. Although Munich’s CBD clearly is the most important shopping destination within the city boundaries, the Bavarian capital has a number of very attractive and well-functioning retail locations outside the CBD and a well-established shopping center landscape.
Munich’s strong geographic location and its proximity to Europe’s developing markets to the East make Munich an ideal location for logistics. The region has an excellent road system, superb rail links and Munich International Airport. However, the industrial market is not as dynamic in Munich as it is in other German cities due to limited supply. The constrained overall supply situation has pushed logistics rents up in the past years. In general, the highest industrial rents in Germany are achieved in the Munich market.
The Bavarian capital is traditionally one of Germany’s most active and sought-after investment markets. National and international investors value the region’s outstanding economic performance and stability, as well as the promising forecasts for the region’s future. Investment volumes are generally among the highest in Germany, and prime yields across all segments among the lowest.
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