FRANKFURT (dpa-AFX) - Amid the home office trend, more and more office space is standing empty in Frankfurt. At the same time, a historically poor result was recorded for new leases in 2024, according to an analysis by real estate specialist Jones Lang LaSalle (JLL).

According to the report, the vacancy rate in the banking metropolis rose to 9.7 percent, up from 8.8 percent in 2023. Last year, only 370,600 square meters of office space was newly let. The only year with a lower figure in the past 15 years was 2020, it was reported.

"In 2024, there was a lack of major deals," said Suat Kurt, branch manager of JLL Frankfurt. Almost all major requests have been postponed until the new year, when JLL expects a recovery. By far the largest deal in 2024 was concluded with the European Central Bank, which is renting 34,100 square meters in the "Gallileo" office tower.

Prime rents continue to rise

At the same time, attractive offices, for example in the banking district, are becoming increasingly expensive, according to JLL. In the fourth quarter, the 50-euro mark per square meter was broken for the first time in prime rents. "Landlords of top-quality office space in prime locations can enjoy continued high demand and rising rents," said Kurt. Everyone else would have to work hard.

Since the coronavirus pandemic, working from home has become established in Germany, although some companies, such as Deutsche Bank, are again demanding more presence from their employees. Many companies are downsizing their space./als/DP/men