With a transaction volume of €1.24 billion in the first nine months of 2021, the Cologne investment market can enter the final stretch of the year with its head held high. After initial difficulties and a solid half-year result (first half of 2021: €831 million), the third quarter also performed satisfactorily.
Comparing the first three quarters with the previous year, transaction volume rose by 42.6%. Four large transactions worth between €60 million and €80 million contributed significantly to the good quarterly result. These include the RWE headquarters in Cologne-Marsdorf, which was acquired by Garbe & Terragon, and Mediapark 6, which was sold by MEAG to Barings.
While mixed-use properties were still the leading asset class at the end of the first half of the year, office properties rose sharply again in the third quarter as a result of the transactions. After the first nine months, office properties are once again in the lead with 34.3%. Mixed-use properties followed with 28.5% and development sites with 15.9%.
On the buyer side, special funds were the most active in the first nine months of 2021. They accounted for 42% of the transaction volume. They were followed by investment/asset managers with 25% and project developers/builders with 24%. On the seller side, private investors, family offices, and owner-occupiers took the lead with a 37% share. Project developers/builders followed with 31% and special funds with 17%.
Despite the large volume and numerous transactions in the third quarter, the rankings of the most popular locations remained unchanged. Most deals were concluded in the Altstadt-Nord district. Almost half (approx. 38%) of the transaction volume was invested here. This was followed by Ehrenfeld and Braunsfeld, each with 9%.
Purchase prices for office properties remained stable in the first few months. Interest in logistics properties remains high. However, the high demand continues to leave investment brokers with virtually empty shelves.
Q1: €235 million
Q2: €596 million
Q3: €412 million
Total: €1,243 million
