A research publication by DZ HYP | October 2019

REAL ESTATE
MARKET GERMANY
2019 | 2020
Top locations benefit from population
growth and a positive labour
market situation

dzhyp.de
Real Estate Market Germany 1
2019 | 2020

TABLE OF CONTENTS
2 Preface

3 Summary

7 Current economic conditions in Germany

8 Data centres – an Asset class for the digital future

11 Investment market – no reversal of interest rates

13 Retail properties

28 Office properties

43 Housing market

49 Forecasts at a glance

50 Glossary

51 Imprint

55 DZ HYP offices
2 Real Estate Market Germany
2019 | 2020

PREFACE
Dear readers,

Maximum transparency on the real estate market is of great importance. DZ HYP

contributes to this by regularly examining the locations where it is active. This
year, the twelfth edition of the present study focuses on real estate market
developments concerning retail, office and housing properties in Germany’s top
locations – namely, Hamburg, Berlin, Dusseldorf, Cologne, Frankfurt, Stuttgart
and Munich.

As a whole, the upswing is ongoing. So far, the subdued economic outlook has
had no real impact on the German real estate market – in fact, the segments
examined are being influenced by other factors. Sustained positive labour mar-
ket data is driving demand for space in the office market, which is faced with
increasingly scarce supply. As a consequence, all the major locations have posted
notable growth in top rents over the past few years. This trend is expected to
prevail – at a moderate level – in the coming year. The residential investment
market in metropolitan areas is increasingly coming under the influence of regu-
latory intervention in the rental market. In conjunction with the growing number
of completed newly-built flats, this may lead to abating rental dynamics over the
next few months. Looking at the retail sector, online trading represents a real
challenge, now generating 11 per cent of total sales. Nevertheless, thanks to
continuing population growth and thriving tourism, the top locations remain
attractive shopping destinations.

This study includes an excursus examining the niche segment of data centres.
Whilst these special properties play an important role in the context of pro-
gressing digitalisation, they represent a challenge for the markets, due to their
complex technical infrastructure. At the same time, data centres offer investors
the possibility of participating in the ongoing digitalisation trend.

The German real estate market report 2019/2020 is of course also available
in German. All current reports can be downloaded from our website
(on www.dzhyp.de/en/about-us/market-research/).

Yours sincerely,

DZ HYP

October 2019
Real Estate Market Germany 3
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48 Real Estate Market Germany
2019 | 2020

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2019 | 2020

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50 Real Estate Market Germany
2019 | 2020

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Real Estate Market Germany 51
2019 | 2020

I. Imprint

This study has been carried out by DZ BANK AG, Research and Economy
Division, on behalf of and in cooperation with DZ HYP AG

Published by:
DZ HYP AG

Hamburg Head Office

Rosenstrasse 2, 20095 Hamburg
Phone +49 40 3334 - 0

Münster Head Office

Sentmaringer Weg 1, 48151 Münster
Phone +49 251 4905-0

Homepage: www.dzhyp.de
E-Mail: info@dzhyp.de

Represented by the Board of Managing Directors:

Dr. Georg Reutter (Chairman), Dr. Carsten Düerkop, Manfred Salber

General Executive Managers: Jörg Hermes, Markus Wirsen

Chairman of the Supervisory Board: Uwe Fröhlich

Head office of the company:

Registered as public limited company in Hamburg,
Commercial Register HRB 5604 and Münster, Commercial Register HRB 17424

Competent supervisory authorities:

DZ HYP AG is subject to the supervision of the Federal Financial
Supervisory Authority (60439) and the European Central Bank (ECB).

