Ingo Hartlief Presents Our Cpecial Report About German Office Market

SPECIAL REPORT – GERMANY 21:
GERMAN REGIONAL OFFICE MARKETS
Attractive office locations beyond Top 7 cities
Ingo Hartlief, COO der CORPUS SIREO Holding GmbH & Co. KG, Mitglied des Executive Committee
und Vorsitzender der Geschäftsführung des CSAMC
Frankfurt – September 2013

Asset Mangement Commercial
CONTENT
1. Ingo Hartlief 03
2. Regional office markets 04
3. Bonn 06
4. Dortmund 07
5. Hanover 08
6. Leipzig 09
7. Nuremberg 10
8. Contact & Disclaimer 11

Asset Mangement Commercial
“Following the stable sideways movement of the office market index at the end of 2013,
moderate growth is now anticipated for 2014. The good economic climate in Germany is
indicating that rental levels will continue to be high.”
Ingo Hartlief is COO of CORPUS SIREO Holding GmbH & Co. KG.
In addition, Ingo Hartlief currently holds the following offices: CEO of CORPUS SIREO Asset
Management Commercial GmbH, Organe de Contrôle of CORPUS SIREO Investment
Management S.à r.l., Managing Director of CORPUS SIREO Asset Management Retail GmbH
and Managing Director of CORPUS SIREO Residential Asset Management GmbH.
Mr. Hartlief holds a degree in business administration and was a Member of the Executive Board
at Union Investment Real Estate in Hamburg from 2002 to 2010.
From 1999 to 2002 Ingo Hartlief led the Essen based Viterra Gewerbeimmobilien GmbH.
Previously, he worked for three years as Area Director of Viterra AG.
From 1991 to 1996 Ingo Hartlief was responsible for the Services- and Real Estate Division as
well as the Corporate Real Estate Management as part of the Executive Board staff at E.ON AG.
INGO HARTLIEF
Bonn Dortmund Hanover Leipzig Nuremberg
Contact &
Disclaimer
Regional
office markets
Ingo Hartlief

Asset Management Commercial
BACKGROUND: GERMANY 21 – REGIONAL OFFICE INDEX
SETTINGS, LOCATIONS & METHODOLOGY
 Previous situation: low market-transparency of regional
office markets, limited market-information available
 Market expertise CORPUS SIREO: regional presence in
10 offices and nationwide network of real estate experts
 Identification of Key Regional Cities: selection of 14
cities based on varied criteria including dynamic growth
prospects, absolute market size as well as own expertise
 Index compilation:
 Methodology: indexation of compounded asking-
rent level
 Database: publicly available data out of over 100
separate sources (c. 4 million data sets)*
 Co-operation partner: empirica ag (empirica-
Preisdatenbank)
 Frequency: half-yearly with new focal city in each edition,
currently 5th edition (Dortmund, release date 10/2013)
Key Regional Cities and Office JobsRegional Office Index as basis of the current
special report:
4
Change in Office jobs 2007 – 2025 (in %)
Source: Corpus Sireo, empirica*Print-Media and Online-Advertisements
Regional
office markets
Ingo Hartlief Bonn Dortmund Hanover Leipzig Nuremberg
Contact &
Disclaimer

MANAGEMENT SUMMARY
REGIONAL OFFICE MARKETS – STRENGTH THROUGH STABILITY
5
 Market attraction: Increasing transaction volumes within German real estate markets confirm
ongoing interest of domestic and foreign investors alike with office properties being the main
target
 Investor focus: prime properties in the “Top 7” markets are especially sought after, resulting
in a shortage of supply and falling property yields
 Stability: In contrast, key regional cities offer lower volatility of rents and property yields,
limiting market risk, thus ensuring continued positive performance
 Solid tenant base: Local / regional origins of SME’s act as a guarantor of long-term tenant
demand and less speculative office developments
 Increasing importance: Attractive investment opportunities and favorable entry prices in
regional office markets act as an alternative to “Top 7” markets, especially for risk-averse
investors
 Market liquidity: increasing transactional volumes in key regional markets reflect growing
investor demand
Regional
office markets
Ingo Hartlief Bonn Dortmund Hanover Leipzig Nuremberg
Contact &
Disclaimer

