Investment markets in Frankfurt accelerate in the second quarter of 2024

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Der Artikel berichtet über die positive Entwicklung des Investmentmarktes für gewerbliche Immobilien im zweiten Quartal 2024. Das Transaktionsvolumen ist im Vergleich zum Vorjahr gestiegen, insbesondere im Portfoliosegment und bei Einzelhandelsinvestitionen. Büroobjekte hingegen verzeichnen einen Rückgang. Es wird darauf hingewiesen, dass die Erholung der Investmentmärkte von verschiedenen Faktoren abhängt und ein stärkeres Konjunkturwachstum sowie niedrigere Zinsen erforderlich sind, um das Investmentvolumen weiter zu steigern. Die Aussichten für das zweite Halbjahr sind jedoch positiv, und es wird erwartet, dass die Investmentumsätze zunehmen. Die Spitzenrenditen bleiben voraussichtlich stabil. Frankfurt/Main wird als einer der A-Standorte genannt, die überproportional zur positiven Entwicklung beitragen.
The article reports on the positive development of the investment market for commercial properties in the second quarter of 2024. The transaction volume has increased compared to the previous year, especially in the portfolio segment and in retail investments. Office objects, on the other hand, record a decline. It is pointed out that the recovery of the investment markets depends on various factors and that stronger economic growth and lower interest rates are required to further increase the investment volume. However, the prospects for the second half of the year are positive and it is expected that investment sales are increasing. The top returns are expected to remain stable. Frankfurt/Main is named as one of the A locations that contribute disproportionately to positive development. (Symbolbild/MB)

upswing The investment markets continue to pick up speed

In the second quarter, the slight revival of the investment markets, which can already be observed at the beginning of the year, has further accelerated. The total turnover with commercial properties in the first half of 2024 amounts to EUR 12.2 billion. In the previous year comparison, this corresponds to a increase in results of around a third. In the portfolio segment, the transaction volume has even more than doubled. Even if sales are still moderate in the long term, a clear upward trend can be seen. A similar tendency must also be registered with sales with residential properties (from 30 units). At EUR 3.3 billion, the investment volume is around 25 % higher than in the comparable period of the previous year. The total turnover of the German market is therefore EUR 15.5 billion. This shows the current analysis of BNP Paribas Real Estate.

The recovery of the investment markets takes place more slowly than in the previous crises due to the comparatively moderate improvement of important framework conditions, but the positive trend is clearly recognizable and sustainable. This assessment is underlined by the half -year result of the investment markets. With sales of EUR 12.2 billion, the previous year's result was exceeded by around a third. The expected decline in interest rates takes place more slowly than at the beginning of the year, especially because of the uncertain situation in the United States. In addition to uncertainty, the economic forecasts for 2024 contribute to uncertainty, since they only predict little growth of less than half a percent. Despite these challenges, the confidence among the market participants and the increased investment volume and the increasing number of registered sales processes are growing at a more optimistic view of the future.

retail investments continue to lead investment turnover, followed by logistics objects and office objects. The investment volume in the German A locations (Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart) amounts to just under EUR 6.5 billion in the first half of 2024, which corresponds to an increase of 59 % compared to the previous year. The stabilization of the returns has solidified and shows no changes in all asset classes. The perspectives for German investment markets will be shaped by two main trends in the next quarters. On the one hand, important influencing parameters develop more slowly than expected, such as the delayed economic upturn. On the other hand, there are positive developments such as a noticeable lightening of the mood on the investment markets and an increasing product range.

Overall, a moderate upward trend is expected, which should accelerate in the second half of 2024. However, a significant increase in investment volume is only to be expected if interest rates are further reduced and the financing conditions improve. It also requires stronger economic growth. The development on the office investment market will continue to be difficult, while interest in other asset classes will increase. However, a forecast remains difficult due to the current environment. Stabilization is the most likely scenario for the top yields.

Source: BNP Paribas Real Estate

Location: Frankfurt am Main