Ellwanger & Geiger Real Estate: The Stuttgart Office Market 2013 / 2014

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Information about Ellwanger & Geiger Real Estate: The Stuttgart Office Market 2013 / 2014
Business & Mgmt

Published on February 27, 2014

Author: EllwangerGeiger

Source: slideshare.net


In office letting, 2013 surpassed the previous year by 34 percent. Once again, the southern peripheral regions of Stuttgart benefited the most from this outstanding trend. The new rental transaction by Ernst & Young in the Airport City alone accounted for 25,500 square metres of the total turnover. But Vaihingen-Möhringen and Leinfelden-Echterdingen scored major gains as well. The biggest demand on Stuttgart’s office market came from the public sector and from industry. In contrast to past years in which transactions for small premises were dominant, 2013 was a year for big transactions. Eight tenants accounted for more than 120,000 square metres.


MILAN EO Office + retail To be completed 1st quarter of 2015 LO O K 2 1 Türlenstr. 2 Office + residential To be completed 1st quarter of 2017 CITYGATE Kriegsbergstr. 11 Office + retail To be completed 4th quarter of 2014 BÜ L OW CARRÉ Lautenschlagerstr. 21 Office + retail Completed in 2013 80% let (office) H OS P I TA L H OF Hospitalplatz/Gymnasiumstr. Office Completed in 2013 100% let

4 5 D O R O THEEN Q UAR T IE R Dorotheenstr./Holzstr. Office + retail + residential To be completed 2nd quarter of 2017 90% let (office) DAS GER BER Marien-/Tübinger-/Paulinenstr. Office + retail + residential To be completed 4th quarter of 2014 15% let (office) PA U L INE Paulinenstr. 21 Office completed in 2013 70% let (office) CA L EIDO Tübinger Str. 41– 43 Office + retail + residential completed in 2013 60% let (offices)

OVERVIEW OF THE STUTTGART OFFICE MARKET Year Volume Representative Average central Vacancies Vacancies Total space Completion Pre-leased in sq. m prime rents business district (sq. m) (%) (mill. sq. m) volume volume (sq. m) (sq. m) rents 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 5.70 7,449 45,900 41,200 2012 191,500 €20.00 €14.60 399,000 5.40 7,416 37,000 36,300 2013 258,000 20.00 14.40 365,000 4.87 7,496 81,200 62,700 * Data from a survey by BulwienGesa AG + Baasner, Möller & Langwald GmbH Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

CONTENTS. Foreword 8 Stuttgart – well prepared for the future 10 Steady progress in the Europaviertel 11 Stuttgart’s office market delivers impressive performance 12 Strong demand from the public sector and from industry 14 Large rental transactions playing a significant role 15 Rents remaining steady at a high level 16 Vacancy rate falls below the 5-percent mark 18 Stuttgart leading Germany in growth 20 Stuttgart central business district / city centre: New spaces have attracted many tenants 22 Northern Stuttgart: Increasingly attractive 23 Eastern Stuttgart: Making rapid progress 24 Southern Stuttgart: Record results in some areas 25 Overview of the Stuttgart office market 27 Another vibrant market year expected for 2014 28 Your contact partners 30 ELLWANGER & GEIGER Real Estate 31

FOREWORD. Stuttgart’s future: Investments in infrastructure. Stuttgart’s citizens find their city very attractive, as do the companies based there and those c ­ ompanies drawn by the many opportunities in the economic region and planning to relocate t ­ here. To preserve the city’s high quality as a place to live and work, the most recent budget was based on the principle “save in order to invest” – and the city’s infrastructure will be a major area for these investments. The raft of investment measures will address the needs of Stuttgart’s citizens and businesses, with the aim of improving living conditions in many areas, most importantly child care, mobility, energy and the provision of affordable housing. Industrial and economic policies will focus on those areas of business and industry where the region is already strong. Stuttgart’s companies are widely known for their expertise in mobility, machine manufacturing and information technology. The city, already a leading automotive manufacturing location, is also on the way to becoming the major centre for jobs related to mobility. This process will require close cooperation with the local automotive manufacturers and their suppliers. One figure ­ reflects the ongoing transition from industrial production to services: 79.9 percent of all employees ­ in the city paying into the social insurance system are employed in the service sector. The financial ­ sector is crucial in this connection. It is a major employer in the city, accounting for 8.2 percent of all jobs in the city, putting Stuttgart in second place among German cities after Frankfurt. The engineering industry is another area in which environmental protection and the efficient use of ­ esources are gaining worldwide importance. Companies will have to develop energy-efficient r f ­acilities and meet the requirements of the Industry 4.0 Strategy by implementing the necessary sensor technology and software. The goal is to make Stuttgart, already renowned as a location for research and industry, just as well known as a centre for environmental technologies, while ensuring it remains Germany’s most attractive city. Fritz Kuhn Ines Aufrecht Mayor of Stuttgart Director of Business Development, Stuttgart

8 9 A promising location. In 2013 the turnover on Stuttgart’s office market was excellent, and the prospects for the coming years look good too. The city continues to be attractive to investors as well as the working population. Care was taken at an early date to set the right course for the future, and this has paid off. A good example is electromobility, an area in which Stuttgart has been playing a pioneering role. In addition, its universities are continually devising new study courses in renewable energy, and new business clusters are sprouting up in medical technology. The city has taken important steps in these areas to strengthen the links between research and education. Given the current economic climate, the Stuttgart region can look forward to continued growth in 2014, as it will also continue to benefit from the export trade of locally-based companies. This means that demand for energy-efficient, certified and optimally configured office space will likewise remain strong. In view of developments in past years in the city centre, however, there will certainly be f ­ewer opportunities there for new projects. This will make it all the more important to promote growth in the peripheral parts of Stuttgart. The following pages present detailed facts and figures on developments in Stuttgart’s office market in 2013. We hope you will find the report informative and will be glad to respond to any questions or suggestions you may have. Mario Caroli Björn Holzwarth