FORMER FEDERAL CAPITAL WITH STRONG PUBLIC SECTOR
Source: PMA, Brokers, Corpus Sireo Research 2013
6
BONN – ATTRACTIVE OFFICE SUB-MARKETS ALONG THE RHINE
Rental Level – Office Submarkets Selected Transactions
Market Assessment
► Persistent tenant demand from the public and business sector
positively effecting the office market
► Strong demand from the public sector and downstream
services respectively the IT sector
► Comparatively high rents and low vacancy rates
► Submarkets in focus: former government district and “Bonner
Bogen”
Deal-
Date
Price
(m. €)
Adress Purchaser Size
(sqm)
Yield (%)
2013 Q1 n/a Wielandstraße 4 JV Pareto 9,800 n/a
2012 Q4 12.5
Kanada Haus,
Fr.-Wilhelm Straße
Aberdeen Asset
Mgmt. (sale)
4,700 n/a
2012 Q3 65.2
Maanderbaus,
Fr.-Ebert-Allee 36
GIZ n/a n/a
2012 Q1 20.9
Andreas-Hermes-
Straße
IFK
Sachwertfonds
n/a 7.2
BONN 2010 2011 2012 2013* 2014* 2015* Trend
GDP growth (%) 2.4 1.6 0.5 -0.1 1.0 1.3 
Unemployment (%) 6.1 5.2 4.9 5.0 4.9 5.3 
Vacancy rate (%) 3.00 3.50 3.60 4.10 4.20 5.00 
Prime rent
(EUR/sqm/month)
15.00 16.00 16.00 15.90 15.90 15.75 
Prime yield (%) 5.80 5.50 5.50 5.40 5.40 5.50 
Source: Brokers, Thomas Daily, IZ, Corpus Sireo Research 2013
Office market Bonn:
rent levels
Deviation from average rent
(=0)
below -25
-25 to -15
-15 to -10
-10 to -5
-5 to 5
5 to 10
10 to 15
15 to 25
25 to 50
above 50
Built-up area
Green space
Other area
Bonn
Regional
office markets
Source: empirica
Preisdatenbank (IDN
Immodaten GmbH) Infas
geodaten 2007
Dortmund Hanover Leipzig Nuremberg
Contact &
Disclaimer
Ingo Hartlief

FORMER CAPITAL INDUSTRY IN TRANSITION
Source: PMA, Brokers, Corpus Sireo Research 2013
7
DORTMUND – YOUNG OFFICE MARKET WITH POTENTIAL
Market Assessment
► Largest city of the Ruhr area, advanced stage within the
structural transformation process from industrial base to
services
► Strong revitalisation activities, development of new office and
technology parks within the city
► Stable office market in terms of demand and rents,
homogeneous development of central and peripheral areas
► Submarkets in Focus: Phoenix-See, Phoenix West
Deal-
Date
Price
(m. €)
(sqm)
Yield (%)
2013 Q2 n/a Heppingstraße Private Investor 3,000 n/a
2012 Q4 n/a
Harpen-Zentrale,
Voßkuhle 38
Harpen
Immobilien
6,500 n/a
2013 Q3 n/a
Ehem. Hauptsitz
Hoesch-Union
Peach Property
Group
15,000 n/a
2012 Q3 25.0 Westenhellweg 52
Aachener
Grundvermögen
3,700 n/a
DORTMUND 2010 2011 2012 2013* 2014* 2015* Trend
GDP growth (%) 0.2 1.7 1.6 1.0 1.6 2.1 
Unemployment (%) 11.7 11.1 10.3 10.4 10.6 11.3 
Vacancy rate (%) 5.7 6.3 6.0 5.7 5.5 5.4 
Prime rent
(EUR/sqm/month)
13.00 13.20 13.20 13.30 13.40 13.50 
Prime yield (%) 6.3 6.2 6.2 6.0 6.1 6.1 
Source: Brokers, Thomas Daily, IZ, Corpus Sireo Research 2013
Office market
Dortmund: rent levels
(=0)
Bonn Dortmund
below -25
-25 to -15
-15 to -10
-10 to -5
-5 to 5
5 to 10
10 to 15
15 to 25
25 to 50
above 50
Built-up area
Green space
Other area
Source: empirica
Preisdatenbank (IDN
geodaten 2007
Regional
office markets
Hanover Leipzig Nuremberg
Contact &
Disclaimer
Ingo Hartlief