VAT ident. no.: DE 811141281

Protection schemes:
DZ HYP AG is a member of the officially recognised
BVR Institutssicherung GmbH and the additional voluntary Sicherungs-
einrichtung des Bundesverband der Deutschen Volksbanken und
Raiffeisenbanken e.V. (Protection Scheme of the National Association
of German Cooperative Banks): www.bvr-institutssicherung.de
www.bvr.de/SE

Responsible for the contents:

Anke Wolff, Head of Communications,
Marketing & Investor Relations

This document may only be reprinted, copied or used in any other way
with the prior consent of DZ HYP AG
52 Real Estate Market Germany
2019 | 2020

II. Mandatory Disclosures for Other Research Information and further Remarks

1.  Responsible Company

1.1 This Other Research Information has been prepared on behalf of and in cooperation with DZ HYP AG by DZ BANK AG Deutsche Zentral-Genossenschafts-
bank, Frankfurt am Main (DZ BANK) as an investment firm.
Other Research Information is independent client information which does not contain any investment recommendations for specific issuers or specific
financial instruments. Such information makes no allowance for any individual investment criteria.
1.2 The mandatory disclosures for Research Publications (Financial Analyses and Other Research Information) as well as further remarks, especially regarding
the Conflicts of Interest Policy of DZ  BANK Research, used methods, procedures and statistics, can be read and downloaded free-of-charge under
www.dzbank.com/disclosures.

 2. Competent Supervisory Authorities

DZ BANK is supervised as a credit institution and as an investment firm by:
– European Central Bank - www.ecb.europa.eu
Sonnemannstrasse 20 in 60314 Frankfurt / Main and
– Federal Financial Supervisory Authority (BaFin) - www.bafin.de
Marie-Curie-Strasse 24 - 28 in 60349 Frankfurt / Main

3. Independent Analysts
3.1 The Research Publications (Financial Analyses and Other Research Information) of DZ BANK are independently prepared by its employed analysts or by
competent analysts commissioned in a given case on the basis of the binding Conflicts of Interest Policy.
3.2 Each analyst involved in the preparation of the contents of this Other Research Publication confirms that
– this Research Publication represents his independent specialist evaluation of the analysed object in compliance with the Conflicts of Interest Policy of
DZ BANK and
– his compensation depends neither in full nor in part, neither directly nor indirectly, on an opinion expressed in this Research Publication.

4. Updates and Validity Periods for Other Research Information

4.1 The frequency of updates of Other Investment Information depends in particular on the underlying macroeconomic conditions, current developments
on the relevant markets, the current development of the analyzed companies, measures undertaken by the issuers, the behavior of trading participants,
the competent supervisory authorities and the competent central banks as well as a wide range of other parameters. The periods of time named below
therefore merely provide a non-binding indication of when an updated investment recommendation may be expected.
4.2 No obligation exists to update an Other Investment Information. If an Other Research Information is updated, this update replaces the previous Other
Research Information with immediate effect.
If no update is made, investment recommendations end / lapse on expiry of six months. This period begins on the day the Other Investment Information
was published.
4.3 In a given case, updates of Other Research Information may also be temporarily suspended without prior announcement on account of compliance with
supervisory regulations.
4.4 If no updates are to be made in the future because the analysis of an object / certain angle is to be discontinued, notification of this shall be made in the
final publication or, if no final publication is made, the reasons for discontinuing the analysis shall be given in a separate notification.

5. Avoiding and Managing Conflicts of Interest

5.1 DZ BANK Research has a binding Conflicts of Interest Policy which ensures that the relevant conflicts of interest of DZ BANK, the DZ BANK Group, the
analysts and employees of the Research and Economics Division and persons closely associated with them are avoided, or - if such interests are effectively
unavoidable - are appropriately identified, managed, disclosed and monitored. Materiel aspects of this policy, which can be read and downloaded free-
of-charge under www.dzbank.com/disclosures are summarized as follows.
5.2 DZ BANK organizes its Research and Economics Division as a confidentiality area and protects it against all other organizational units of DZ BANK and
the DZ BANK Group by means of Chinese walls. The departments and teams of the Division that produce Financial Analyses are also protected by Chinese
walls and by spatial separation, a closed doors and clean desk policy. Beyond the limits of these confidentiality areas, communication may only take
place in both directions according to the need-to-know principle.
5.3 Other theoretically feasible, information-based personal conflicts of interest among employees of the Research and Economics Division and persons
closely associated with them are avoided in particular by the measures explained in sub-paragraph 5.2 and the other measures described in the policy.
5.4 The remuneration of employees of the Research and Economics Division depends neither in whole nor in the variable part directly or materially on the
earnings from investment banking, trade in financial instruments, other securities related services and / or trade in commodities, merchandise, currencies
and / or on indices of DZ BANK or the companies of the DZ BANK Group.
5.5 DZ BANK and companies of the DZ BANK Group issue financial instruments for trading, hedging and other investment purposes which, as underlying
instruments, may refer to financial instruments, commodities, merchandise, currencies, benchmarks, indices and / or other financial ratios also covered
by DZ BANK Research. Respective conflicts of interest are primarily avoided in the Research and Economics Division by means of the aforementioned
organizational measures.