STUTTGART – WELL PREPARED FOR THE FUTURE. When planning for the future, cities have always had to take a wide range of continually changing factors into account. In this respect, Stuttgart has been very far-sighted, making itself equally attractive as a place to work for both employees and investors. This has been greatly appreciated in a number of different studies. For example, studies carried out by the HWWI and the Prognos Institute have recently commended the city for its forward-looking planning. CLOSE LINKS BETWEEN ACADEMIA AND BUSINESS Höfe”, “Milaneo” and “Gerber”: a total of approximately The demand for highly qualified personnel is steadily in- 750 new residential units have now been completed. creasing in industries and service sectors where research A ­ dditional projects will also help to meet the need to and expertise play an important role. It was Stuttgart that build housing in the coming years, which comes to about recognised this trend at an early stage: in recent years, it 1,500 units annually. The last ten years have also seen has encouraged the development of closer links between e ­ fforts by Stuttgart’s Student Social Services to create academia and business, for example by establishing new housing for students. In the next three years alone, 1,000 business clusters in medical technology and new courses of additional units will be built as student residences and will study in the field of renewable energy. cover the needs of the city’s students, who now number more than 70,000. IMPORTANCE OF ELECTROMOBILITY RECOGNISED AT AN EARLY DATE STUTTGART ONE OF GERMANY’S MOST ATTRAC­ A number of years ago already, the city started to give TIVE RETAIL LOCATIONS strong support to electromobility, becoming one of the The retail sector is another major contributor to quality four model regions in Germany’s ”Showcase for Electro- of life in Stuttgart: with its 2.6 million consumers, the mobility”. The Car2Go concept has now become well city’s catchment area ranks fourth in the country in e ­ stablished, and hybrid buses provide a regular service a ­ ttractiveness for retailers, behind Berlin, Hamburg and through the city. Munich. The healthy state of Stuttgart’s economy is r ­ eflected in its unemployment rate, which has been low INSTITUTIONAL INVESTORS ACTIVE IN THE for years: at 4.3 percent it is well below the national HOUSING MARKET a ­ verage of 6.8 percent. A well-functioning housing market is also very important for the future. In the last two years, major institutional investors have put money into projects like the “Pariser PER CAPITA PURCHASING POWER IN 2013, IN €: CITIES WITH 500,000 OR MORE RESIDENTS Munich Düsseldorf Frankfurt Stuttgart Hamburg Cologne 28,920 25,566 24,920 24,297 23,469 23,236 Berlin 19,423 Source: GfK GeoMarketing, figures as of January 2014

10 11 STEADY PROGRESS IN THE EUROPAVIERTEL. The Europaviertel is now coming alive. The new City Library has opened, and the 240 apartments in the “Pariser Höfe“ are now occupied. In 2014 the Sparkassenakademie and the Milaneo will be completed, another milestone in the development of this area which will enhance its urban character. The “Pariser Höfe“ project was completed in late 2012, In addition, a number of projects have been launched in and in the first quarter of 2014 the Sparkassenakademie the areas adjacent to the Europaviertel. Two three-star will be officially dedicated. The Sparkassenakademie has hotels are being built: a Hampton by Hilton and a Holiday some 12,600 square metres of new training and admini­ Inn Express with a total of about 321 rooms. In addition, strative space and about 160 apartments. The “Milaneo“ an A&O hostel with some 400 beds is under construction. project currently under construction will provide around Completion of these projects is expected by 2015 at the 45,000 square metres of retail space, 7,400 square metres latest. Development of the former Mercedes-Benz site is of ­ ffice space and 450 apartments. It will also feature a o also under way. This project, called “Look 21”, consists 165-room hotel belonging to the Starwood chain. The of an elongated building facing Heilbronnerstrasse and r ­ etail premises will open in late 2014. Construction in the Türlenstrasse, and a residential complex at the rear. other areas, including the residential units, is scheduled S ­ üdwestmetall (Baden-Württemberg’s metal industry for the first two quarters of 2015. a ­ ssociation) will have its future headquarters here. Construction work for the “Cloud No. 7” project began Part of the tram line is currently being relocated owing in 2013. This residential and commercial high-rise will to construction work on the Stuttgart 21  project. By h ­ ave some 25 privately owned apartments a 175 room 2016 the new U12 line through the Europaviertel will be hotel ­ elonging to the Steigenberger Group and about b finished, and the original line will have been modified. 52 ­ usiness apartments. It will probably be ready for b o ­ ccupancy by the summer of 2016.

STUTTGART’S OFFICE MARKET DELIVERS IMPRESSIVE PERFORMANCE. With some 258,000 square metres of rented office space as of 31 December 2013, Stuttgart’s office market exceeded all expectations. The result was already visible after the third quarter of the year. At that time the rental turnover, at approximately 194,000 square metres, had already surpassed the previous year’s total of some 191,500 square metres. Owner-occupiers accounted for about 36,000 square metres of the turnover, and of this amount some 23,000 square metres were contributed by the new building of the German Pension Insurance Association. The rental take-up for the whole year thus exceeded the previous year’s level by about 34 percent. HIGHEST TURNOVER IN THE SOUTHERN FRINGE AREAS RENTAL TURNOVER IN STUTTGART’S CENTRAL The highest turnover for 2013 was achieved in Stuttgart’s BUSINESS DISTRICT NOT UP TO PREVIOUS LEVELS southern fringe areas. The biggest transaction was the The rental turnover in Stuttgart’s central business district long-awaited rental contract of Ernst & Young GmbH in came to approximately 34,600 square metres, which Airport City, for about 25,500 square metres. Daimler AG was well below the levels of the previous two years. The signed ­eases in Stuttgart-Möhringen and Leinfelden-­ l main reason was a lack of big transactions, although the Echterdingen, for 11,315 and 17,640 square metres demand for large premises is still strong and some major r ­ espectively. In Stuttgart-Vaihingen the biggest contract, contracts are currently under negotiation. In 2013 the for some 13,500 square metres, was signed by the book largest contract in the central business district came to wholesaler KNV, which plans to build a new administrative about 5,000 square metres. building on the premises it formerly owned. In addition, a new building was let to a single user in the Stuttgart In the city centre, not quite as many contracts were signed Engineering Park, located in Vaihingen. The ­ urnover t as in the previous year. The biggest transaction involved f ­ igures in the submarkets of Leinfelden-Echterdingen and the new building project of Südwestmetall, Baden- Vaihingen-Möhringen were high as well. Württemberg’s metal industry association. Located on the former Mercedes premises on Türlenstrasse, it has about In the northern fringe areas, the Zuffenhausen/Feuerbach submarket showed good results. The main factor here, h ­ owever, was the decision of the German Pension Insurance Association to build in Stuttgart-Freiberg, with some 23,000 square metres. 11,200 square metres of space.

