German offices have suffered the biggest slump in values across the eurozone, data showed, as home working contributed to a downturn in the country’s property market.
Office values in Germany have suffered a price correction which was around a third greater than the rest of the single-currency bloc, according to consultancy Capital Economics.
Site valuations have plunged by 40pc from their peak in early 2022, which was worse than any other major European market, according to consultancy Capital Economics.
It said the recent decline was around three times as large as the fall in German office values experienced following the global financial crisis.
The drop comes as the country’s central bank, the Bundesbank, warned that Europe’s largest economy is teetering on a recession amid an “ongoing period of weakness” which began with Russia’s invasion of Ukraine.
James McMorrow, property economist at Capital Economics said: “The German office market has certainly been through a torrid two years since interest rates began rising.
“Investors have soured on German offices as home-working has pushed up vacancy and dragged down rent growth.”
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2024-02-20 18:03:00Z
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