6.  Recipients and Sources of Information

6.1 Recipients
Other Research Information of DZ BANK is directed at eligible counterparties as well as professional clients. They are therefore not suitable for dissemi-
nation to retail clients unless (i) an Other research Information has been explicitly labelled by DZ BANK as suitable for retail clients or (ii) is disseminated
by an investment firm properly authorized in the European Economic Area (EEA) or Swiss to retail clients, who evidently have the necessary knowledge
and sufficient experience in order to understand and evaluate the relevant risks of the relevant Other Research Information.
Other Research Information is authorized for dissemination by DZ BANK to the aforementioned recipients in in Member States of the European Eco-
nomic Area and Switzerland.
It is neither allowed to provide Other Research Information to customers in the United States of America (USA) nor to conclude corresponding transac-
tions with them.
The dissemination of Other Research Information in the Republic of Singapore is in any case restricted to DZ BANK AG Singapore Branch.
Real Estate Market Germany 53
2019 | 2020

6.2 Main Sources of Information

For the preparation of its Research Publications, DZ BANK uses only information sources which it considers itself to be reliable. However, it is not feasible
to make own checks of all the facts and other information taken from these sources in every case. If in a specific case, however, DZ BANK has doubts over
the reliability of a source or the correctness of facts and other information, it shall make specific reference to this in the Research Publication.
The main sources of information for Research Publications are:
Information and data services (e.g. Reuters, Bloomberg, VWD, FactSet, Markit), licensed rating agencies (e.g. Standard & Poors, Moody‘s, Fitch, DBRS),
specialist publications of the sectors, the business press, the competent supervisory authorities, information of the issuers (e.g. annual reports, securities
prospectuses, ad-hoc disclosures, press and analyst conferences and other publications) as well as its own specialist, micro and macro-economic research,
examinations and evaluations.

III. Disclaimer

1. This document is directed at eligible counterparties and professional clients. Therefore, it is not suitable for retail clients unless (a) it has been explicitly
labelled as appropriate for retail clients or (b) is properly disseminated by an investment firm authorized in the European Economic Area (EEA) or
Switzerland to retail clients, who evidently have the necessary knowledge and sufficient experience in order to understand and evaluate the relevant
risks of the relevant evaluation and / or recommendations.
It was prepared by DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Germany (‚DZ BANK‘) and has been approved by DZ BANK
only for dissemination to the aforementioned recipients in Member States of the EEA and Switzerland.
If this document is expressly marked as ‘Financial Analysis’ in sub-section 1.1 of the Mandatory Disclosures, its distribution to recipients is subject to the
section International Restrictions of Use and these additional rules:
This document may only be brought into the Republic of Singapore by DZ BANK via the DZ BANK Singapore Branch, but not by other persons, and may
only be disseminated there to ‚accredited investors‘ and / or ‚expert investors‘ ‘and used by them.
This document may only be brought into the United States of America (USA) by DZ BANK and via Auerbach Grayson, but not by other persons, and may
only be disseminated there to ‚major U.S. institutional investors‘ and used by them, if it solely comprises equity research. DZ BANK is neither allowed to
bring documents on debt instruments into the USA nor to conclude transactions in debt instruments.
If this document is expressly marked as ‘Other Research Information’ in sub-section 1.1 of the Mandatory Disclosures, its dissemination to recipients is
subject to these additional rules:
It is neither allowed to provide Other Research Information to customers in the United States of America (USA) nor to conclude corresponding transac-
tions with them.
The dissemination of Other Research Information in the Republic of Singapore is in any case restricted to DZ BANK AG Singapore Branch.
In all before named countries, this document may only be distributed in accordance with the respective applicable laws and rules, and persons obtaining
possession of this document should inform themselves about and observe such laws and rules.