12 191,500 194,000 171,000 180,000 169,000 140,000 145,000 152,000 149,000 127,000 159,000 RENTAL TAKE-UP OF OFFICE SPACE IN STUTTGART 2001–2013 IN SQ. M 258,000 285,000 13 2 001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013 RENTAL TAKE-UP IN STUTTGART AND SUBMARKETS IN SQ. M 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Central business district 4,600 55,100 33,300 43,000 61,500 44,400 38,200 32,800 63,000 61,500 34,600 City centre 28,400 21,700 43,200 31,300 46,600 41,700 83,800 66,600 97,500 58,400 51,000 Vaihingen/Möhringen 14,450 30,800 10,400 32,600 13,700 18,500 20,200 26,200 56,300 18,200 62,200 Fasanenhof 72,500 4,000 3,700 3,500 2,300 10,600 2,700 5,300 12,500 7,400 5,700 Feuerbach/Zuffenhausen 8,400 20,600 9,800 2,000 6,800 12,300 3,300 28,500 24,800 18,700 27,200 1,900 Degerloch 3,000 6,000 3,400 4,500 7,200 9,200 4,900 2,100 4,000 4,800 Weilimdorf 750 3,000 6,600 6,000 5,100 12,800 5,900 11,400 5,500 5,300 7,700 Bad Cannstatt/Wangen 14,000 7,700 24,600 13,500 15,400 12,500 8,100 8,300 13,400 12,000 19,800 Leinfelden-Echterdingen 2,900 3,100 10,000 3,600 10,400 18,000 3,900 12,800 8,000 5,200 47,900 Total 149,000 152,000 145,000 140,000 169,000 180,000 171,000 194,000 285,000 191,500 258,000 Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

STRONG DEMAND FROM THE PUBLIC SECTOR AND FROM INDUSTRY. Demand from the “other office users” category, which category again played a significant role in Stuttgart’s includes various services providers, self-employed o ­ ffice market. The transactions here totalled approximately p ­ rofessionals and retail companies, came to approximately 41,500 square metres, most importantly the 25,500 square 73,900 square metres. This corresponded to about 29 per- metres leased by Ernst & Young at Stuttgart Airport. cent of total rental turnover. The public sector was another important source of demand: it accounted for about 24 per- In terms of percentage, demand in the “IT/telecommuni- cent of turnover, or some 61,300 square metres. This figure cations category” declined, but this was only due to the includes rental transactions by associations, and also the increase in the market’s total turnover, and not to a fall in decision of Baden-Württemberg’s metal industry association demand. In absolute terms, the demand in this category to build new headquarters on Türlenstrasse with about came to approximately 21,600 square metres, almost 11,200 square metres. matching the previous year’s level of 22,300 square metres. Following a slight decline in 2012, demand from the Demand in the “financial service providers” category fell “energy” and “industry” sectors came back strongly. The last year by more than 50 percent compared to 2012. It companies in this category rented some 45,500 square amounted to only 7,100 square metres, as against 14,600 metres of office space, amounting to about 18 percent square metres the previous year. Demand was also lower in of the total rental volume. Prominent among them was the “media/communications” category. It likewise came to Daimler AG, with two major transactions. The “consultants” only 7,100 square metres, or 2.7 percent of total turnover. TAKE-UP BY SECTORS IN % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Media/Communication 4.00 8.00 6.64 6.27 5.56 6.14 4.07 3.82 5.20 2.74 Financial service providers 34.00 12.00 9.93 10.36 15.78 8.36 8.41 8.67 7.60 2.77 Consultants 5.00 10.00 20.29 18.4 13.39 7.72 13.35 8.00 16.70 16.00 Public sector 9.00 21.00 3.21 17.75 7.22 30.41 8.14 13.68 14.50 23.74* Other 29.00 28.00 35.21 37.28 36.94 40.94 48.04 40.42 35.00 28.61 Energy/Industry 9.00 13.00 12.86 – – – – 15.79 9.30 17.77 IT/Telecommunications 10.00 8.00 11.86 9.94 21.11 6.43 17.99 9.62 11.70 8.37 Total 100 100 100 100 100 100 100 100 100 100 * including take-up by associations amounting to approx. 30% Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