LARGEST REGIONAL MARKET OUTSIDE THE TOP 7
Source: empirica, Experian, Broker, Corpus Sireo Research 2013
8
8
HANOVER – STATE CAPITAL WITH FOCUS ON INSURANCE
Market Assessment
► Largest regional office market outside the “Top 7” with 5.4
million sqm of office space
► Divergence of rental levels of central and peripheral locations
with clear user preference for inner-city office locations
► Strong brownfields revitalisation activities and conversion
areas, particularly in central locations
► Submarkets in Focus: Downtown and Podbielskistraße
Deal-
Date
Price
(m. €)
(sqm)
Yield (%)
2013 Q2 about 10 Karmarschstraße Family Office ca. 1,000 n/a
2013 Q1 21.3
Hans Boeckler
Allee 11
Inovalis 11,500 7.1
2012 Q4 14
Grosse
Packhofstraße Aachener Grund 3,800 n/a
2012 Q1 25.8
Grammophon BP,
Podbielskistraße
Dundee
Internat. REIT
19,500 n/a
HANOVER 2010 2011 2012 2013* 2014* 2015* Trend
GDP growth (%) 3.8 3.0 1.4 0.9 2.0 2.3 
Unemployment (%) 7.7 7.5 6.9 7.0 7.0 7.5 
Vacancy rate (%) 5.00 4.80 4.30 4.10 4.80 4.70 
Prime rent
(EUR/sqm/month)
12.80 13.50 14.0 14.10 14.10 14.10 
Prime yield (%) 6.20 6.10 5.80 5.75 5.80 5.80 
Source: Broker, Thomas Daily, IZ, Corpus Sireo Research 2013
Dortmund Hanover
below -25
-25 to -15
-15 to -10
-10 to -5
-5 to 5
5 to 10
10 to 15
15 to 25
25 to 50
above 50
Built-up area
Green space
Other area
Office market
Hanover: rent levels
(=0)
Source: empirica
Preisdatenbank (IDN
geodaten 2007
Bonn
Regional
office markets
Leipzig Nuremberg
Contact &
Disclaimer
Ingo Hartlief

ECONOMIC CENTRE IN EASTERN GERMANY
9
9
LEIPZIG – DYNAMIC LOCATION WITH DEVELOPMENT POTENTIAL
Market Assessment
► Large office market in eastern Germany with 3.5 million sqm
of office space and positive regional economic development
► Strong take-up of office space in relation to total stock
resulting in positive rent development
► Low volume of completions, potential for further positive
market development through falling vacancy rates
► Submarkets in focus: “Graphisches Viertel”
Deal-
Date
Price
(m. €)
(sqm)
Yield (%)
2013 Q2 n/a
Alte Hauptpost
Augustusplace
KSW GmbH 27,000 n/a
2012 Q4 n/a
Jacobi Palais,
Dittrichring 1
Leipziger urban
Planning
6,100 n/a
2012 Q3 n/a
Trias
Markgrafenstraße DEVK 6,300 n/a
2012 Q1 n/a
Forum am Brühl
R.-Wagner-Straße
JV Caleus
Capital u.a.
26,500 n/a
LEIPZIG 2010 2011 2012 2013* 2014* 2015* Trend
GDP growth (%) 1.2 2.9 0.6 1.0 2.1 2.4 
Unemployment (%) 13.1 12.1 11.9 12.1 12.2 13.1 
Vacancy rate (%) 20.80 18.70 17.70 17.40 16.90 16.70 
Prime rent
(EUR/sqm/month)
11.00 11.50 12.00 12.20 12.40 12.40 
Prime yield (%) 6.30 6.30 6.30 6.10 6.10 6.20 
Office market Leipzig:
rent levels
(=0)
Hanover Leipzig
below -25
-25 to -15
-15 to -10
-10 to -5
-5 to 5
5 to 10
10 to 15
15 to 25
25 to 50
above 50
Built-up area
Green space
Other area
Source: empirica
Preisdatenbank (IDN
geodaten 2007
DortmundBonn
Regional
office markets
Nuremberg
Contact &
Disclaimer
Ingo Hartlief

