We are generally pessimistic about the rental outlook in Germany, however, this conceals large variance across cities – most notably for offices between leader Munich and laggard Berlin. Munich prime rent growth has been among the strongest in Europe lately and we think this outperformance has further to run, driven mainly by the scarcity of prime space. In contrast, greater availability and stronger demand headwinds mean that Berlin will continue trailing the other German markets and the euro-zone average.
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