Medical Tourism - The Size Of Office Space And Simulator Property Market

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MARKET REPORT FOR

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The map above shows the economic area, on which our data is based. Our assessments include warehouse, logistic, service as well as manufacturing spaces. Adjoined offi ce space was not included in the assessed industrial space. Storage space, which was leased in connection with offi ce space, was not taken into consideration.

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München

Freimann Am Hart Hasen- bergl Ober-schleißheim Unter-schleißheim Feld-moching Unter-föhring Aschheim/ Dornach Nymphenburg Obermenzing Neuhausen Max-vorstadt Schwabing Milbertshofen Moosach Flughafen München Hallberg-moos Feldkirchen Bogenhausen Riem Altstadt Haidhausen Au Berg am Laim Trudering Ramersdorf Perlach Westerham Taufkirchen Sauerlach Brunnthal Aying Egmating Balkham Glonn Doblberg Moosach Harthausen ZornedingEglharting Baldham Anzing Poing Vater-stetten Grasbrunn Thal Hohenbrunn Unter-haching Lochhausen Aubing

Langwied UntermenzingAllach

Pasing Laim Dachau Herbertshausen Ober-giesing Unter-giesing Send-ling Haar Thalkirchen Hadern Forstenried Solln Fürstenried Freising Schwaig Ismaning Garching Dieters-heim Eching Eching Bergham Gelting Pliening Landsham Kirchheim Hausen Eichenried Fischerhäuser Neufahrn Isar Isar Isar Eschenried Bergkirchen Schwabhausen Karlsfeld Gröben-zell Puchheim Eichenau Olching Esting Gern-linden Maisach Fürsten-feldbruck Markt Indersdorf Fahrenz-hausen Gräfelfing Frohnloh Geisenbrunn Gilching Germering Krailling Planegg Stockdorf Gauting Reismühle Pullach im Isartal Buchenhain Baierbrunn Schäftlarn Schorn Unter-schorn Berg Peters-brunn Starnberg Grünwald Oberhaching Straßlach Straßlach Mühlthal Neubiberg Ottobrunn Harlaching Eglfing

München

Freimann Am Hart Hasen- bergl Ober-schleißheim Unter-schleißheim Feld-moching Unter-föhring Aschheim/ Dornach Nymphenburg Obermenzing Neuhausen Max-vorstadt Schwabing Milbertshofen Moosach Flughafen München Hallberg-moos Feldkirchen Bogenhausen Riem Altstadt Haidhausen Au Berg am Laim Trudering Ramersdorf Perlach Westerham Taufkirchen Sauerlach Brunnthal Aying Egmating Balkham Glonn Doblberg Moosach Harthausen ZornedingEglharting Baldham Anzing Poing Vater-stetten Grasbrunn Thal Hohenbrunn Unter-haching Lochhausen Aubing

Langwied UntermenzingAllach

Pasing Laim Dachau Herbertshausen Ober-giesing Unter-giesing Send-ling Haar Thalkirchen Hadern Forstenried Solln Fürstenried Freising Schwaig Ismaning Garching Dieters-heim Eching Eching Bergham Gelting Pliening Landsham Kirchheim Hausen Eichenried Fischerhäuser Neufahrn Isar Isar Isar Eschenried Bergkirchen Schwabhausen Karlsfeld Gröben-zell Puchheim Eichenau Olching Esting Gern-linden Maisach Fürsten-feldbruck Markt Indersdorf Fahrenz-hausen Gräfelfing Frohnloh Krailling Planegg Stockdorf Gauting Reismühle Pullach im Isartal Buchenhain Baierbrunn Schäftlarn Schorn Unter-schorn Berg Peters-brunn Starnberg Grünwald Oberhaching Straßlach Straßlach Mühlthal Neubiberg Ottobrunn Harlaching Eglfing Geisenbrunn Gilching Germering

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Umland Erschlos-sene Fläche 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 388 304 304 471 471 471 2 2 11 13 13 A 96 A 95 A 99 A 94 A 99 A 92 A 9 A 8 A 8 11

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Space take-up is based on the amount of leased logistics and industrial space excluding owner-occupiers in the Greater Munich area (the city of Munich, its

Vacancy refers to state-of-the-art logistics properties: > 5,000 m², > 8.0 m under beam height, with doors or ramp access in Greater Munich.