2. This document is being handed over solely for information purposes and may not be reproduced, redistributed to other persons or be otherwise pub-
lished in whole or in part. All copyrights and user rights to this document, also with regard to electronic and online media, remain with DZ BANK.
Whilst DZ BANK may provide hyperlinks to web sites of companies mentioned in this document, the inclusion of a link does not imply that DZ BANK
endorses, recommends or guarantees any data on the linked page or accessible therefrom. DZ BANK accepts no responsibility whatsoever for any such
links or data, nor for the consequences of its use.

3. This document is not to be construed as and does not constitute an offer, or an invitation to make an offer, to buy securities, other financial instruments
or other investment objects.
Estimates, especially forecasts, fair value and / or price expectations made for the investment objects analyzed in this document may prove incorrect. This
may occur especially as a result of unpredictable risk factors.
Such risk factors are in particular, but not exclusively: market volatility, sector volatility, measures undertaken by the issuer or owner, the general state
of the economy, the non-realisability of earnings and / or sales targets, the non-availability of complete and / or precise information and / or later
occurrence of another event that could lastingly affect the underlying assumptions or other forecasts on which DZ BANK relies.
The estimates made should always be considered and evaluated in connection with all previously published relevant documents and developments
relating to the investment object and to the relevant sectors and, in particular, capital and financial markets.
DZ BANK is under no obligation to update this document. Investors must inform themselves about the current development of business as well as of any
changes in the business development of the companies.
During the validity period of an investment recommendation, DZ BANK is entitled to publish a further or other analysis based on other, factually-
warranted or even missing criteria on the investment object.

4. DZ BANK has obtained the information on which this document is based from sources believed to be essentially reliable, but has not verified all of such
information. Consequently, DZ BANK does not make or provide any representations or warranties regarding the preciseness, completeness or accuracy
of the information or the opinions contained in this document.
Neither DZ BANK nor its affiliated companies accept any liability for disadvantages or losses incurred as a result of the distribution and / or use of this
document and / or which are connected with the use of this document.

5. DZ BANK and its affiliated companies are entitled to maintain investment banking and business relationships with the company or companies that are
the subject of the analysis contained in this document. Within the limits of applicable supervisory law, DZ BANK’s research analysts also provide informa-
tion regarding securities-related services and ancillary securities-related services.
Investors should assume that (a) DZ BANK and its affiliated companies are or will be entitled to engage in investment banking operations, security
operations or other business transactions from or with the companies that are the subject of the analysis contained in this document, and that (b)
analysts involved in the preparation of this document can generally be indirectly involved in the conclusion of such business transactions to the extent
permitted by supervisory law.
DZ BANK and its affiliated companies and their employees may have positions in securities of the analyzed companies or investment objects or effect
transactions with these securities or investment objects.
54 Real Estate Market Germany
2019 | 2020

6. The information and recommendations of DZ BANK contained in this document do not constitute any individual investment advice and, depending on
the specific investment targets, the investment horizon or the individual financial situation, may therefore be unsuitable or only partially suitable for
certain investors. In preparing this document DZ BANK has not and does not act in the capacity of an investment advisor to, or asset manager for, any
person.
The recommendations and opinions contained in this document constitute the best judgment of DZ BANK’s research analysts at the date and time of
preparation of this document and are subject to change without notice as a result of future events or developments. This document constitutes an inde-
pendent appraisal of the relevant issuer or investment objects by DZ BANK; all evaluations, opinions or explanations contained herein are those of the
author of this document and do not necessarily correspond with those of the issuer or third parties.
Any decision to effect an investment in securities, other financial instruments, commodities, merchandise or other investment objects should not be
made on the basis of this document, but on the basis of independent investment analyses and methods as well as other analyses, including but not
limited to information memoranda, sales or other prospectuses. This document can be no replacement for individual investment advice.

7. By using this document, in any form or manner whatsoever, or referring to it in your considerations and / or decisions, you accept the restrictions, speci-
fications and regulations contained in this document as being exclusively and legally binding for you.