14 15 LARGE RENTAL TRANSACTIONS PLAYING A SIGNIFICANT ROLE. Stuttgart has a tradition of a large number of transactions for small premises. In 2013 there were again more than 200 leases for premises up to 500 square metres. But eight major transactions accounted for the biggest share of the rental turnover. A total of 314 contracts were signed. In the segment up to 500 square metres, there were 229 Whereas there were 14 transactions in this range in 2012, transactions, with a total rental volume of approximately there were only six in 2013. 54,300 square metres. Of these, 133 were in the central business district and city centre. In all, they came to The largest share of the transactions, accounting for 46 per- 31,100 square metres, or about twelve percent of the total cent of the total and approximately 120,000 square metres, rental turnover. was in the segment above 5,000 square metres. Only eight leases sufficed to reach this figure. Four were for For premises in the range from 501 to 1,000 square metres, premises exceeding 10,000 square metres, such as the there were 53 transactions, a slight decline compared transaction by the State of Baden-Württemberg and two with the previous year. Transactions in the segment from by Daimler AG in Möhringen and Leinfelden-Echterdingen. 1,001 to 2,000 square metres almost reached the previous Two exceeded 20,000 square metres: Ernst & Young at year’s level. Here 18 leases were signed totalling some Stuttgart Airport and the German Pension Insurance 24,800 square metres. In the segment from 2,001 to A ­ ssociation in Stuttgart-Freiberg. 119,685 5,000 square metres there was much less movement. 22,141 28,763 43,146 24,733 24,003 37,183 40,868 54,258 54,720 COMPARISON OF NEW CONTRACTS BY SIZE 2012 Total space 2012: 191,500 sq. m < 500  sq. m 501 – 1,000  sq. m 1,001 – 2,000 sq. m 2,001 – 5,000  sq. m 2013 Total space 2013: 258,000 sq. m > 5,000  sq. m 2012 < 500  sq. m 501 – 1,000  sq. m 1,001 – 2,000 sq. m 2,001 – 5,000  sq. m 8 4 6 14 18 18 53 59 229 197 COMPARISON OF NEW CONTRACTS BY NUMBER Total number 2012: 292 2013 Total number 2013: 314 > 5,000  sq. m Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

RENTS REMAINING STEADY AT A HIGH LEVEL. In 2013, the rent levels on Stuttgart’s office market again held steady: the average rent for Stuttgart as a whole was relatively high at 12.00 euros per square metre. A total of 137 leases, or 43 percent, were signed in the SUBMARKETS DEVELOP THEIR POTENTIAL price segment up to 10.00 euros per square metre. In In the southern outlying districts of Vaihingen/Möhringen/ the range from 10.01 to 13.00 euros per square metre Fasanenhof and Leinfelden-Echterdingen, the peak rent 112 leases were signed. The next segment, 13.01 to 15.00 rose to 15.00 euros per square metre and the average euros per square metre, showed a significant increase: rent to about 11.60 euros per square metre, largely on 78 transactions in 2013 as compared to 48 in 2012. In account of the Ernst & Young transaction and new leases the range above 15.00 euros per square metre, 27 office in the Colorado office building. In the eastern submarkets, premises were newly rented, 11 of which were above the average rent rose from 10.00 euros in 2012 to 10.60 17.00 euros per square metre. euros per square metre, owing to various new leases in Bad Cannstatt. CENTRAL BUSINESS DISTRICT: HIGH-QUALITY P ­ REMISES COMMAND PRIME RENTS Rents showed a declining trend only in the northern fringe In 2013, the prime rent in Stuttgart’s central business areas: of the leases signed in 2013, the most expensive d ­ istrict remained at about 20.00 euros per square metre, was for only about 10.10 euros per square metre. There as confirmed by a number of new lease agreements. were few transactions for new premises owing to a lack The average rent, at about 14.40 euros per square metre, of supply. The average rent was about 8.50 euros per was slightly below the 2012 average of 14.50 euros. Rents square metre. in the city centre showed significant increases, with new projects and expensive renovations of old buildings pushing the peak rent from 16.00 euros per square metre in the previous year to 17.00 euros per square metre. The average rent rose accordingly, from 11.50 to 12.00 euros • 20.00 • 20.00 14.40  • 18.80 • 17.50 • 18.00 • 18.00 • 17.50 • 17.50 • 17.00 • 17.00 • 17.50 14.30  14.30  13.60  14.50  14.50  13.60  13.50  14.50  Prime rents 14.50  • 17.89 14.80  15.34  • 18.41 PRIME AND AVERAGE CENTRAL BUSINESS DISTRICT RENTS 2001 – 2013 IN €/SQ. M 14.50  per square metre. Average rents 2 001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

16 17 11.60 Prime rents Central ­­ City centre b usiness district Outlying districts Outlying districts Outlying districts to the north to the east to the south Average rents XXX  10.60 11.50 8.50 10.10 12.00 15.00 17.00 14.40 20.00 PRIME AND AVERAGE RENTS 2013 IN €/SQ. M Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

VACANCY RATE FALLS BELOW THE 5-PERCENT MARK. The supply of vacant office space continued to decline. At the end of the year, it totalled some 365,000 square metres, as compared to the total office space of about 7.5 million square metres. This equates to a vacancy rate of about 4.9 percent. There was also a marked drop in the supply of space for subtenants: at present only about 7,200 square metres are available. 312,000 COMPLETION VOLUME IN SQ. M Pre-letting 77,100 82,300 43,100 79,700 62,700 81,200 36,300 37,000 41,200 45,900 23,200 42,400 22,000 40,000 104,900 23,400 32,600 28,500 49,000 51,400 115,600 131,500 68,500 80,000 143,500 145,000 220,000 Building completion 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 In spite of the appreciably higher completion volume, Pauline were completed. There is still a shortage in the o ­ nly a small amount of new space came onto the market, segment below 500 square metres. because many new premises had been pre-let. In Stuttgart’s central business district and city centre, the Leinfelden-Echterdingen showed significant change: supply of office space remained almost unchanged. The leases were signed for large amounts of space in existing situation was however better for high-quality office premises, reducing the total vacant space from about space in the central business district. Large units became 68,100 square metres to about 50,500 square metres. available in existing buildings, and a number of new The number of available premises in relation to demand is construction projects like the Bülow Carré, Caleido and still too high, however.

