Wednesday, 5 December 2012

Frankfurt Turns Office Skyscrapers to Homes As Vacancy Rate Rises

Frankfurt Skyscrapers Make a Change to Deal with Rising Vacancy

Frankfurt's Office Skyline is perhaps the most famous in all of Europe, however it along with other western European Financial Capitals has been dealing with higher vacancy as a result of the Euro-Crisis. One way the Germans have dealt with this problem is by turning some of their surplus office space into homes. Bloomberg News gets into further details in the Article Posted below.

Letting Agents  

Bloomberg Press:

“Office owners don’t have the interest or funds to renovate buildings from the 1970s, so they put their old properties on the market,” said Vankadari, 48, a founding partner at Frankfurt-based Mercer Street Capital GmbH. “We started focusing on buying office buildings when residential prices became too expensive.”

Owners of 60s- and 70s-era office buildings in Frankfurt are fighting for tenants as banks and law firms cut jobs and new developments add competition. The city’s vacancy rate stands at about 15 percent, according to Savills Plc. That’s almost double the level in the City of London financial district and more than Manhattan’s 10.3 percent.

Young couples have replaced a private-equity firm at the Grand-Westend 24, a seven-story building with floor-to-ceiling windows, balconies big enough to fit sun loungers and oak and bamboo floors. The ground level apartments come with lawns.

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