This report covers the major issues affecting the flexible office market, providing a detailed analysis of key developments impacting trends in this sector. Furthermore it provides an outlook for the coming year.

1. TOTAL BUSINESS CENTRE RENTAL SPACE: 380,000 m²
TAKE UP: 261,800 m²
LEASED WORK STATIONS: 15.400
RENTAL COST PER WORK STATION: ~550.00 € / MONTH
KEY FACTS
2015
GERMANY
BUSINESS CENTRE
ANNUAL REPORT

2. The business centre sector saw a strong increase in demand throughout the
economic driver Europe in 2015. The German business centre sector
registered a space take-up of approx. 261.800 m² which equates to approx.
15.400 work stations across 355 office centres. In total there was approx.
380,000 m² of office space operated by business centres in 2015 with
approx. 44% of this space spread across the major cities Berlin, Frankfurt
and Munich. The sustained demand from businesses for flexible working
solutions has led to a steady increase in the number of business centre
providers and several foreign providers recognise the large potential within
the German market and are investigating options to lease further office
space in Germany. Brand awareness as well as acceptance of business
centres has increased considerably in Germany over the last two years.
In addition to the classic tenant, demand has greatly increased among Start-
ups, Fintech, E-commerce, cloud and software companies. Co-working has
evolved to a solid solution and has also become more acceptable.
In 2015 high volume leases of up to 120 work stations were undertaken by
DZ Bank (Frankfurt), Daimler AG (Frankfurt), Infosys (Munich), Dropbox
(Hamburg), Booking.com (Freiburg), reBuy (Berlin) and Deliveroo
(Düsseldorf) amongst others.
In 2016 AllOfficecenters expects a continuation of the strong growth seen
throughout 2015 in the business centre sector and forecasts an increase in
the available office space of up to 430,000 m² (13%+).
SPACE TAKE-UP
TABLE 1
OFFICE MARKET DATA
2014 2015
TAKE-UP (cumulative) 231.000 m² 261.800 m²
STOCK (cumulative) 345,000 m² 380,000 m²
VACANCY RATE 12.5 % 11 %
AVERAGE PRICE / WORK STATION 530.00 € / month 550.00 € / month
ALL INDICATIONS ARE SUBJECT TO CORRECTION. FEBRUARY 2016
GERMANY BUSINESS CENTRE
ANNUAL REPORT 2015
2
STOCK (in m²)
Berlin 61,100
Cologne 20,800
Düsseldorf 31,330
Frankfurt 47,700
Hamburg 38,000
Munich 57,500
Stuttgart 26,000
Total 282,430
DATA BY MARKET AREA 2015

3. CHART 1
AVERAGE CAPACITY RATE
GERMANY BUSINESS CENTRE
ANNUAL REPORT 2015
CHART 3
BUSINESS CENTER TOP-7 IN GERMANY
40
16
25
31
28
41
21
Berlin
Cologne
Düsseldorf
Frankfurt
Hamburg
Munich
Stuttgart
Germany total
ALL INDICATIONS ARE SUBJECT TO CORRECTION. FEBRUARY 2016
22%
7%
11%
17%
14%
20%
9%
Berlin Cologne Düsseldorf
Frankfurt Hamburg Munich
Stuttgart
CHART 4
STOCK TOP-7 BY MARKET AREA 2015
282,430m²
85%
Berlin
77%
Cologne
88%
Düsseldorf Frankfurt
95%
Munich
95%
Stuttgart
85%
Hamburg
90%
CHART 2
AVERAGE RENTAL COST PER WORK STATION
355
300 €
400 €
500 €
600 €
700 €
800 €
900 €
1.000 €
1.100 €
Germany
89%
Munich StuttgartFrankfurt HamburgCologne DüsseldorfBerlin
3
Germany Total

4. GERMANY BUSINESS CENTRE
ANNUAL REPORT 2015
Work stations
procured in 2015
3051
Team
AllOfficecenters
25
Clients worldwide
16125
Work station searches
for corporate clients
820
ABOUT ALLOFFICECENTERS
CURRENT ACTIVE LOCATIONS
PLANNED EXPANSION
4
AllOfficecenters GmbH
Taunustor 1
60310 Frankfurt am Main / Germany
Copyright © 2014-2016 AllOfficecenters – a company registered in Germany with company number HRB 98622
Managing Partners: Sammy Koch, Thomas Schulz, Wais Wardak
This report is published for general information only and is not to be relied upon in any way. Although high standards have been used in the preparation of the
information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by AllOfficecenters GmbH for any loss or
damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of
AllOfficecenters GmbH in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of
AllOfficecenters GmbH to the form and content within which it appears.