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Deutsche Pfandbriefbank : 25.11.2021 pbbIX up to -0.91 index points in Q3 – recession in office markets is weakening

11/25/2021 | 04:20am EST

The upturn in the German office property market continues: whilst the increase of the office property market index pbbIX from 1.23 to 0.91 does not mean that the recession in the office markets has been overcome, it does show that it is increasingly losing momentum. This positive development was driven by the gradual recovery of the German economy on the one hand, and the improved situation in the investment and office space markets on the other. However, risks and uncertainty factors remain, such as a renewed sharp rise in coronavirus infection figures and supply chain constraints.

After seasonal and calendar adjustment, real gross domestic product was 1.8% higher quarter-on-quarter and 2.5% higher than in same quarter of the previous year. Catch-up effects and a relaxation of containment measures provided a significant boost to private consumption, which was once again the main driver.

Demand for office property on the investment market is solid, with €4.3 billion spent on office properties across the big 7 markets in the third quarter. High volumes and ongoing yield compression are evidence of how attractive this type of real estate is for investors. In light of the anticipated continued recovery of the German economy and an increasing revival of demand for space, office property promises a stable cash flow.

Economic trends for individual office property markets remain decidedly mixed and show a very broad spread. Berlin and Frankfurt/Main recorded the most marked improvement over the last two quarters - but only Berlin with an index value of 0.01 was on the edge of recession and expansion. However, the individual market's sub-indices are naturally more volatile than the big 7 markets as a whole.

The complete report for the third quarter 2021 is available at pbbIX.com

Note to editors:

The pbbIX (pbbix.com) index family comprises the composite index, as well as seven individual indices tracking the key German office property markets of Berlin, Cologne, Dusseldorf, Frankfurt/Main, Hamburg, Munich and Stuttgart, including their respective catchment areas.

The pbbIX index describes the economic performance of office markets, with the zero line corresponding to the long-term trend. If the index is quoted below the zero line, the office property market is in a worse state than its long-term average. A value below -1.0 points indicates a crisis.

The indices, which pbb provides in cooperation with vdp Research, offer investors and lenders comprehensive information on the current performance of office properties in Germany.


Deutsche Pfandbriefbank AG published this content on 25 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2021 09:19:06 UTC.

© Publicnow 2021
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Sales 2021 564 M 643 M 643 M
Net income 2021 173 M 198 M 198 M
Net Debt 2021 - - -
P/E ratio 2021 8,92x
Yield 2021 8,89%
Capitalization 1 505 M 1 720 M 1 718 M
Capi. / Sales 2021 2,67x
Capi. / Sales 2022 2,82x
Nbr of Employees 782
Free-Float 92,5%
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Technical analysis trends DEUTSCHE PFANDBRIEFBANK AG
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 11,20 €
Average target price 12,40 €
Spread / Average Target 10,8%
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Managers and Directors
Andreas Arndt Chief Executive & Financial Officer
Günther Bräunig Chairman-Supervisory Board
Georg Kordick Member-Supervisory Board
Dagmar P. Kollmann Vice Chairman-Supervisory Board
Heike Theißing Member-Supervisory Board