18 19 VACANT OFFICE SPACE AS OF 31 DECEMBER 2013 Degerloch  10,200 sq. m Feuerbach, Zuffenhausen  14,100 sq. m 2.79% 3.86% Bad Cannstatt, Wangen etc.  23,200 sq. m Stuttgart city centre  71,000 sq. m 6.36% Vaihingen  23,500 sq. m 19.45% 100% 6.44% (equal to approx. 365,000 sq. m) Fasanenhof  24,000 sq. m 6.58% 19.23% Stuttgart central business district  70,200 sq. m 8.85% 13.84% Leinfelden-Echterdingen  50,500 sq. m Möhringen  32,300 sq. m 12.60% Weilimdorf  46,000 sq. m Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013 In Vaihingen and Möhringen, the supply of vacant office Bad Cannstatt in eastern Stuttgart experienced a significant space diminished as a result of new leases in the “Am decline in available space: hardly any new building space Wallgraben” commercial area. A construction project in was created, and major transactions with Deutsche Telekom progress in the Stuttgart Engineering Park has already and the State of Baden-Württemberg cut the supply from found a tenant, accounting for most of the available some 30,600 square metres in 2012 down to about space here too. The supply was also slightly reduced in 23,200 square metres at the end of 2013. In the north, the southern district of Degerloch. In the Fasanenhof Feuerbach and Zuffenhausen showed very little change. commercial area, the supply of vacant space remained Weilimdorf did however increase its supply of vacant ­ ­almost unchanged. space from some 41,100 square metres to approximately 46,000 square metres.

STUTTGART LEADING GERMANY IN GROWTH. The markets in Germany’s seven top real estate locations (Berlin, Düsseldorf, Frankfurt, Hamburg, C ­ ologne, Munich and Stuttgart) were largely stable. Düsseldorf and Frankfurt posted good gains. Peak rents stayed constant or, as in the case of Cologne, Munich and Düsseldorf, increased. In Berlin the a ­ verage rent declined. Vacancy rates went down at all office locations. All told, the turnover of office space in the “Big Seven” was about 0.50 euros higher than in 2012. Düsseldorf came to some 2.9 million square metres. Whereas Ham- posted a gain of 1.50 euros to 27.50 euros per square burg and Cologne showed only slight increases of 2.3 metre. and 3.7 percent respectively, Düsseldorf and Stuttgart had gains of 12.7 and 34.7 percent respectively. Düssel- The average rent in Hamburg remained unchanged at dorf led the group, with some 347,000 square metres – the 14.00 euros per square metre, whereas in Berlin and best result in five years. Berlin had a decline of 17.3 per- Stuttgart it declined to 12.30 and 12.00 euros per square cent to 521,000 square metres, mainly owing to a drop metre respectively. Düsseldorf saw a rise (6 percent), in leases in the segment above 5,000 square metres. as did Cologne (4.5 percent), while in Munich it rose In Munich, the turnover volume fell by 15.1 percent to (1.3 percent) to 15.10 euros per square metre. 608,200 square metres. The sharpest drop in the vacancy rate was in Berlin, where In Hamburg, Berlin and Stuttgart, the peak rents held it fell by 10 percent from 1.10 million square metres to steady at the previous year’s levels of 24.00 euros, 22.00 0.99 million square metres. Stuttgart followed with a euros and 20.00 euros per square metre respectively. In d ­ ecline of 8.5 percent from 399,000 square metres to Cologne, the peak rent rose slightly to 21.25 euros per 365,000 square metres. square metre. Munich, with 32.50 euros per square metre,

20 21 2008 2009 2010 COMPARISON OF VACANCY RATES IN GERMANY IN % Munich Berlin Hamburg 5.4 4.9 6.5 5.7 6.2 6.1 7.4 7.0 9.8 7.5 6.7 5.9 5.3 8.1 8.9 8.4 8.4 8.2 6.3 7.7 6.8 9.7 Cologne 8.3 9.1 7.6 7.4 8.9 8.2 9.6 Düsseldorf 8.3 10.9 11.5 10.3 9.8 Frankfurt 11.8 2013 11.6 13.9 2012 13.7 15.1 14.4 14.3 13.9 2011 Stuttgart Source: GPP German Property Partners, figures as of 31 December 2013   608,200 716,700 853,000 590,000  540,000   765,000  620,000  580,000   480,000 258,000  191,500  285,000  194,000  171,000  180,000  169,000  140,000  145,000  Munich Berlin Frankfurt  152,000  149,000   510,000 820,000 TURNOVER OF SPACE OF THE BIG SEVEN 2003 – 2013 IN SQ. M Hamburg Düsseldorf Cologne Stuttgart 2 003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: GPP German Property Partners, figures as of 31 December 2013 STUTTGART COMPARED TO OTHER GERMAN CITIES Turnover of space in sq. m Average rent in the central Peak rent in € business district in € Vacancy rate in % 2013 2012 2013 2012 2013 2012 2013 Berlin 521,000 630,000 22.00 22.00 12.30 13.20 5.3 2012 5.9 Düsseldorf 347,000 308,000 27.50 26.00 14.95 14.90 10.9 11.6 Frankfurt 447,600 514,800 38.00 35.00 18.50 17.50 13.7 13.9 Hamburg 440,000 430,000 24.00 24.00 14.00 14.00 7.0 7.4 Cologne 280,000 270,000 21.25 21.00 11.90 11.40 7.4 7.6 Munich 608,200 716,700 32.50 32.00 15.10 14.90 6.3 6.8 Stuttgart 258,000 191,500 20.00 20.00 12.00 12.40 4.9 5.4 Source: GPP German Property Partners, figures as of 31 December 2013