SIZE IN M² NUMBER SPACE IN M2 %

up to 500 15 5,959 2.1 501 - 1,000 34 26,037 9.4 1,001 - 3,000 54 96,564 34.7 3,001 - 5,000 8 29,088 10.5 from 5,001 12 120,567 43.3 Total 123 278,215 100.0

RENT LEVELS IN ¤/M² NUMBER SPACE IN M2 %

up to 4.00 15 33,977 12.2 4.01 - 5.00 22 48,949 17.6 5.01 - 6.00 54 121,573 43.7 6.01 - 7.00 24 60,926 21.9 7.01 - 8.00 8 12,790 4.6 Total 123 278,215 100.0

LOCATION NUMBER SPACE IN M2 %

Centre 1 0 0 0.0 Centre North-West 2 0 0 0.0 Centre North-East 3 0 0 0.0 Centre South-East 4 0 0 0.0 Centre South-West 5 4 2,638 0.9 City North-West 6 7 10,117 3.6 City North-East 7 9 17,169 6.2 City South-East 8 5 8,424 3.0 City South-West 9 3 10,090 3.6 City 28 48,438 17.3 Periphery South-West 10 4 5,253 1.9 Periphery North-West 11 17 31,034 11.2 Periphery North-East 12 69 176,045 63.3 Periphery South-East 13 5 17,445 6.3 Periphery 95 229,777 82.7 Total 123 278,215 100.0

CONCLUDED LEASE CONTRACTS Q1 - Q4 2012*

* excluding owner-occupiers and portion used as office space

0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2012 2011 2010 2009 2008 TAKE-UP OF SPACE

GREATER MUNICH AREA IN M2

256 203 281 325 278 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2012 2011 2010 2009 2008 VACANCY IN M² VACANCY RATE IN % 2.7 2.6 1.2 1.26 5.5

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TAKE-UP OF SPACE

All in all, 2012 was definitely a satisfactory year on the market for industrial and logistics space. Take-up of space stood at 278,000 m², 14 % short of the top result seen in 2011, but the figure was still above the five-year average of 268,000 m². As in the first half of the year, tenants in the space segment above 5,000 m² turned out to be especially willing to sign new leases, so take-up of space was dis-tributed fairly evenly over the year. Large-scale tenants generated take-up volume of 120,600 m² (43.3 %), an especially noteworthy development in light of the short supply of large logistics spaces belonging to the latest generation. The medium space segment (1,001 - 3,000 m²) followed, at 96,600 m² (34.7 %), along with the segment from 3,001 to 5,000 m², which came in with a final total of 29,100 m² (10.5 %), for an impressive year-on-year increase of 33 %. While the second smallest segment (501 - 1,000 m²) showed relatively stable performance, a sharp decline was noted among spaces up to 500 m², with take-up figures down by nearly two-thirds, to 6,000 m².

The average amount of space leased per newly signed lease agreement stood at 2,300 m², a 20 % increase from the previous year.

DEMAND

The stable development of the Munich economy and the broad-based industry structure in the area continued to drive expansion activity, especially in the retail sector, at more than 64,000 m² (23 %), the logistics industry, at 51,300 m² (19 %), and the automotive sector, including automotive suppliers, at 46,100 m² (17 %). Companies from other industries leased an additional 43,600 m² (16 %) of new space. That meant the market was dominated by the same industries as in the previous year.

During the first half of the year, brisk leasing activity in the automotive sector was driven especially by BMW, with just under 50,000 m² of warehouse, logistics, and production space leased in all. Then, in the second half of the year, the focus shifted to large leases signed by retailers for space in the market sub-segments in the northern surrounding areas.