STRONG METROPOLITAN AREA IN THE NORTH OF BAVARIA
10
10
NUREMBERG – REGIONAL MARKET WITH INCREASING FOCUS ON SERVICES
NUREMBERG 2010 2011 2012 2013* 2014* 2015* Trend
GDP growth (%) 4.1 2.7 0.7 1.1 2.2 2.6 
Unemployment (%) 9.0 7.0 6.5 6.4 6.2 6.4 
Vacancy rate (%) 7.60 6.80 6.80 6.60 7.80 7.70 
Prime rent
(EUR/sqm/month)
11.50 12.00 12.00 12.10 12.00 12.00 
Prime yield (%) 5.70 5.50 5.40 5.40 5.40 5.40 
Market Assessment
► Industrial decline offset by strengthened service orientation
(e.g. consumer and market research)
► Focus on owner-occupiers and pre-letting, few speculative
development projects
► Locations outside the inner city with strong rental dynamic,
inner city office locations with highest rents
► Submarkets in Focus: Downtown and Eastern Inner Ring
Deal-
Date
Price
(m. €)
Adress Purchaser Size (sqm) Yield (%)
2013 Q2 n/a Königstorgraben 7 Kochinvest 2,600 n/a
2013 Q1 about 17
Parcside, Am
Stadtpark 2
Dundee
Internat. REIT
8,800 n/a
2012 Q2 48.6 Karl-Martell-Str. 60
Dundee
Internat. REIT
25,000 6.20
2012 Q1 20.7
Tank & Rast HQ,
Hermes-Straße 7
IFK
Sachwertfonds
about 10,000 7.7
Office market
Nuremberg: rent levels
(=0)
Leipzig Nuremberg
below -25
-25 to -15
-15 to -10
-10 to -5
-5 to 5
5 to 10
10 to 15
15 to 25
25 to 50
above 50
Built-up area
Green space
Other area
Source: empirica
Preisdatenbank (IDN
geodaten 2007
HanoverDortmundBonn
Regional
office markets
Contact &
Disclaimer
Ingo Hartlief

YOUR CONTACT REGARDING RELATED QUESTIONS
CONTACT
Martin Lippmann
Senior Manager
Advisory
Jahnstr. 64
63150 Heusenstamm
T: +49 6104 664 371
M: +49 170 76 93 196
Martin.Lippmann@corpussireo.com
More information about CORPUS SIREO, Services and Market
Surveys can be found at our website:
www.corpussireo.com
kontakt@corpussireo.com
11
Contact &
Disclaimer
Residential Report Office Index
Link to the download-area of recent office market reports
(english / german):
https://www.corpussireo.com/CORPUSSIREO/Presse/Downloads.aspx
Ingo Hartlief
CEO
CS Asset- &
Investment Management
Jahnstraße 64
63150 Heusenstamm
T: +49 6104 664 100
M: +49 178 778 8200
Ingo.Hartlief@corpussireo.com
LeipzigHanoverDortmundBonn
Regional
office markets
Ingo Hartlief Nuremberg

DISCLAIMER
IMPORTANT NOTICE
12
COPYRIGHT: All rights to this edition reserved. Reprinting, including excerpts, subject to prior written permission. Photographs, charts, and layout designed by
the editorial desk are protected by applicable copyright laws. The data and information contained in this publication are based on publicly available sources that
the editor deems trustworthy. The CORPUS SIREO group of companies assumes no warranty regarding the accuracy or completeness of the information. Any
opinion offered represents the current assessment of the editor. No warranty is assumed in regard to the opinions and forecasts ventured. Specifically, no liability
is assumed for future developments in the real estate economy. The data and information contained in this publication is subject to change without notice both
during the time of its publication and thereafter.
Contact &
Disclaimer
LeipzigHanoverDortmundBonn
Regional
office markets
Ingo Hartlief Nuremberg

Ingo Hartlief Presents Our Cpecial Report About German Office Market

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Ingo Hartlief Presents Our Cpecial Report About German Office Market