STUTTGART CENTRAL BUSINESS DISTRICT / CITY CENTRE: NEW SPACE HAS ATTRACTED MANY TENANTS. In 2014 the upgrading of the Gerberviertel will be completed. Negotiations for these attractive new premises in the city centre are already under way. In the central business district, 92 percent of the new leases were in the segment up to 1,000 square metres. Demand for large and expensive premises was very weak. In 2013, following a wave of completions in 2011 and 2012, the German Federation of Trade Unions, which is currently tenants were found for many of the new premises. In the renovating its building, signed an interim lease. In the Caleido project, for example, 60 percent of the space has central business district, 49 percent of the rented premises been let, and for the Pauline building the figure is 70 per- went for less than 14.00 euros per square metre, and cent. The Gerberviertel project recently announced its first 35 percent for 14.00 to 17.00 euros per square metre. lease, which was signed with a law firm. By 2015 some Only 17 percent were let for 17.00 euros or more. 7,000 square metres of office space will be available here. The Gerberviertel is growing steadily in attractiveness: In the city centre, the Rosenberghöfe project, with some the retail areas will be completed in the a utumn of ­ 11,400 square metres of office space, is currently under EuG_RE-J-13014_B 2014, the office space and apartments will be ready for construction on the site formerly occupied by the AOK. Inh_2012_lay02_A occupancy in 2015, and the Globetrotter building in the The AOK, which intends to return to its former site, will Vers1.jpg Tübinger Carré (formerly Eberhard-Passagen) will open occupy some 5,000 square metres, while an IT company in 2014. has signed for about 1,600 square metres. Currently, about 50 percent of the space has been let; completion is Three new leases were signed in the Bülow Carré, raising scheduled for June 2014. the occupancy level to 80 percent. The CityGate project will be ready for occupancy in late 2014, and a number of In the city centre, 57 percent of the rented premises were leases are already being negotiated. in the segment up to 1,000 square metres and 20 percent in the segment from 1,001 to 3,000 square metres. In the central business district, 43 percent of the rented A single contract for 11,200 square metres, accounting premises were in the segment up to 500 square metres, for 22 percent of the total, was concluded on the former and 23 percent were in the range up to 1,000 square Mercedes-Benz site on Türlenstrasse. Twenty-six percent m ­ etres. No leases were signed in the segments between of the premises were let for up to 10 euros per square 2,001 and 4,000 square metres. In the range above metre, 71 percent for 10 to 15 euros, and only 2 percent 5,000 square metres there was only one contract: for 15.01 euros or more.

22 23 NORTHERN STUTTGART: INCREASINGLY ATTRACTIVE. FEUERBACH/ZUFFENHAUSEN WEILIMDORF Feuerbach and Zuffenhausen have always been closely In 2012 Stuttgart’s Business Development Department linked to the automotive industry. In 2013, automotive and several property owners launched an initiative to suppliers signed fewer new leases than in previous years, e ­ nhance the attractiveness of the location. Their reason but the decision by Porsche AG to establish new factories was the departure of the large-scale user Ernst & Young, for vehicle bodies and engines will do much to strengthen scheduled for the first quarter of 2016. The planning so these locations. far includes the establishment of a day nursery and the e ­ nergy-efficient upgrading of a number of buildings. On Heilbronnerstrasse too, where automotive manu­ If implemented before the departure of Ernst & Young, facturers are concentrated, the trend is positive. Audi these measures would have a favourable impact on opened its new branch here in late 2013. Daimler AG the location’s general image. Another helpful factor is a ­ cquired property adjacent to its sales area at the corner the continued growth of the software company Vector of Heilbronnerstrasse and Borsigstrasse in order to I ­nformatik: this company has been steadily expanding e ­ stablish a branch. VW will follow with a new facility on in recent years. Major companies like Siemens and Bueromarktber_ Kiefer site in 2015. the V ­ odafone are also ­ ontributing to the development of c Ansicht_18-19_ the location. The Oasis II construction project is scheduled to be c ­ ompleted in the first quarter of 2015. The Skyline project, The rental turnover in Weilimdorf came to 7,700 square which includes further apartments and some 10,000 square metres, 45 percent more than in 2012 and significantly metres of office space, is in the planning stage. above the ten-year average of 6,200 square metres. Ten leases were signed in the segment up to 500 square On the whole, demand was low on the Feuerbach/­ m ­ etres, and two were signed between 500 and Zuffenhausen market in 2013. Although the annual turn­ 2,000 square metres. Ninety-two percent of the rented over of about 43,000 square metres might first seem space was let for rents between 8.00 and 9.00 euros per i ­mpressive compared with the previous ten-year average square metre. of 13,500 square metres, it must be pointed out that the new building of the German Pension Insurance Association alone accounted for 23,000 square metres of that total.

EASTERN STUTTGART: MAKING RAPID PROGRESS. BAD CANNSTATT/HEDELFINGEN/WANGEN In 2013 land-use planners continued to push ahead with The Cannstatt/Hedelfingen/Wangen office market the Neckarpark, located on the site of the former goods c ­ ontinues to be characterised by transactions for less station in Bad Cannstatt: the project will be implemented than 500 square metres. Throughout the area there is in the coming years. It has now been agreed to create a a shortage of small, well-equipped office units, so the central green area covering a space of 60 x 200 metres. market offers interesting potential for developers with One party has been given a purchase option on the the right ideas. sites for the planned office building on Daimlerstrasse. Following intensive negotiations with users like the The number of new leases declined slightly in comparison Red Cross and the sports clinic, it now appears that with previous years, but turnover stayed at the same level. c ­ onstruction can soon begin on several sites. In fact, at some 19,800 square metres it was well above the ten-year average of roughly 12,900 square metres, The area around the Kegelenstrasse metropolitan train due to a major contract signed in 2013 by the State of station has also been improved. The new youth club Baden-Württemberg for the police, which amounted to called DAS CANN has opened, and in 2012 already the about 11,500 square metres, and a contract by Deutsche former Friedel chocolate factory was converted into the Telekom for about 3,600 square metres. Thanks to these Friedel Lofts. Together with the new city museum, these transactions, 89 percent of the space was let in the price buildings add much to the attractiveness of the area segment between 10.01 and 11.00 euros per square metre. a ­ djoining the Neckarpark.