More than 80 % of the space taken up was in existing properties, with newly constructed properties less of an attraction for tenants, at only 1 % of the total space. This was largely the result of low availability of space for initial occupancy, which pushed the figure to this extreme low after accounting for 6 % of the total in 2011. Project leases were down only slightly from the percentage posted last year (23 %), at more than 50,000 m² of space (19 %). This high percentage is mainly due to ongoing low levels of speculative new construction activity.

Viewed in geographic terms, the northern industrial areas in the east and west were once again the most sought-after locations for tenants looking to sign new leases. Several areas benefited in particu lar from their close proximity to the airport and from being located along the A9 and A92 autobahns; Garching was the clear leader in this group, at just under 60,000 m², followed at some distance by Neufahrn (approximately 24,000 m²), Hallbergmoos (18,000 m²), and then Eching (16,000 m²). In the sub-segments in the eastern surrounding area, larger new leases were clustered in the industrial zones in Olching (8,000 m²) as well as Bergkirchen, Maisach, and Karlsfeld (about 3,000 m² each).

Within city limits, the highest level of activity was noted in sub-segment 7 (Northeast City), which accounted for 17,200 m², or 32 % of all space taken up within Munich itself. This sub-segment is dominated by ongoing high demand from BMW and associated suppliers, which rented new space in the area between Frankfurter Ring, Ingolstädter Straße, and Heidemannstraße, close to the Munich-based carmaker’s headquarters.

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SUPPLY AND VACANCIES

The ongoing short supply of logistics properties in the latest generation with more than 5,000 m² of available space and over 8.0 m clearance height with docking gates and loading dock delivery areas continued to cause tension through the end of the year, with no significant easing. The vacancy rate for these spaces stood at 1.3 %, just 10 base points above the previous year’s figure. Since speculative development projects remain extremely rare, this situation is expected to remain largely steady this year as well. There are a number of development projects that are scheduled for completion during the year and have some space still available for leasing on short notice, so slight easing is expected this summer. By the end of the year, though, these spaces will also have been absorbed by the market.

RENTS

The average rental price span, depending on location and features, has barely changed at all from the previous year, at € 5.95 - 6.30/m² for prime properties in excellent locations near autobahn entrances. Rents for existing properties ranged from € 4.00 to 5.50/m².

Forty-four percent of all leases signed and the same percentage of the total space leased fell between € 5.01 and 6.00/m². The next most popular group was made up of slightly more expensive leased spaces, at € 6.01 - 7.00/m², which totaled 61,000 m². This segment was followed by those between € 4.01 and 5.00/m², which had ranked second in 2011. Spaces bringing rents of more than € 7.00/m² were largely limited to smaller signings within city limits, where rental prices for initial occupancy can be as high as € 8.80/m² (€ 6.50/m² for existing properties).

All in all, rental prices, like other factors, continue to reflect very high stability. This trend is expected to continue in 2013 as well.

SUMMARY AND FORECAST

The continuity of the key indicators noted on the market for warehouse and logistics spaces is an ongoing trend. Satisfactory take-up figures above the long-term average have combined with ongoing high demand to keep the situation on the demand side solid, even in times of eco-nomic uncertainty. In particular, further growth has been noted among automotive manufacturers and suppliers, which are heavy users of logistics and production space, while high purchasing power in the Munich metro area has given retailers opportunities for expansion. The ongoing shortage of space in the latest generation will continue to lead to high advance leasing activity in development projects this year, so large-scale signings are expected again. With all these factors in

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FOR FURTHER INFORMATION Tobias Seiler

Research Analyst | München

Tel+49 89 624294-63 E-Mail tobias.seiler@colliers.de

Photo Credit Cover: – Warehouse shelves © Baloncici

Copyright © 2013 Colliers Schauer & Schöll GmbH The information contained herein has been obtained from sources

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