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Germany

Germany

Germany is Europe's largest economy, the world's second largest exporter, the growth engine of Europe, the location of Internos' largest grouping of assets under management and largest office outside London. It plays a leading role in our development of funds and investment products for institutional clients.

Economic characteristics

The most populous (82m) member of the EU, Germany differs from most European countries in having no dominant metropolis. Berlin, Cologne, Dusseldorf, Frankfurt, Hamburg and Munich all display aspects of 'capital' cities and many smaller cities have significant economic activity with needs for core and prime real estate. Of the world's top 500 listed companies, 37 have German headquarters.

Outlook

Fron Q2 2010 (see the decisive eye issue 1), Germany has benefited from a realistically priced and stable Euro, which propelled highly developed export industries as global economies emerged from downturn. The domestic economy too is transformed: unemployment had been around 9-10% for a decade but current levels of about 6% and a renewed sense of optimism mean that all sectors benefit, not just those dependent on corporate demand. Retail real estate is especially buoyant.

True inflation is now a factor as skilled labour shortages are evident - this, of course, can benefit real estate values in contrast to bond or many equity investments. (see the decisive eye issue 4)

Rental growth forecasts range from 1.4% in Frankfurt to 6.8% in Hamburg (Savills investment study 2011)

Germany

Focus

Key investment assets focussing on: retail, office, light industrial and hotel real estate in Berlin, Hamburg, Stuttgart, Munich, Cologne, Dusseldorf, Frankfurt, the balance of the Rhein/Main region but also in smaller municipalities (above 20K population) and secondary cities such as: Wiesbaden, Bonn, Hannover.

Internos in Germany

Offices, Funds and Assets Under Management

Recent news

Our quarterly strategic bulletin the decisive eye
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