24 25 SOUTHERN STUTTGART: RECORD RESULTS IN SOME AREAS. DEGERLOCH LEINFELDEN-ECHTERDINGEN Degerloch, in particular the area around Albplatz, continues With a total of some 47,900 square metres of rented to be a sought-after office location. Unfortunately, once o ­ ffice space, Leinfelden-Echterdingen achieved very good again there were no new construction projects in 2013, turnover. This was mainly the result of two large trans­ severely limiting the supply of modern office space. actions for space in existing buildings: one by a carmaker E ­ xisting premises with open-plan structures are not much for about 17,600 square metres and one by an IT company in demand, and it takes a long time to market them. The for 1,350 square metres. The Leinfelden-Unteraichen Tränke industrial estate offers simpler kinds of office space submarket, which had a high vacancy rate in past years, for production-related use. benefited in particular. Turnover continued to be low in 2013: of the total rented Ernst & Young signed the lease for its new premises at space, which amounted to 1,900 square metres, 58 per- the airport. This helped pave the way for the construction cent was in the segment below 500 square metres. Only of ­ Airport City”, with a potential total volume of some “ one contract, for 790 square metres, was signed for larger 100,000 square metres of new building space for offices, premises. Although demand for large premises exists, no services and hotels. Stuttgart’s long-distance coach other contracts were signed in the area owing to a lack of t ­ erminal is already under construction, and the infra- suitable offers. Ninety percent of the rented space went structure will soon be expanded when the ICE train station for prices between 9.01 and 11.00 euros per square metre. is complete. The scarcity of premises in Degerloch has already made Most of the 13 transactions were in the segment up to itself felt in the neighbouring district of Möhringen, 500 square metres. Eight leases, for a total of 21,900 where developers are pushing to build in the site formerly square metres and hence about 45 percent of the total occupied by the Hansa company. turnover, were signed for rents in the range from 7.50 to 11.00 euros per square metre. There were three trans­ actions for more than 12.00 euros per square metre. The average rent for the Leinfelden-Echterdingen submarket was thus 12.70 euros per square metre.

FASANENHOF In the Stuttgart Engineering Park (STEP), construction has Fasanenhof stands to benefit significantly as a location begun on the new building project 7.1, which comprises when the infrastructure is improved by the suburban rail- some 5,800 square metres. Work on the second phase, way being extended to the airport, providing access to 7.2, can be expected to start soon, as the premises under the future long-distance train station. For the first time, a construction have already been let. The Centre for Solar project exists that could permit the creation of a user-­ Energy and Hydrogen Research, situated adjacent to the specific building within a predictable period. The total projects 7.1 and 7.2, has now been approved. The building turnover came to some 5,700 square metres, slightly will provide some 10,000 square metres for research labs, above the previous year’s figure of 5,200 square metres. workshops and offices. Nineteen leases were signed, most of which, as in previous years, were for premises smaller than 500 square metres. The industrial estate on Sigmaringerstrasse, which is a There were two transactions in the segment from 501 to part of Möhringen, includes the area formerly occupied 1,000 square metres. The segment from 9.01 to 10.00 euros by the production plant of Hansa Metallwerke AG. This per square metre accounted for 89 percent of the leased company is building its new administrative building on space, and about 11 percent of the space went for less these premises, which cover some 5,000 square metres. than 9.00 euros per square metre. The average rent was Completion is scheduled for the second quarter of 2015. 9.50 euros per square metre. The remaining area will be able to accommodate up to 10,000 square metres of office space. VAIHINGEN/MÖHRINGEN AND STEP In 2013, on the initiative of the city of Stuttgart, a planning The turnover in 2013 was excellent: approximately study was produced for the vacant IBM site. The complex, 62,200 square metres of office space was let to new which was designed by the architect Egon Eiermann, is to users, almost three times the average rental take-up rate be preserved and put to appropriate use. for the previous ten years. A total of 48 leases were concluded in the Vaihingen/ Demand for space in the “Am Wallgraben” industrial Möhringen submarket. Eight of them were for less than e ­ state was high, one major transaction being the renting 8.00 euros per square metre and 17 were for 8.01 to of an office building with some 15,500 square metres by 10.00 euros per square metre. Together they accounted a carmaker. for about 37 percent of the turnover in this submarket. Most of the leases were in the segment from 10.01 to Another major transaction was concluded by the book 13.00 euros per square metre. Rents exceeding 16.00 euros wholesaler Koch, Neff & Volckmar. A new administrative per square metre were achieved in the 19-storey Colorado building with some 13,500 square metres is being office tower in Vaihingen. There were 26 transactions for c s ­ on­ tructed on the company’s former site. More than 600 premises smaller than 500 square metres, corresponding to employees will move in when the building is completed 54 percent of the leases. Thirteen office units were let in in late 2015. In addition, the city, the Business Develop- the segment from 501 to 1,000 square metres, and there ment Department, the region, the local council and a were only four between 1,001 and 3,000 square metres. new ­nvestor are planning further development of the i s ­ ite, which covers a total of some 80,000 square metres. Four leases were signed for premises larger than 4,000 A number of existing buildings will be preserved and square metres. Two, together accounting for 9,100 square new construction projects are planned. As a result, the metres, were in the range between 4,001 and 5,000 square area including Industriestrasse, Ruppmannstrasse, metres. Three leases, each for more than 5,000 square S ­ chockenriedstrasse and Wallgraben will help enhance metres, brought the total to 30,600 square metres of the quality of the industrial estate. r ­ ented space, or about 49 percent of the entire turnover in the Vaihingen/Möhringen area.