Additional Information of Markit Indices Limited

Neither Markit, its affiliates or any third party data provider makes any warranty, express or implied, as to the accuracy, completeness or timeliness of
the data contained herewith nor as to the results to be obtained by recipients of the data. Neither Markit, its affiliates nor any data provider shall in any
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Markit has no obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein
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Without limiting the foregoing, Markit, its affiliates, or any third party data provider shall have no liability whatsoever to you, whether in contract
(including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered
by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action
determined, by you or any third party, whether or not based on the content, information or materials contained herein.

Copyright © 2016, Markit Indices Limited.

Real Estate Market Germany
2019 | 2020
DZ HYP OFFICES
Hamburg Head Office
Rosenstrasse 2
20095 Hamburg
PO Box 10 14 46
20009 Hamburg
Phone +49 40 3334-0
Regional Centres
Berlin Regional Centre
Pariser Platz 3
10117 Berlin, Germany
Phone +49 30 31993-5101
(Commercial Real Estate Investors)
Phone +49 30 31993-5080
(Housing Sector)
Phone +49 30 31993-5086
(Retail Customers/Private Investors)
Hamburg Regional Centre
Rosenstrasse 2
20095 Hamburg, Germany
Phone +49 40 3334-3778
(Commercial Real Estate Investors)
Phone +49 40 3334-4704
(Housing Sector)
Phone +49 40 3334-4706
(Retail Customers/Private Investors)
Regional Offices
Hanover Regional Office
Berliner Allee 5
30175 Hanover, Germany
Phone +49 511 86643808
Kassel Regional Office
Rudolf-Schwander-Strasse 1
34117 Kassel, Germany
Phone +49 561 602935-23
Leipzig Regional Office
Schillerstrasse 3
04109 Leipzig, Germany
Phone +49 341 962822-92
Institutional Clients
Rosenstrasse 2
20095 Hamburg, Germany
Phone +49 40 3334-2159
55
Münster Head Office
Sentmaringer Weg 1
48151 Münster
Mailing address:
48136 Münster
Phone +49 251 4905-0
Dusseldorf Regional Centre Munich Regional Centre
Ludwig-Erhard-Allee 20 Türkenstrasse 16
40227 Dusseldorf, Germany 80333 Munich, Germany
Phone +49 211 220499-30 Phone +49 89 512676-10
(Commercial Real Estate Investors) (Commercial Real Estate Investors)
Phone +49 251 4905-3830 Phone +49 89 512676-42
(Housing Sector) (Housing Sector)
Phone +49 211 220499-5832 Phone +49 89 512676-41
(Retail Customers/Private Investors) (Retail Customers/Private Investors)
Frankfurt Regional Centre Stuttgart Regional Centre
CITY-HAUS I, Platz der Republik 6 Heilbronner Strasse 41
60325 Frankfurt/Main, Germany 70191 Stuttgart, Germany
Phone +49 69 750676-21 Phone +49 711 120938-0
(Commercial Real Estate Investors) (Commercial Real Estate Investors)
Phone +49 211 220499-5833 Phone +49 89 512676-42
(Housing Sector) (Housing Sector)
Phone +49 69 750676-12 Phone +49 711 120938-38
(Retail Customers/Private Investors) (Retail Customers/Private Investors)
Mannheim Regional Office Schwäbisch Gmünd
Augustaanlage 61 Regional Office
68165 Mannheim, Germany Maiglöckchenweg 12
Phone +49 621 728727-20 73527 Schwäbisch Gmünd, Germany
Phone +49 7171 8077230
Münster Regional Office
Sentmaringer Weg 1
48151 Münster, Germany
Phone +49 251 4905-7314
Nuremberg Regional Office
Am Tullnaupark 4
90402 Nuremberg, Germany
Phone +49 911 94009816
Public-Sector Clients
Sentmaringer Weg 1
48151 Münster, Germany
Phone +49 251 4905-3333
DZ HYP AG

Rosenstrasse 2 Sentmaringer Weg 1

20095 Hamburg 48151 Münster
Germany Germany
Phone +49 40 3334-0 Phone +49 251 4905-0
As at = October 2019

dzhyp.de