German offices have suffered the sharpest decline in prices in at least two decades, as high interest rates and the shift to remote working throttle the commercial real estate market.
Prices fell by 13pc in the final three months of 2023 from a year earlier, figures from German banking association VDP show.
Across all of last year values dropped by a tenth, marking the most pronounced fall since records began in 2003.
Investors fear the deepening malaise in the sector could plunge banks into crisis, with scrutiny of German lenders intensifying.
A stand-off between buyers pushing for bigger discounts and reluctant sellers suggests prices have further to fall in 2024, according to VDP.
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2024-02-12 11:07:00Z
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