Central Stuttgart Western Stuttgart Eastern Stuttgart 26 Southern Stuttgart 27 A 8 towards Karlsruhe A 81 Stuttgart motorway intersection A 8 towards Munich OVERVIEW OF THE STUTTGART OFFICE MARKET. Turnover of office space in 2013 < 10,000 sq. m 10,000 – 20,000 sq. m 20,000 – 30,000 sq. m 30,000 – 40,000 sq. m A 81 towards Heilbronn above 40,000 sq. m Industrial parks/office locations A 81 towards Singen Northern Stuttgart Central Stuttgart Western Stuttgart Eastern Stuttgart Southern Stuttgart A 8 towards Karlsruhe A 81 Stuttgart motorway intersection A 8 towards Munich

ANOTHER VIBRANT MARKET YEAR EXPECTED FOR 2014. The economic forecasts for Germany point to a relatively successful 2014. The Stuttgart region, which benefits strongly from exports by local companies, can look forward to continued growth in the year ahead. Unlike previous years in which it was difficult to make predictions, 2014 seems to be a year for which forecasting is easier. Although the completion volume more than doubled in Peak rents will remain high in 2014, as a number of trans­ 2013, only a few of the premises were new on the market actions can be expected in new and high-priced projects. because many had already been pre-let. Demand for In recent years, rents have shown a continuous upward energy-efficient, certified and optimally configured office trend, especially in the southern fringe areas. Renters in space will however remain strong, as there has been a clear the other submarkets have likewise demonstrated a trend for many years now towards optimisation among w ­ illingness to pay an appropriate price for new, high- both users and developers. Numerous projects have been quality premises. Major changes in the market have completed in recent years, and as a consequence there brought about a significant improvement in the quality are fewer opportunities to implement new projects in the of the available premises. city centre. For the most part, the demolition or renovation of existing buildings are the only remaining options.

28 29 On the other hand, there are still many users on the On the other hand, they also ­ ave to consider compreh Stuttgart market who need simple premises at an hensive refurbishment work, which ultimately raises rents ­a verage price. to their market level. Through this process, low-priced premises become rarer on the market. The marketing of existing premises has become more difficult, however; this is because of the more rigorous re- Assuming that the turnover for small premises will remain quirements of public authorities and factors like increa- relatively stable and that several anticipated major trans­ sing energy prices. As a result, owners of such properties actions will take place, the turnover in office space for who want to remain competitive will be forced to reduce 2014 will probably be about 220,000 square metres. their basic rent in order to compensate for the increased b ­ urden on their tenants.

YOUR CONTACT PARTNERS. ELLWANGER & GEIGER Real Estate is the ideal partner for marketing your office properties. Our long years ­ of experience and unique range of services enable us to move the market and proactively identify budding 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 300, Fax: +49 (0)711 2148 290 On the Internet: www.ellwanger-geiger.de · www.bueroflaeche-stuttgart.de Ulrich Nestel Sebastian Degen Helga Schöner Head of Office Letting and Office Letting Consultant Research and Commercial Property Consultant Retail Stuttgart Phone +49 (0)711 2148 166 Phone +49 (0)711 2148 269 Phone +49 (0)711 2148 291 sebastian.degen@ellwanger-geiger.de helga.schoener@ellwanger-geiger.de ulrich.nestel@ellwanger-geiger.de DISCLAIMER: Although this study has been prepared ­ with all due care, we can accept no l ­iability for the ­ orrectness of the c ­assessments presented. We are sure that you will understand this. Matthias Hägele Laura-Teresa Seiler Office Letting Consultant Commercial Property Assistant Phone +49 (0)711 2148 292 Phone +49 (0)711 2148 297 matthias.haegele@ellwanger-geiger.de laurateresa.seiler@ellwanger-geiger.de

30 31 ELLWANGER & GEIGER REAL ESTATE. ELLWANGER & GEIGER Real Estate offers you a one-stop shop for a comprehensive range of services r ­ elating 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 k ­ nowledge of the market and decades of experience in the real estate business. COMMERCIAL PROPERTY and special funds for institutional OUR OFFICES Systematic research form the basis for and professional private investors. Stuttgart Head Office our analyses of locations, portfolios We select different investment Börsenplatz 1 and cost-effectiveness that reflect mar- v ­ ehicles depending on the needs 70174 Stuttgart ket conditions. From these, we derive and product preferences of each Phone +49 (0)711 2148 300 strategies aimed at capitalising on po- investor: Fax +49 (0)711 2148 290 tentials for earnings and efficiencies. www.ellwanger-geiger.de/gw/stuttgart ❚❚  omestic special AIFs pursuant to D In addition to comprehensive leasing services, our core expertise includes project consulting and transaction business. We adopt a holistic approach in consulting on real estate: we partner you all the way – from the development of marketing strategies to the preparation of data on properties and the German Investment Code ❚❚  losed-ended public AIFs C Munich Branch Office Herzog-Rudolf-Strasse 1 p ­ ursuant to the German Invest- 80539 München ment Code Phone +49 (0)89 1795  940 ❚❚  uxembourg security funds and L special funds (SICAV, SIF) Fax +49 (0)89 1795 9455 www.ellwanger-geiger.de/gw/muenchen ❚❚ ndividual schemes for offshore I investors the implementation of marketing processes. We select investment volumes that permit niche investments and indi­ OUR SERVICES vid­ al mandates. We also limit the u Research number of investors so that we can Investment analysis and consulting provide individualised support  Transactions, renting and leasing of throughout the investment period. office, retail, industrial and logistics ­ Our service naturally includes trans- space parent reporting with detailed reports on funds, monthly financial reports FUNDS & ASSET MANAGEMENT and status reports on real estate We develop, plan and manage custom- investments. ised real estate investment products STARTING IMMEDIATELY: REPRESENTED THROUG­ OUT H G ­ ERMANY WITH GERMAN PROPERTY PARTNERS. German Property Partners is the As a member of GPP, we guarantee new national real estate network of professional support for E ­ LLWANGER & GEIGER, real estate customers throughout Grossmann & Berger and ANTEON. Germany. www.germanpropertypartners.de

BANKHAUS ELLWANGER & GEIGER KG Real Estate Börsenplatz 1, 70174 Stuttgart Phone +49 (0)711 2148 300, Fax +49 (0)711 2148 290 www.ellwanger-geiger.de Stuttgart District Court, HRA 738, Personally liable shareholders: Dr. Volker Gerstenmaier, Mario Caroli

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